Newsroom
September 07, 2017
NAFCU hosts small-dollar lending working group with CUs, industry experts
NAFCU today is hosting a small-dollar lending working group discussion on the implications of the CFPB's payday lending rulemaking, among other provisions, with representatives from several NAFCU-member credit unions, Pew Research Center, Center for Financial Services Innovation and Filene Research Institute.
All groups involved will give background on the issue of small-dollar lending, such as consumers' needs regarding access to liquidity, credit unions' comparative advantage in meeting their members' needs affordably and safely, and how these types of loans could best be structured to benefit consumers.
NAFCU has continually urged the CFPB to withdraw its payday lending proposal, due to be finalized at any time, noting that its complexity and breadth will only impede consumer access to credit and negatively impact the credit union industry.
The association has further argued that the payday rulemaking would illegally override the Federal Credit Union Act by restricting credit unions' right of offset, improperly displace NCUA regulations regarding the interest rate ceiling for credit union loans, and create an unprecedented and unjustified expansion of the CFPB's UDAAP (unfair, deceptive or abusive acts and practices) authority.
All groups involved will give background on the issue of small-dollar lending, such as consumers' needs regarding access to liquidity, credit unions' comparative advantage in meeting their members' needs affordably and safely, and how these types of loans could best be structured to benefit consumers.
NAFCU has continually urged the CFPB to withdraw its payday lending proposal, due to be finalized at any time, noting that its complexity and breadth will only impede consumer access to credit and negatively impact the credit union industry.
The association has further argued that the payday rulemaking would illegally override the Federal Credit Union Act by restricting credit unions' right of offset, improperly displace NCUA regulations regarding the interest rate ceiling for credit union loans, and create an unprecedented and unjustified expansion of the CFPB's UDAAP (unfair, deceptive or abusive acts and practices) authority.
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Add to Calendar 2021-02-26 14:00:00 2021-02-26 14:00:00 The CDFI Rapid Response Program With the recent COVID-19 relief legislation, unprecedented levels of funding are being directed to underserved communities, especially communities of color. Community Development Financial Institution (CDFI) certified credit unions have a critical role to play in deploying these funds. The CDFI Fund's Rapid Response Program (RRP) opens by February 25th, making available $1.25 billion in grants to CDFIs. This webinar will help you to prepare for the RRP and other CDFI applications. All first-time CDFI Fund grant applicants are urged to attend. Don’t miss this unique opportunity to learn more about how your credit union can tap into these resources for the benefit of the members and communities you serve. CDFI certification is an essential credential for credit unions with a focus on financial inclusion today. If you have never applied for a CDFI grant, don’t miss this critical webinar. Key Takeaways Review updated information about the RRP opportunity and application process Walk through critical first steps to complete before you apply for CDFI Fund grant Register Now For On-Demand AccessRegistration is complimentary, but you must register to attend.One registration gives your entire credit union access to the on-demand recording until February 26, 2022.Already registered? Go to the Online Training Center to view live. Who Should Attend? Chief Executive Officers (CEOs) Chief Lending Officers (CLOs) Business Lending Staff Lending Staff Education Credits This webinar doesn't qualify for any continuing education credits recognized by NAFCU or NASBA. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU digital@nafcu.org America/New_York public
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