A top regulator is vowing to curtail short-term, high-cost consumer loans at federally chartered credit unions.

Debbie Matz, the chairman of the National Credit Union Administration, promised action in response to new research by consumer groups. Nine federal credit unions are making loans with what are effectively triple-digit annual percentage rates, the groups say.  The products resemble payday loans made by banks that have drawn fire from other regulators.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.