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Dodd-Frank’s consequences: Credit unions suffer, online lenders prosper, says NAFCU
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Banking
Wednesday, September 16, 2015
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While credit unions are struggling under intense regulatory burdens, online lenders, which are not required to follow the same disclosure practices and underwriting standards of traditional lenders, are able to get up and running more quickly and enjoy fewer compliance costs and challenges — much to the detriment of consumer education and credit needs, said the National Association of Federal Credit Unions (NAFCU) in a letter to the U.S. Treasury Department. Find out what other grievances the association shared with the department.
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