WASHINGTON—The Bureau of Consumer Financial Protection will host a symposium on credit visibility from 8 a.m. to 4:45 p.m. ET Sept. 17 in Washington.
The discussion will offer credit unions an opportunity to advocate for an expansion of the Bureau’s safe harbor exemption under its payday loan rule to cover loans compliant with any of the NCUA’s payday alternative loan (PAL) programs. Currently PAL I loans are covered under this exemption, but changes proposed under PALs II would not qualify for the same treatment.
NAFCU, which said it plans to attend the meeting, recently sent a letter to the Bureau requesting it expand its exemptions to cover all PAL loans as the NCUA considers a proposed rulemaking to enhance its PALs program.
In the letter to Bureau Acting Director Mick Mulvaney, NAFCU Regulatory Affairs Counsel Kaley Schafer argued that the Bureau, with the current PALs safe harbor, has already recognized the important role credit unions play in the short-term, small-dollar loan marketplace.
How to Register
Registration for the symposium will remain open until Friday, Sep. 7. The event will also be livestreamed. Registration is not required for those tuning in to the livestream, the Bureau said.
The symposium will include perspectives from industry, academia, trade associations, government, community groups, research, and think tank organizations. It will take place at the Bureau’s headquarters, 1700 G St. NW in Washington.