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Payday Loan Regs Could Choke Credit Union Alternatives

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.

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Anticipated CFPB payday loan regulations could shut down credit union alternatives, executives warned.

For the record, the agency has not officially said it is working on payday loan regulations, but CFBP Director Richard Cordray came close to acknowledging the project on March 25 in remarks that accompanied a new CFPB report on the loans.

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