Jonathan Matthews has a now-familiar reaction to the CFPB'sproposed payday lending rules.
The sheer volume of the regulations — some 1,300 pages — willdrive credit unions out of the short-term lending business,Matthews, president of the Southland Federal Credit Union, alow-income designated community credit union that serves threecounties in Texas, told the CFPB.
But even as credit unions rail against the proposed CFPB rulesgoverning short-term loans, religious groups, labor unions andcommunity activists have told the agency that the proposed rulesaren't strong enough and will allow predatory lending tocontinue.
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