Outcomes Won’t Match Intentions: The NCUA Needs to Keep It Simple With Payday Alternative Loans (PALs).

The third agenda item for the NCUA’s May Board Meeting is a “Notice of Proposed Rulemaking, Part 701, Payday Alternative Loans” This discussion will focus on the following: The NCUA is preparing an amendment to the NCUA’s general lending rule to provide federal credit unions (FCUs) with an additional option to offer Payday Alternative Loans (PALs). This […]

How Do the New CFPB Regulations Impact the QCash Financial Platform and Credit Unions?

What are the new CFPB regulations for small dollar loans and payday lending for credit unions? In late 2017, the Consumer Financial Protection Bureau (CFPB) finalized new regulations for small-dollar loans and payday lending. QCash, a subsidiary of Washington State Employees Credit Union (WSECU), has engaged in conversations throughout the process, including WSECU President & […]

Does QCash Help Provide Military Members Payday Loans?

Credit unions that serve military members can be assured that QCash, the short-term, small-dollar lending platform, offers compliant loans that meet military and Consumer Financial Protection Bureau (CFPB) regulatory requirements, especially for the military select employee group (SEG). So if you want to provide Military Members Payday Loans, this post is for you. CFPB requirements state: […]

How Do I Update My Payday Loan Truth in Lending Disclosures?

A question I often receive from credit unions involves regulatory concerns in operating payday loan truth in lending requirements. Credit Unions often want to know how small dollar loan Truth in Lending disclosures are updated and maintained in our Digital Lending Platform.   If you have this concern – then this article is for you! First – […]

Will My Credit Union Maintain CFPB Compliance with the QCash Short-Term, Small Dollar Lending Platform?

If you are a Credit union interested in the QCash, short-term, small-dollar lending program, and want to make sure that you are meeting CFPB compliance or meeting Consumer Financial Protection Bureau (CFPB) regulations – this post is for you. Here are the three requirements for the QCash short-term, small-dollar lending program to maintain CFPB compliance: […]

How QCash Made CFPB Lending Regulations Credit Union Friendly.

If you work for a financial institution and have concerns about both the public perceptions of payday lending and the CFPB lending regulations – this article is for you. Although the CFPB or Consumer Financial Protection Bureau is in a state of flux now, just a few years ago the bureau was writing new payday […]

If Not Us, Who? Reacting to the Decision on CFPB Payday Lending.

The Consumer Financial Protection Bureau recently released its finalized CFPB payday lending rule that will make it very burdensome for lenders to offer loans with an interest rate higher than 36 percent APR and with a loan term shorter than 45 days after July 2019, when the rule goes into effect. This ruling will have […]