Board of Directors
Become a NAFCU Member
NAFCU Employment Opportunities
Together we are strong. Join NAFCU now and get 1/2 off your 2015 membership dues.
Watch the Video
Legislative & Regulatory Issues
Annual Privacy Disclosure Notices
CFPB's Qualified Mortgage Definition
Credit Union Tax Exemption
Defense Credit Union Issues
Housing Finance Reform
Member Business Lending
Regulatory Comment Letters
Legislative Policy Letters
Beltway Buzz Enewsletter
The Regulatory Affair Enewsletter
Grassroots Action Center
Evaluate the new proposed RBC rule's affects on your credit union with member resources.
Regulation & Compliance
Contact the Compliance Team
CFPB Mortgage Rules Compliance
Monthly Compliance Enewsletter
Quarterly BSA Enewsletter
Book of Answers
Compliance GPS Manual
NAFCU Compliance Blog
Additional Compliance Resources
Compliance Resources Search
Compliance Certification Program
Become an NCCO
Purchase or Retake Exams
Maintaining Your NCCO
Submit Non-NAFCU Programs for Credits
NCCO Program Frequently Asked Questions (FAQs)
NCCO Compliance Support Package for State-Chartered CUs
FinCEN Goes After Former Chief Compliance Officer for BSA Violations. Read more in the latest BSA Blast.
Data & Research
Economic & Credit Union Industry Trends
CU Industry Trends Quarterly Report
Economic and CU Research Enewsletter
Macroeconomic Data Flash Reports
NAFCU Annual Report on Credit Unions
Credit Union Federal Tax Exemption Study
Participate in Credit Union Research Surveys
Measure Your CU Financial Performance
Credit Union Capital Management Tools
CU Data & Research Publications
Economic Data & Forecast Web Links
Updated Risk-Based Capital calculator available for download.
Get it now
Education & Conferences
Strategic Growth Conference
Regulatory Compliance School
CEOs and Senior Executives Conference
Board of Directors and Supervisory Committee Conference
Annual Conference and Solutions Expo
Risk Management Seminar
Management and Leadership Institute
Regulatory Compliance Seminar
Online Training Center
Live and On-Demand Webcasts
Compliance Webcast & Online Training Subscription
Board of Directors and New Staff Online Training Subscription
Management and Leadership Series
Online Training Center All Access Pass
Certification & Training Certificates
NAFCU Certified Compliance Officer (NCCO) Program
Financial Literacy Training Certificate
BSA Training Certificate
Supervisory Committee Training Certificate
Credits for CPAs
Advertise & Exhibit
Enroll today for comprehensive CU compliance training.
About NAFCU Services
Preferred Partners A-Z
Growth and Retention
Financial and Insurance
Infrastructure and Operations
Training and Compliance
Live Webinar Schedule
NAFCU Services Blog
Become a Preferred Partner
Browse free educational resources for credit unions.
Visit the Partner Library
Banks help CU serve low-income consumers
Banks help CU serve low-income consumers
CFPB issued its report on payday lending in March.
July 21, 2014 – A newly chartered federal credit union in South Carolina that is hoping to target low-income consumers in the area is receiving a financial hand from six surrounding banks as the credit union ventures into the small-dollar loan market.
that the banks, including Bank of America and TD Bank, have provided “financial and administrative support to help CommunityWorks Federal Credit Union open in Greenville, S.C.” The article stated that the single-branch credit union expects to be able to serve low-income consumers from referrals it receives from the banks.
Mike Coggin, a regional president at South State (SSB) – one of the banks in the area – was quoted in the article: “We just can’t afford to do a lot of $5,000 loans,” he said. “The economies of scale aren’t there. These are folks we can’t serve.”
Credit unions are authorized by NCUA to offer small-dollar, short-term loans to members. NCUA rules set strict limits on the amount, duration and number of loans that can be provided to a single member at any one time.
NCUA says this type of lending
grew to $27 million last year, up 27.6 percent from year-end 2012.
CFPB says it will be working to better regulate this type of lending. It released a
that noted four out of five of these loans are rolled over or renewed within 14 days. CFPB began accepting complaints about payday loans last year.
NAFCU is encouraging CFPB to provide credit unions as much flexibility as possible in providing members good loans that are less costly than what they could get elsewhere.
American Banker article
Berger talks RBC, Parsons touts advocacy in CU trade pubs
NCUA training for CUs in Pa., N.J. this week