July 12, 2017
By Bob Coleman
C-Suite Wednesday — House Small Biz Chairman Demands Answers from CFPB
With CFPB’s 60-day notice up on July 15th asking for comments on how best to enforce fair lending laws on small business lenders, Congress is paying attention.
Writes House Small Business Chairman Steve Chabot, “Small business owners frequently raise concerns to the Committee about the challenges of access to capital and how it prohibits job creation and business expansion. As Congress looks for ways to create an environment for small businesses to flourish, the Committee is wary of increased reporting requirements and onerous regulations, which acutely impact small businesses. The Committee wants to ensure that CFPB does not overly burden small businesses and their operations.
“Specifically, the Committee seeks to better understand two ongoing CFPB rulemaking matters that may significantly impact small businesses.
“1) CFPB’s request for information on implementing Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act;
“2) The manner in which CFPB conducted the Small Business Regulatory Enforcement Fairness Act (SBREFA) panels with regard to CFPB’s rule on Payday, Vehicle Title and Certian High-cost Installment Loans.”