Editor’s Note: The complete GAO report, CONSUMER FINANCIAL PROTECTION BUREAU: Observations from Small Business Review Panels, GAO-16-647 is available here. Below is an excerpt.
GAO interviewed 57 of the 69 small entity representatives who participated in the four SBREFA panels GAO reviewed and found they generally believed the process was useful but also that it could be improved. . . . While 36 of 57 stated CFPB at least partially considered their comments in its rulemakings, most representatives expressed disagreement with CFPB’s final rules for reasons such as increased cost of compliance. Specifically, 7 of 57 were satisfied with CFPB’s final rules. . . .