The NCUA—and not the CFPB—should regulate small-dollar lending by federal credit unions, NCUA Chairman Rick Metsger said Tuesday.
Commenting on the CFPB's proposed rules regulating payday loans, Metsger said that his agency developed the payday loan alternative (PAL) program and has ensured that members are well-protected. And so, he said, the CFPB's oversight is not needed.
The CFPB issued the proposed rules in June and comments on them are due by Friday. So far, more than 188,000 comments have been filed with the CFPB. The payday loan industry has encouraged borrowers to file comments opposing the rules.
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