For the first time, the Consumer Financial Protection Bureau (CFPB) has payday lenders bracing for scrutiny. Such lenders are now switching to products such as longer-term installment loans that they are guessing will not fall under CFPB regulation.

Jeremy T. Rosenblum, a partner in Ballard Spahr's Philadelphia office who represents payday lenders, said he advises clients to develop new products in advance of any rules. "If you’re serving this market, you have to be considering alternative strategies if the CFPB does come up with regulations," he said.

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Consumer Financial Services