March 27, 2023

NAFCU-supported CFPB accountability bill introduced in House

US Capitol buildingRep. Scott Fitzgerald, R-Wis., introduced the NAFCU-supported Making CFPB Accountable to Small Business Act that would require the CFPB to tailor its regulations for small businesses undergoing Small Business Regulatory Enforcement Fairness Act (SBREFA) panel reviews. 

If the SBREFA panel does not tailor regulations under consideration, it must provide justification.

“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,” said NAFCU President and CEO Dan Berger. “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.”

NAFCU consistently advocates for the CFPB to consider the burdens and implications of its rulemakings on smaller institutions and to provide exemptions. The association has also urged the bureau to convene a SBREFA panel for its credit card late fees proposal as it will significantly impact credit unions and the small businesses and consumers they serve.

Relatedly, NAFCU is set to testify before a House Small Business subcommittee tomorrow on the implications of the CFPB’s section 1071 rulemaking, related to small business lending data collection. A version of Fitzgerald’s bill introduced last Congress sought to repeal section 1071.

NAFCU will monitor the bill’s movement throughout Congress and engage with lawmakers to ensure credit unions can best serve small businesses.