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.

The Dodd-Frank Wall Street Reform and Consumer Protection Act created the CFPB as an independent bureau with a mission to "make markets for consumer financial products and services work for Americans." To this end, the CFPB has provided consumers with myriad educational resources as well as opportunities to seek out feedback on consumer financial products and services, including an online complaint-filing system;

online assistance tools, which allow consumers to ask for help on issues such as mortgage relief and student debt repayment; and an "Ask CFPB," a tool that provides consumer-friendly definitions and answers to a variety of financial services questions.