XtraCash, a CUSO which enables credit unions to offer short-term loans to compete with storefront payday lenders, argues that it provides credit unions and their members a money-saving service.
Five of the CUSO's federal credit union clients were singled out for criticism for payday lending on May 16 in a letter to the NCUA from the National Consumer Law Center and Center for Responsible Lending.
The CUSO, which is owned by CU Holding Company LLC and that, in turn, by the $495 million Mazuma Credit Union in Kansas City, Mo., was not named in the letter but cited by credit union clients contacted about the letter by Credit Union Times.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
