Last week, League President/CEO Todd Mason submitted a letter to the National Credit Union Administration (NCUA) Board that outlines the League’s position concerning the proposed Payday Alternative Loan (PAL) II rule.

Mason applauded the Board’s willingness to expand the availability of short-term, small dollar loans to credit unions, but encouraged NCUA to limit the compliance requirements associated with providing these types of loans.  Mason also expressed the League’s concerns about the compliance burdens that the PAL I and PAL II programs pose to credit unions and asked the Board to consider a single rule which offers a more holistic approach.

Click here to view a copy of the League’s PALs II comment letter.  CUNA also provided comments on the PALs II proposal.  A copy of CUNA’s letter can be found on their website.