ALEXANDRIA Federal credit union users may have more choices for short-term, small-dollar borrowing under a guideline proposed today by the nationwide Credit Union management Board.
The proposed rule (starts brand new screen) would produce one brand brand brand new item aside from the current pay day loan alternative (starts brand brand brand new screen) which has been offered to federally chartered credit unions since 2010. The Board is also asking for credit union stakeholders to discuss a potential 3rd choice.
вЂњThe BoardвЂ™s objective is always to assist individuals of modest means by expanding usage of safe and affordable short-term, small-dollar loans,вЂќ NCUA Board Chairman J. Mark McWatters stated. вЂњFederal credit unions have experienced a payday alternative loan choice since 2010, that has been very efficient.