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.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.