Entrance to the CFPB, Washington, D.C. (Source: Shutterstock)
Rep. Scott Fitzgerald (R-Wis.) introduced the Making the CFPB Accountable to Small Businesses Act of 2023 to require the CFPB "to presume that size and sophistication-based tailoring of regulations" are needed in Small Business Regulatory Enforcement Fairness Act (SBREFA) panel reviews.
Rep. Fitzgerald, who introduced the legislation on Friday in the House, said, "Small businesses cannot afford to continue being crushed by one-size-fits-all policies coming out of Washington. Federal regulators have abused the Small Business Regulatory Enforcement Fairness Act to the point it no longer protects small businesses. We must end the status quo and ensure panel reviews truly take into consideration the effect of proposals before enactment moving forward."
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NAFCU, CUNA, the Wisconsin Bankers Association and the Independent Community Bankers of America supported the legislation.
"NAFCU thanks Representative Scott Fitzgerald for his leadership to protect small businesses and the credit unions they partner with from burdensome regulations that impede access to credit," NAFCU President/CEO Dan Berger said. "The Making the CFPB Accountable to Small Businesses Act will push for the necessary tailoring of regulations under SBREFA panel reviews. We look forward to working with Representative Fitzgerald to make sure the CFPB does not obstruct Main Street's success."
According to the proposed bill, if the SBREFA panel does not tailor regulations under consideration, it must provide justification.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
