Pew Offers Insights to Inform Design of the Payday Alternative Loan Program (PDF)
Appendix A: Standards Needed for Safe Small Installment Loans From Banks, Credit Unions (PDF)
Appendix B: Payday Loan Customers Want More Protections, Access to Lower-Cost Credit From Banks (PDF)
Appendix C: Americans Want Payday Loan Reform, Support Lower-Cost Bank Loans (PDF)
Appendix D: Why Credit Unions Should Pay Attention to the Payday Loan Market—and What the CFPB Does About It (PDF)
Pew Offers Insights to Inform Design of the Payday Alternative Loan Program
In response to the National Credit Union Administration’s plans to modify its current Payday Loan Alternative program, The Pew Charitable Trusts provided a summary of its research findings about the high-cost, non-depository small-loan market and policy recommendations to protect consumers and make it easier for credit unions to provide safer, lower-cost small-dollar credit products to their customers.
President Trump has recently named an acting comptroller of the currency, the head of the federal agency regulating large banks. As the American Banker noted, some big questions await the agency. While much is at stake for our country’s banks, a lot is on the line for individuals and their families as well. One important opportunity that the next Office of the Comptroller of the Currency leader will have is to save low- and moderate-income Americans billions of dollars annually by permitting banks to offer safe small-dollar installment loans to their customers. Today, excessive underwriting and compliance requirements have made it all but impossible for banks to widely offer affordable small loans.
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