The American financial regulatory landscape is preparing for massive changes to small-dollar lending programs. What does this mean for your credit union?
Quick click loans for credit unions bring with them several forms of risk. Does the risk outweigh the reward for credit unions in the short-term lending marketplace?
Throughout the last year, several regulatory bodies have revisited their policies surrounding small-dollar lending programs. How does this affect credit unions?
What interest rate should a small dollar payday loan charge? While the financial services industry and its regulators debate what is the right APR for short-term, small-dollar loans, Americans in need of relief wait. Their waiting comes with a cost – a big one. PEW Charitable Trusts estimates U.S. consumers spend $9 billion annually on […]
The third agenda item for the NCUA’s May Board Meeting is a “Notice of Proposed Rulemaking, Part 701, Payday Alternative Loans” This discussion will focus on the following: The NCUA is preparing an amendment to the NCUA’s general lending rule to provide federal credit unions (FCUs) with an additional option to offer Payday Alternative Loans (PALs). This […]
What are the new CFPB regulations for small dollar loans and payday lending for credit unions? In late 2017, the Consumer Financial Protection Bureau (CFPB) finalized new regulations for small-dollar loans and payday lending. QCash, a subsidiary of Washington State Employees Credit Union (WSECU), has engaged in conversations throughout the process, including WSECU President & […]
Credit unions that serve military members can be assured that QCash, the short-term, small-dollar lending platform, offers compliant loans that meet military and Consumer Financial Protection Bureau (CFPB) regulatory requirements, especially for the military select employee group (SEG). So if you want to provide Military Members Payday Loans, this post is for you. CFPB requirements state: […]
A question I often receive from credit unions involves regulatory concerns in operating payday loan truth in lending requirements. Credit Unions often want to know how small dollar loan Truth in Lending disclosures are updated and maintained in our Digital Lending Platform. If you have this concern – then this article is for you! First – […]
If you are a Credit union interested in the QCash, short-term, small-dollar lending program, and want to make sure that you are meeting CFPB compliance or meeting Consumer Financial Protection Bureau (CFPB) regulations – this post is for you. Here are the three requirements for the QCash short-term, small-dollar lending program to maintain CFPB compliance: […]
If you work for a financial institution and have concerns about both the public perceptions of payday lending and the CFPB lending regulations – this article is for you. Although the CFPB or Consumer Financial Protection Bureau is in a state of flux now, just a few years ago the bureau was writing new payday […]