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Payday lenderThe highly touted NCUA Payday Lending Alternative model is not an effective replacement for storefront short-term lenders that charge customers exorbitant interest rates, Nick Bourke, director of The Pew Charitable Trusts’ consumer finance project said Monday.
“The PAL program is well-regarded, and it has helped some people gain access to loans that are better than payday loans and cost less,” Bourke said, in an interview, as Pew released its guidelines for payday loans.
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The CFPB is ordering Navy Federal to refund more than $80 million to consumers, stop charging illegal overdraft fees, and pay a $15 million civil penalty.
A CFPB and NCUA investigation determines VyStar ignored red flags and continued with the rollout that caused members to lose access to their accounts and funds for weeks.
Thursday’s action by the CFPB against VyStar is a step rarely taken against credit unions.
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