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Democratic National Committee Chair Rep. Debbie Wasserman Schultz (Florida) is cosponsoring a bill that would delay CFPB's payday lending rule by two years and nullify its rule in states that already have payday lending laws, including Florida.

The bill, H.R. 4018, the "Consumer Protection and Choice Act," was originally proposed by Rep. Dennis Ross, R-Fla., in November. The Huffington Post reported Tuesday that a memo being passed around by Wasserman Schultz says the Florida state law on payday lending should serve as a "model" for other consumer laws and that CFPB should "adjust their payday lending rules to take into account actions Florida has already taken."

CFPB has yet to formally issue its payday lending rules. In November, the bureau noted that a proposed rule on the issue is expected sometime in the first quarter of 2016.

Many credit unions responsibly offer short-term, small-amount loans and financial education resources designed to assist members avoid the traps of predatory payday lenders. The programs developed by each credit union vary as they are specifically tailored to their individual fields of membership.

NAFCU is closely monitoring the potential impact of CFPB's rulemakings on payday, auto title and similar loan products for their potential impact on credit unions' ability to make loans under NCUA's small-amount, short-term lending rule (the "payday alternative loans," or PALs, rule).