3133-AE84 201904 Unified Agenda of Federal Regulatory and Deregulatory Actions 3133 National Credit Union Administration NCUA Payday Alternative Loans

The NCUA previously proposed an amendment to the NCUA’s general lending rule to provide federal credit unions (FCUs) with an additional option to offer Payday Alternative Loans (PALs). This proposal did not replace the current PALs rule, but rather was an alternative, with differing terms and conditions, for FCUs to offer PALs to their members.  Specifically, this proposal (PALs II) differs from the current PALs rule by modifying the minimum and maximum amount of the loans, eliminating the minimum membership requirement, and increasing the maximum maturity for these loans. All other features of the current PALs rule is incorporated into PALs II. The proposal also posed specific questions to solicit comments and feedback from interested stakeholders on the possibility of creating a third alterative (PALs III), which could include differing fee structures, loan features, maturities, and loan amounts. The NCUA is working toward finalizing a PALs II rule.

]]> Substantive, Nonsignificant Previously Published in The Unified Agenda Final Rule Stage No No Independent agency 12 CFR 701.21 12 U.S.C. 1752(5) 12 U.S.C. 1755 to 1757 12 U.S.C. 1759 12 U.S.C. 1761a and 1761b 12 U.S.C. 1766 and 1767 12 U.S.C. 1782 12 U.S.C. 1784 12 U.S.C. 1787 12 U.S.C. 1789 No NPRM 06/04/2018 83 FR 25583 NPRM Comment Period End 08/03/2018 Final Action 06/00/2019 No No None No No https://www.ncua.gov/regulation-supervision/rules-regulations/proposed-pending-and-recently-final-regulations/recent-final-interim-f No No Benjamin Litchfield M. Staff Attorney 3133 National Credit Union Administration NCUA 703 518-6566 703 518-6569 blitchfield@ncua.gov 1775 Duke Street, Alexandria VA 22314