Newsroom

April 27, 2016

Vitter bill to give small businesses flexibility

Senate Small Business Committee Chairman David Vitter, R-La., is developing legislation to require agencies, including CFPB, to consider the effects of proposed rules on small businesses.

During his opening remarks at a hearing on the regulatory burden for small businesses, Vitter said his bill will hold agencies accountable for loopholes.

"It is imperative that Congress create greater accountability for agencies' economic certification process and close loopholes in the RFA that allow the EPA, OSHA, and CFPB to avoid conducting [Small Business Regulatory Enforcement Fairness Act] panels," Vitter said. "That is why earlier this Congress, I introduced the Small Business Regulatory Flexibility Improvements Act, which provided comprehensive reform of the RFA and made vital adjustments to protect small business community. I want our industry representatives here today to know that I am working to develop a new reform bill in an effort to make bipartisan, common sense reforms."

NAFCU continues to push for CFPB to tailor its rules more effectively for credit unions and exercise its exemption authority under the Dodd-Frank Act to exempt credit unions from more regulation aimed at banks and larger institutions.