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The CFPB’s proposed payday lending rule, to be revealed Thursday, will have a carve-out for loans issued under the NCUA’s payday alternative loan program, NAFCU President/CEO Dan Berger said Wednesday in a release. Berger discussed the issue with bureau Director Richard Cordray.

Credit union officials have expressed concern that as part of its attempt to rein in predatory lending, the CFPB might also place restrictions on loan products they offer as alternatives to payday loans. They had sought an exemption from the rules, saying credit unions offered an acceptable alternative.

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David Baumann

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