New regulations from the Department of Defense and CFPB could imperil credit unions' efforts to offer reasonably priced, small dollar loans to service members, NCUA Board Chairman Debbie Matz warned.
Matz spoke at a May 5 meeting held by the Defense Credit Union Council's Overseas Subcouncil in Dublin, Ireland.
"Proposals from two federal agencies could require credit unions to make major changes in their loan programs," Matz told the attendees. "The NCUA supports the intent of proposals from the Defense Department and the Consumer Financial Protection Bureau to protect consumers from predatory lending, but we are working to ensure those rules avoid unintended consequences of outlawing access to affordable credit union loans."
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