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ARLINGTON, Va.—NAFCU has sent the CFPB an outline of provisions in the Bureau’s payday lending proposal that it said encroach upon the authority of the NCUA and asked that the Bureau use its Dodd-Frank Act authority to exempt credit unions from the rule.

WASHINGTON–Credit unions are being dragged under the umbrella of another rule that’s the result of misdeeds in another industry, according to a comment letter CUNA plans to file later this week.