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CU Trades Support CFPB Accountability Bill

Bill introduced in the House wants the CFPB to tailor regulations to the size of the organization.

Entrance to the Consumer Financial Protection Bureau, Washington, D.C. 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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Michael Ogden

Michael Ogden

Editor-in-Chief for CU Times.

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