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On Wednesday, Oct. 24, 2012, NAR submitted comments to the Consumer Financial Protection Bureau (CFPB) on the CFPB's strategic plan for the next five years. NAR urged the CFPB to proceed cautiously as it promulgates and implements numerous regulations affecting housing and housing finance.
NAR urged the CFPB to consider the impacts to consumers and industry of each regulation, reminding them that burdensome and costly regulations could reduce consumer access to credit or make it much more expensive. Finally, NAR urged the CFPB to sequence the release and implementation of rules in a manner that minimizes impact and confusion on businesses of all sizes as well as consumers.
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