Too Many Redirects in Membership

I just installed a fresh copy of Membership on a new site where I have the site set to disallow ALL access by having the stranger setting to None and landing on a registration (protected default) page (domain.com/protected).

It was working decently for about an hour but now when I hit the site, the URL changes to the protected content page (domain.com/protected) as expected, but I then get a "Error 310 (net::ERR_TOO_MANY_REDIRECTS): There were too many redirects." message.

I restarted Apache, no changes to the .htaccess, I added and removed a couple of plugins (turned them all off), etc.

If I switch the membership to use a membership level for Stranger it works fine. The issue is I need the site to be totally unaccessible outside of the domain.com/protected page. If I just use negative/positive rules new content that is added to the site will not be blocked. Thoughts?

Thanks!
Kevin