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CUNA to Submit SBREFA Letter for Senate Hearing This Week
Wednesday, January 18, 2017 6:55 AM

On Thursday, the Senate Homeland Security and Government Oversight subcommittee on regulatory affairs and federal management subcommittee will conduct a meeting, "Improving Small Business Input on Federal Regulations: Ideas for Congress and a New Administration” at 10 a.m. (ET).

Credit Union National Association will submit a letter for the hearing, which will focus on how agencies consider the impact of regulations on small businesses and whether requirements in the Small Business Regulatory Enforcement Fairness Act (SBREFA) and other statutes are enough to address small business concerns.

“The Consumer Financial Protection Bureau is 1 of 3 agencies that is required to hold SBREFA panels if one of its rulemakings will have a substantial impact on a number of small entities,” said Leah Dempsey, CUNA senior director of advocacy and counsel. “Many credit unions have participated in the SBREFA process in the past few years. Credit unions participating on these panels often expend a lot of time and resources analyzing SBREFA outlines, working to determine how a potential rule could impact their credit union, and flying to D.C. to participate in the daylong panel.”

“With a few minor exceptions, they have often been disappointed that the CFPB’s final rule that, even after SBREFA, largely treats small credit unions the same as the largest banks and nonbank providers, which harms their ability to continue to serve consumers," Dempsey added. 

The SBA Office of Advocacy expressed a number of concerns including that the CFPB has underestimated the potential economic impact of this rulemaking on small entities and the CFPB’s proposed rule may deprive consumers of a means of addressing their financial situation.