Roughly 12 million Americans, or 2.5 million U.S. households used at least one payday loan last year. This equates to an alarming 1 in 50 Americans, which is why the payday loan industry exceeds $50B in the US alone. Most often these loans are originated to assist with individuals looking for a short-term option to help them meet their monthly financial obligation. While the industry touts these loans as a solution to unexpected or emergency expenses, 70% of borrowers who use them are doing so for their regular recurring expenses, such as rent. Recognizing that these loans are needed, but wanting to avoid the stigma that this industry carries (commonly referred to as predatory payday lenders), with their extremely high interest rates and abysmal default rates, many credit unions have designed lending programs to compete with payday lending in an effort to meet their member's demands, while keeping the credit union motto of helping others in mind. And now, the NCUA Board is proposing to amend the NCUA’s general lending rule to provide Federal credit unions with additional options to offer Payday Alternative Loans (PALs) with PALs II.