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Credit unions are currently evaluating the first-ever federal regulations for payday loans and auto title loans, proposed in June by the CFPB. Public comments are due Oct. 7. As someone experienced in offering a payday alternative product, I believe the CFPB is right to step in and try to protect consumers, but the regulations need to be carefully designed and well-balanced if they are going to keep credit available while also driving down loan prices. With the right approach, the CFPB can encourage more credit unions to come into the market with lower-cost products of their own.

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