President Ronald Reagan famously said in 1986, "The nine most terrifying words in the English language are, 'I'm from the government, and I'm here to help.'"
Look at the impact the CFPB has had on credit unions' services, including curbing or eliminating wire transfer services from their portfolios. The CFPB was created to protect consumers in the U.S., yet it is reaching beyond those borders and holding banks and credit unions responsible when they perform more than 100 transactions in a year.
The CFPB and the Department of Defense are both working on payday lending regulations. The CFPB payday loan regulation is expected to include underwriting requirements, which is precisely what many consumers of this product were looking to avoid. Meanwhile the DoD regs would cap small-dollar loan interest rates at 36%, including fees.
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