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HONOLULU — Department of Defense Deputy Undersecretary for Military Community & Family Policy Leslye Arsht said the department views credit unions as partners against payday and other fringe lenders.

“The department was faced with a unique opportunity to regulate the financial services industry, not really our core competency,” she admitted. However, through consultation with the financial services regulators the department feels a balance has been struck though a final rule will not be published until Sept. 1. NAFCU Associate Director of Regulatory Affairs Pamela Yu commended the department for its efforts to listen to the concerns of the financial services industry.

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