CFPB Payday Rule Impact On NCUA PALs and loans that are non-PALs

CFPB Payday Rule Impact On NCUA PALs and loans that are non-PALs

PALs we Loans: As stated above, the CFPB Payday Rule provides that loan produced by a federal credit union in conformity using the NCUA’s conditions for a PALs I loan (see 12 CFR 701.21(c)(7)(iii) (starts brand brand brand new screen) ). Being result, PALs we loans aren’t susceptible to the CFPB Payday Rule.

PALs II Loans: with respect to the loan’s terms, a PALs II loan produced by a federal credit union might be a conditionally exempt alternative loan or accommodation loan underneath the CFPB Payday Rule. a federal credit union should review the conditions in 12 CFR 1041.3(e) (starts window that is new for the CFPB Payday Rule to find out if its PALs II loans be eligible for the aforementioned conditional exemptions.

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