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If your credit union’s alarm bells are not clanging and the sirens aren’t wailing, then you must not be paying attention – your credit union is about to be robbed of the freedom to set its own direction. In recent days, President Barack Obama designated the liberal blogosphere-championed Harvard bankruptcy law professor Elizabeth Warren to launch the new Consumer Financial Protection Bureau. Rather than appoint controversial activist Warren as the statutorily-defined director of the bureau, the President side-stepped the U.S. Senate confirmation process by designating her as Assistant to the President and Special Advisor to the Secretary of the Treasury on the CFPB. Reportedly, in her new role Warren will recruit staff for the agency, set the policy mission, and serve as the public face for the CFPB.

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