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NCUA RIN: 3133-AE84 Publication ID: Spring 2020 
Title: Payday Alternative Loans 
Abstract:

The NCUA Board amended its general lending rule to provide Federal credit unions (FCUs) with an additional option to offer Payday Alternative Loans (PALs). This amendment 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 (PALs II) amendment 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 are incorporated into PALs II.

 
Agency: National Credit Union Administration(NCUA)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Completed Actions 
Major: No  Unfunded Mandates: No 
EO 14192 Designation: Independent agency 
CFR Citation: 12 CFR 701.21   
Legal Authority: 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   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  06/04/2018  83 FR 25583   
NPRM Comment Period End  08/03/2018 
Final Action  10/01/2019  84 FR 51942   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Information URL: https://www.ncua.gov/regulation-supervision/rules-regulations/proposed-pending-and-recently-final-regulations/recent-final-interim-f  
RIN Data Printed in the FR: No 
Agency Contact:
Marvin Shaw
Senior Staff Attorney
National Credit Union Administration
1775 Duke Street,
Alexandria, VA 22314
Phone:703 518-6553
Fax:703 518-6569
Email: mshaw@ncua.gov