Fitzgerald Introduces the Making the CFPB Accountable to Small Businesses Act
WASHINGTON, DC – Congressman Scott Fitzgerald (WI-05) introduced the Making the CFPB Accountable to Small Businesses Act. This legislation would require the Consumer Financial Protection Bureau (CFPB) to presume that size and sophistication-based tailoring of regulations are needed in SBREFA panel reviews. If tailoring is not undertaken by the panel, they must issue a justification.
“NAFCU thanks Representative Scott Fitzgerald for his leadership to protect small businesses and the credit unions they partner with from burdensome regulations that impede access to credit, said NAFCU President & CEO Dan Berger. The Making the CFPB Accountable to Small Businesses Act will push for the necessary tailoring of regulations under SBREFA panel reviews. We look forward to working with Representative Fitzgerald to make sure the CFPB does not obstruct Main Street’s success.”
“This bill would bring much needed transparency to the CFPB’s rulemakings, which affect financial institutions of all sizes whether the bureau intends to or not, said CUNA President & CEO Jim Nussle. It’s especially necessary given our concerns the CFPB is moving forward with its credit card late fee proposed rule without the SBREFA panel required by statute. We thank Rep. Fitzgerald for his leadership on this issue.”
Read the bill here
BACKGROUND
Congress repeatedly has urged the CFPB to narrowly tailor its rules to specific consumer abuses. When the Small Business Regulatory Enforcement Fairness Act (SBREFA) was enacted in 1996, Congress intended to enhance and improve the ability of federal agencies to thoroughly understand how their rules impact small firms and concordantly use that information to eliminate unnecessary burdens on those entities. Over time, the SBREFA process has been treated as merely a check-the-box initiative where outreach is made to small businesses, but their feedback is not adopted in the final rulemaking.
SUPPORTERS
Credit Union National Association (CUNA), National Association of Federally-Insured Credit Unions (NAFCU), Wisconsin Bankers Association (WBA) Independent Community Bankers of America (ICBA)
NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.
Mentioned in This Press Release
Recent Press Releases by U.S. Rep. Scott Fitzgerald
Like most Americans, I have a job, house, family, and little free time. I read the newspaper, hoping to understand what my representatives in Congress are doing.
Thus, I have a few questions for Representative Fitzgerald:
1. Why did you vote against an amendment to the National Defense Authorization Act (NDAA) that would have allowed, not required, the Active US Military to help people in the United States when there was a Presidential declaration of a major disaster? Active Army Soldiers, paid every day of the year, are sitting around wondering why they can’t help their neighbors. There is a cost to the community and US Government when the National Guard is activated – money has to come from somewhere to pay part-time National Guard salaries. The Active Military already being paid isn’t allowed to help?
2. You voted for the Burn Pit PACT Act, and we must care for our veterans. Why aren’t you holding the military leadership accountable for exposing our military to burn pits? Why isn’t Congress holding military leadership accountable – reduced on the retired list? Is it true that the Congressional Budget Office projected costs are more than one hundred billion? Does the law, you voted for, also increase the pay for those at the highest levels of the Veterans Health Administration? Does the bill eliminate the dollar limit on employee bonuses?
3. What have you done to hold anyone in the government accountable for failures or breaking the law? 10 US Code Section 1370, when substantial evidence of misconduct during active duty comes to light after retirement, a Regular Commissioned Officer can be reduced. Look at Afghanistan; Colonel Vergez was convicted in federal court for accepting bribes while on active duty, and he is rewarded with more than $6,000 per month in retirement. There is Brigadier General Reheisher with the G222 and more than $500 million wasted, and he’s receiving $10,897 a month in retirement. What have you done to hold those that have failed our country accountable?
4. What are your thoughts on the expulsion of Representative Santos, an admitted liar?
I hope that Representative Fitzgerald reads the newspaper and will respond. I’m also hoping that you will publish his response. Perhaps there could be a weekly column. Citizens send in questions, and those who represent explain why they voted for or against a bill or amendment.