SBREFA

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The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process.  The report, “Observations from Small Business Review Panels,” addresses the extent to which the CFPB solicited, considered, and incorporated small entity inputs into rulemakings, and the views of small entity representatives (SER) on the rulemaking process.… Continue Reading

The debt collection proposals outlined by the CFPB for the SBREFA panel are driven in large part by the CFPB’s reliance on the data derived from its complaint portal and a consumer survey conducted by the Bureau over several months in 2014-15.  The survey results are remarkable in how closely they mirror the complaint portal data.  … Continue Reading

The CFPB has moved a step closer to issuing a debt collection rule by releasing an outline of the proposals it is considering in preparation for convening a small business review panel.  The Small Business Regulatory Enforcement Fairness Act and the Dodd-Frank Act require the CFPB to convene such a panel when developing rules that may have a significant economic impact on a substantial number of small businesses. … Continue Reading

The CFPB has announced that it will hold a field hearing about debt collection on July 28, 2016 in Sacramento, California.  We expect the field hearing to coincide with the CFPB’s release of an outline of the proposals it is considering in preparation for convening a small business review panel required by the Small Business Regulatory Enforcement Fairness Act (SBREFA) and Dodd-Frank. … Continue Reading

The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has sent a letter to Director Cordray suggesting a series of issues for Mr. Cordray to address in his prepared remarks at the CFPB’s field hearing on arbitration scheduled for this Thursday, May 5.

As the Chamber’s letter notes, the CFPB  foreshadowed in the materials given to the SBREFA panel  that the CFPB was contemplating a ban on the use of class action waivers in arbitration agreements. … Continue Reading

The CFPB has issued a new report entitled “Online Payday Loan Payments,” summarizing data on returns of ACH payments made by bank customers to repay certain online payday loans.  The latest report is the third report issued by the CFPB in connection with its payday loan rulemaking.  (The previous reports were issued in April 2013 and March 2014.) … Continue Reading

In remarks earlier this week to the National Credit Union Association, Director Cordray discussed  the proposals the CFPB is considering for small dollar loans.  In March 2015, in anticipation of convening a SBREFA panel, the CFPB issued an outline of the proposals it was considering for payday (and other small-dollar, high-rate) loans (“Covered Loans”). … Continue Reading

Last week, the CFPB released an outline of the proposals it is considering for regulating the use of arbitration agreements in anticipation of convening a Small Business Regulatory Enforcement Fairness Act (SBREFA) panel.  As described in more detail in our legal alert, the proposals would ban companies from including arbitration clauses that block class action lawsuits in their consumer contracts.… Continue Reading

In a letter to the Government Accountability Office (GAO), Senator David Vitter questioned “the adequacy and thoroughness of the CFPB’s analysis of small entity impacts” in connection with its payday lending rulemaking process and asked the GAO to conduct an investigation and issue a report on its findings.  Senator Vitter chairs the Senate Committee on Small Business and Entrepreneurship.… Continue Reading