The Small Business Administration’s Office of Advocacy will host a roundtable in London, Kentucky on September 14, 2016 on the CFPB’s proposed payday loan rule. As the Office of Advocacy is an independent office within the U.S. Small Business Administration, the views expressed by the Office of Advocacy do not necessarily reflect the views of the SBA or the Administration. According to the Office, the roundtable will focus on the proposal’s potential economic impact on small entities and rural communities and feasible alternatives that might be available that would achieve the regulatory objectives in a less costly way. The tentative agenda indicates that a CFPB representative has been invited to attend.
Prior to issuing its proposed payday loan rule, the CFPB convened a SBREFA panel that met with small entity representatives (SERs) to provide input on the proposals under consideration by the CFPB. The Chief Counsel for Advocacy was a member of the SBREFA panel. We understand that the Office of Advocacy views the roundtables as an opportunity for all small businesses (such as those that did not serve as SERs) to provide input on the CFPB’s proposal. The Office of Advocacy has indicated that it is planning to hold additional roundtables on the CFPB’s payday loan proposal in Madison, WI and Washington, D.C. and submit a comment letter to the CFPB based on the input received at the roundtables.
We understand that the Office of Advocacy expects to post information about the roundtables on its website.