CU Trades Support CFPB Accountability Bill
Bill introduced in the House wants the CFPB to tailor regulations to the size of the organization.
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.”
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.
READ MORE: Making the CFPB Accountable to Small Businesses Act of 2023.