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

April 30, 2021
Payday and Other Small Dollar Loans
Payday Loans
Small Consumer Loans
Comment Letter

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.