Counting fees on payday-alternative credit union loans would put them over the DOD cap, Debbie Matz warns.
Agency's guidelines will make it impossible for service providers to operate in the payday lending space.
Credit unions take a reserved approach as the CFPB releases its initial payday lending guidelines.
The bureau's initial proposal is based on NCUA payday lending reg.
Apple, auto lenders and overdrafts are in the CFPB's crosshairs.
States are ranked according to education and financial behavior measures.
Hints about future regulations on payday lending from CFPB indicate the rules could effectively shut down alternatives at credit unions.
The CFPB hasn't officially said it is writing new rules, but Director Richard Cordray hinted new regs are underway in a recent payday lending report.
In order to succeed in the 21st century, credit unions cannot afford to not serve the enormous and growing population of financially underserved consumer.
FactorTrust CEO Greg Rable says question is whether credit unions can afford not to serve the financially underserved.