Association seeking feedback on CFPB’s payday loan proposal

Businessman filling online survey form on laptop

The New York Credit Union Association is seeking credit union feedback on the CFPB’s proposal to eliminate its ability-to-repay requirement on payday loans.

In 2017, under the leadership of former CFPB Director Richard Cordray, the bureau finalized regulations declaring it an unfair and abusive practice for lenders to make payday loans without assessing a borrower’s ability to repay the loan. The CFPB is now proposing to amend that regulation to do away with the ability to repay requirement.

The New York Credit Union Association is conducting an online survey to gauge credit union interest in the matter and determine whether the Association should support or oppose the proposal.

Survey responses are requested by May 12. Comments are due to the CFPB by May 15.

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