March 27, 2015

CFPB Moves Closer to Convening Small Business Review Panel for Payday Lending Rulemaking

From: ACA International

The panel will provide feedback on how the Consumer Financial Protection Bureau’s payday lending proposals under consideration will impact small businesses affected by the rules.

On March 26, along with the proposals themselves, the Consumer Financial Protection Bureau released a list of discussion questions to be considered by small business representatives selected to participate in a meeting to discuss proposals under consideration related to payday and other forms of lending. This meeting, commonly referred to as the SBREFA panel meeting, is required by the Small Business Regulatory Flexibility Act (SBREFA) and is  the next step in the rulemaking process.

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Each Small Business Review Panel consists of representatives from the CFPB, the Chief Counsel fo Advocacy for the Small Business Administration, and the Office of Management and Budget Office of Information and Regulatory Affairs.

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