ALEXANDRIA, Va.— The NCUA board on Thursday will vote on three final rules: payday alternative loans (PALs), federal credit union bylaws, and supervisory committee audits.
The board will also receive an update on the share insurance fund.
NCUA’s PAL proposal would create an additional PAL option, PAL II. The new loan type would not replace the current PAL I loans.
PAL II loans would be permitted up to $2,000, with no minimum, and a maximum loan term of up to 12 months. Currently, PALs are restricted to amounts between $200 and $1,000 and a six-month term. PAL II loans would not have the 30-day membership requirement.
The meeting will begin at 10 ET. CUToday.info will provide complete coverage.