In addition to general concerns about the CFPB’s impact on the consumer financial services industry, special concerns have been raised about how new CFPB regulatory requirements will impact small businesses. Dodd-Frank made the CFPB subject to the requirement in the Small Business Regulatory Enforcement Fairness Act (SBREFA) for a small business panel to be convened before issuing regulations that the CFPB director expects to have a significant impact on a substantial number of small business entities.
The CFPB’s compliance with SBREFA will be the subject of a hearing to be held tomorrow, August 1, at 1:00 p.m. by the House Committee on Small Business at which CFPB Director Richard Cordray is scheduled to testify. Taking its cue from the CFPB’s “Know Before You Owe” initiatives, the committee has titled the hearing “Know Before You Regulate: The Impact of CFPB Regulations on Small Business.” The committee will be focusing on the CFPB’s recent mortgage disclosure proposal.
The following link can be used to watch the hearing at the 1 p.m. start time: http://www.smallbusiness.house.gov/Legislation/live.htm.