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NCUA | RIN: 3133-AE84 | Publication ID: Spring 2019 |
Title: Payday Alternative Loans | |
Abstract:
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. |
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Agency: National Credit Union Administration(NCUA) | Priority: Substantive, Nonsignificant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final 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: 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: Benjamin M. Litchfield Staff Attorney National Credit Union Administration 1775 Duke Street, Alexandria, VA 22314 Phone:703 518-6566 Fax:703 518-6569 Email: blitchfield@ncua.gov |