ALEXANDRIA, Va.–The NCUA Board will meet this morning, and the agency said it is expecting a full house.
The board will be voting 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.
In advance of the meeting the agency has said it is expecting an “unusually large audience” and that seating will be tight. There will be 50 seats available in the agency’s Filene Boardroom, and all attendees will be admitted on a first-come, first-served basis.
The agency has also made an overflow room available for attendees.
The meeting will begin at 10 ET. CUToday.info will provide complete coverage.