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Today, it would certainly be hard to argue that the CFPB has not created an additional paperwork and regulatory burden. When talk of a new consumer protection agency started in Washington back in 2009, I was wary of increased regulatory burden and certain we did not need another layer of bureaucracy and red tape. Regardless, we were certain there would be a substantive and swift reaction to the 2008 meltdown. In the lead up to Dodd-Frank, and the subsequent creation of the CFPB, CUNA worked closely with credit union industry representatives across the country to assess the political realities and develop a strategy to navigate through a rapidly changing landscape.

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