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NCUA | RIN: 3133-AE84 | Publication ID: Spring 2018 |
Title: ●Payday Alternative Loans | |
Abstract:
The NCUA is preparing 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 would not replace the current PALs rule, but rather would be an alternative, with differing terms and conditions, for FCUs to offer PALs to their members. Specifically, this proposal (PALs II) would differ 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 would be incorporated into PALs II. The proposal would also pose 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. |
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Agency: National Credit Union Administration(NCUA) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
EO 13771 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 |
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Timetable:
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Regulatory Flexibility Analysis Required: No | Government Levels Affected: None |
Small Entities Affected: No | Federalism: No |
Included in the Regulatory Plan: No | |
RIN Information URL: www.ncua.gov/regulation-supervision/Pages/rules/proposed.aspx | |
RIN Data Printed in the FR: No | |
Agency Contact: Justin Michael Anderson Senior Staff Attorney National Credit Union Administration 1775 Duke Street, Alexandria, VA 22314 Phone:703 518-6556 Fax:703 518-6569 Email: janderson@ncua.gov |