A payday loan program offered by the $814 million Nevada Federal Credit Union has started to draw the attention of the mainstream press.
USA Today picked up on the story of the Las Vegas-based credit union manipulating its use of fees in a payday loan program to avoid the 18% usury cap. Nevada Federal was named by the National Consumer Law Center in a January letter to NCUA, which was followed by an NCUA letter to federal credit unions on guidelines for payday lending alternative products.
Many credit union payday alternative loans really help consumers, said Lauren Saunders, the NCLC managing attorney quoted in the story, but others "are only marginally cheaper than traditional payday loans."
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