Anticipated CFPB payday loan regulations could shut down creditunion alternatives, executives warned.
For the record, the agency has not officially said it is workingon payday loan regulations, but CFBP Director Richard Cordray cameclose to acknowledging the project on March 25 in remarks thataccompanied a new CFPB report on the loans.
“I don't think anyone doubts the CFPB is preparing paydaylending regulations,” said Jeremy Rosenblum, a partner in thebanking law firm of Ballard Spahr LLP, a Philadelphia-based firmthat specializes in consulting and advising financial institutionson compliance issues.
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