Credit unions have begun to consider the CFPB's approaches to payday lending that the agency released as the first phase of its regulatory process on the topic.
CFPB issued the guidelines on March 26 as the first step on its journey to develop a regulation that, the agency said, will preserve consumer access to the loans but attempt to make sure the loans assist consumers more than harm them.
In prepared remarks before a field hearing the agency conducted in Richmond, Va. on March 26, CFPB Director Richard Cordray alluded to how the agency sees the need and market for smaller value loans.
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