WASHINGTON — Credit union executives attending NAFCU's 2012Congressional Caucus' first day on Wednesday witnessed a spiriteddefense and attack on the Consumer Financial Protection Bureau fromlawmakers from both political parties.

Rep. William Clay Jr.(D-Mo.) defended the new agency and theDodd-Frank Act which created it, noting that it outlawed “too bigto fail” institutions and would prevent taxpayers from having tobail them out lest they wreck the entire financial system.

“Never again will American taxpayers have to bail outinstitutions that have become too big to fail,” Clay told theexecutives in a very gravelly voice.

He also, several times, thanked the audience for NAFCU's help inhis primary victory during a tight race.

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