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With a long to-do list and a director in place, the folks at the Consumer Financial Protection Bureau are off and running. Interestingly, they are off and running on a different path than traditional federal agencies. The CFPB has taken a different approach to public involvement and, most notably, the rulemaking process. The bureau has a unique regulatory philosophy that includes seeking early consumer and industry feedback and doing so in a nontraditional manner and in more contemporary forums. While questions remain about the appropriateness and impact of this approach, credit unions should take note. Early involvement in the rulemaking process may be key to ensuring your voice is heard.

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