Opposition to the National Credit Union Administration’s Proposal which Would Authorize Predatory Lending by Credit Unions

The following two comments oppose the National Credit Union Administration (NCUA or the Board)’s proposal to expand the activities in which credit union service organizations (CUSOs) are permitted to engage. This proposal will authorize predatory lending by credit unions, hampering household security at a time when greater security is badly needed. It will also increase racial discrimination, as families of color are disproportionately targeted with these harmful loans.

• Detailed comment from The Center for Responsible Lending (CRL), Self-Help Federal Credit Union, Self-Help Credit Union, and the National Consumer Law Center (on behalf of its low income clients)
• Sign-on letter from 25 consumer, civil rights, and community organizations