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.
Related Resources
Add to Calendar 2019-11-19 14:00:00 2019-11-19 14:00:00 SAFE ACT: Training on the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 Learn the purpose of the Nationwide Mortgage Licensing System (“NMLS”) and the SAFE Act, as well as the key elements of the “mortgage loan originator” (“MLO”) position. Gain a working knowledge of what activities define a MLO, the requirements to become a MLO and the use of “MLO” as a unique identifier. Key Takeaways: Identify which credit union employees must register as MLOs Learn the ins and outs of MLO registration Analyze how MLO registration impacts other aspects of your credit union Review SAFE Act regulations requirements Understand SAFE Act exceptions Purchase Now $295 Members | $395 Nonmembers (Additional $50 for CD) One registration gives your entire team access to the live webinar and on-demand recording until November 19, 2020Already registered? Go to the Online Training Center to view. Who Should Attend? NAFCU Certified Compliance Officers (NCCOs) NAFCU Certified Risk Managers (NCRMs) Mortgage Loan Originators (MLOs) NMLS titles Compliance staff Risk staff Education Credits NCCOs will receive 1.5 CEUs for participating in this webinar. NCRMs will receive 1.5 CEUs for participating in this webinar. CPA credit information is below; recommended 1.5 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: Identify which credit union employees must register as MLOS. Learn the ins and outs of MLO registration. Analyze how MLO registration impacts other aspects of your credit union. Review SAFE Act regulations requirements. Understand SAFE Act exceptions. Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.5 credits Recommended Field of Study: Regulatory Ethics - Technical National Association of Federal Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more. 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
SAFE ACT: Training on the Secure and Fair Enforcement for Mortgage Licensing Act of 2008
Credits: NCCO, NCRM, CPE
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