The CFPB has ignored the warnings of small business panels that have raised red flags about the impact rules will have on credit unions and other small businesses, trade groups warned Thursday.
"NAFCU remains concerned that the voice of panelists is not always heard," Brad Thaler, NAFCU's vice president of legislative affairs said, in a letter to the Senate Regulatory Affairs and Federal Management.
The subcommittee was scheduled to hold a hearing Thursday on how to improve small business input on regulations. The CFPB is required to organize small business panels to review the impact of federal rules.
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"There are several instances that NAFCU is aware of where… panel reports clearly recorded specific issues voiced by panelists that were ultimately not addressed in final rules," Thaler said
CUNA President/CEO Jim Nussle voiced a similar concern, saying that the agency should take small business concerns more seriously.
"Additionally, we believe reforms to this process may be needed to ensure there is more accountability if CFPB rules do not reflect the feedback provided during the SBREFA panels and prior to the publication of final rules," Nussle continued.
Nussle said, for example, the CFPB did not adequately consider small business concerns before issuing proposed payday lending rules.
He said that the Small Business Administration's advocacy branch said the rules were unfair to small enterprises.
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