The CFPB's proposed payday lending rules will cause credit unions to flee the market, but they will help one group of people – loan sharks – two credit union officers have told the agency.
"Your regulation will now create an environment for loan sharks to prosper once again as no 'legal' financial institution could ever consider offering a loan under your ludicrous regulation," Marty Tressell, president/CEO of High Plains Federal Credit Union, told the agency. High Plains, a credit union with about $39 million in assets, is located in Clovis, N.M.
Another credit union official echoed Tressell's sentiments.
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