Dear Valued Sunmark Member:
As a Sunmark member you have the ability to weigh in on legislative proposals that impact our ability to offer financial solutions to our membership at a lower cost than many banks. Recently the Consumer Financial Protection Bureau (CFPB) released an extremely complex proposal regarding small dollar loans, often referred to as PayDay Loans, that are extended for short term needs but carry interest rates from 25% – 400%!
Credit Unions are often the best alternative to these lenders. This proposal would prohibit those lenders that abuse consumers financially; however, the CFPB has extended the proposal, which sweeps in consumer friendly credit union loans. As a result, the added compliance burdens associated with these loans will eliminate flexibility and cause credit unions to be unable to offer loans such as small dollar automobile and personal loans to its members. We realize that this is a complex issue, but the CFPB’s proposed rule misses the mark of only targeting predatory lenders and instead threatens to limit consumer-friendly lending to our members.
We want the CFPB to understand how credit unions are serving real people, who encounter very real financial difficulties. How can you help? By directing your opinion to the Voter Voice Grassroots Action Center. On this website you can draft a response or use a populated letter.
Thank you for taking the time to review this important information. Your input will help insure that Sunmark Federal Credit Union can continue the credit union philosophy of People Helping People and be your financial partner for today, tomorrow and your future.
President and CEO
Sunmark Federal Credit Union