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Editor’s note: The following letter to the editor was originally posted as a comment to our March 26, 2015 CU Times news story, “CFPB Looks to NCUA for Payday Loan Guidelines.”

CFPB payday lending, marvin umholtzIn the CFPB’s payday loan press release, and in CFPB Director Richard Cordray’s remarks at the field hearing on the topic in Richmond, Va. on March 26, the NCUA’s short-term small dollar loans (STS) program has been given the self-described “consumer watchdog” agency’s “housekeeping seal of approval.” However, that is of limited value to the marketplace, where more than 19 million consumers per year take out traditional payday loans.

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