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The NCUA will host an upcoming webinar on payday alternative loans (PALs) and short-term lending to provide credit unions with valuable advice and an update on the agency’s commitment to expand the availability of safe and affordable credit to meet the needs of diverse and underserved communities. In addition, the webinar will serve as part of the NCUA’s recently announced financial inclusion initiative, Advancing Communities through Credit, Education, Stability, and Support (ACCESS).

The webinar is set to at 3 p.m. Eastern Monday, Nov. 16; registration is now open online.

NCUA staff from the Office of Consumer Financial Protection and Office of Credit Union Resources and Expansion will join the webinar to discuss how credit unions can offer responsible small-dollar loans to help members meet temporary cash-flow needs and transition into mainstream financial products.

Attendees can submit questions anytime during the presentation or in advance by emailing WebinarQuestions@ncua.gov with the subject line “PALs and Short-Term Lending.”

As financial regulators have offered guidance on short-term, small-dollar loans to support consumers struggling amid the coronavirus pandemic, NAFCU has continued to advocate for all iterations of the NCUA's PALs to be covered under the CFPB's payday lending rule safe harbor. After the bureau finalized rule in July, the NCUA issued a Regulatory Alert detailing the rule's implications for PALs.

NAFCU has previously pledged to promote programs and resources to help Americans reach their financial goals, including working with the CFPB and NCUA on financial literacy resources, and will continue to support efforts from the NCUA and Congress that ensure credit unions can continue to promote financial inclusivity when serving their communities. Read more about the NCUA’s ACCESS initiative here.