The CFPB referenced the NCUA in part of its proposed guidelines forpayday loans, which are the first step toward developing a paydaylending regulation.

“We are releasing this outline to kick off our efforts tosolicit specific feedback from small entities that will be affectedby this rulemaking,” CFPB Director Richard Cordray wrote inprepared remarks for the opening of a March 26 field hearing inRichmond, Va.

“As we are getting this feedback, we will also continue toconsult with consumers, industry and others,” he added. “We willthen formally issue a proposed rule and provide opportunity foreveryone to comment. We will move as quickly as we reasonably can,but we will be thoughtful and thorough as we continue this work, inaccordance with our best lights about how to address theseissues.”