New CFPB regulations on payday lending could effectively shut down alternatives at credit unions, some industry officials say.

The CFPB has not officially said that it's working on such rules, but Director Richard Cordray came close to acknowledging so on March 25 in remarks that accompanied a report on the loans.

"I will frankly say that we are now in the late stages of our considerations about how we can formulate new rules to bring needed reforms to this market," Cordray wrote in prepared remarks. "[W]e intend to make sure that consumers who can afford to take out small-dollar loans can get the credit they need without jeopardizing or undermining their financial futures. But we also need to recognize that loan products which routinely lead consumers into debt traps should have no place in their lives."