As consumer advocates condemn the Consumer Financial Protection Bureau’s (CFPB) proposal to rescind ability-to-repay (ATR) underwriting requirements from its payday lending rule, various banks and credit unions feel encouraged by what such an action would mean for certain payday alternative products they’ve worked to develop.
CUNA Senior Director of Advocacy & Counsel Alexander Monterrubio spoke with Dodd Frank Update about how the proposed changes would benefit credit unions and other institutions offering forms of short-term financing covered by the rule as it stands.
Find out what he and others in the industry had to say.