The Consumer Financial Protection Bureau must complete the required analysis of its impact on small businesses.
Last week, NSBA President and CEO Todd McCracken sent a letter to the Consumer Financial Protection Bureau (CFPB) regarding its pending final rule on credit card late fees.
For nearly 30 years, a law has been in place to ensure that federal regulators understand the potential benefits and harm to small businesses that are easily overlooked in the rulemaking process. Furthermore, per the Small Business Jobs Act, agencies are compelled to consider comments submitted by the U.S. Small Business Administration Office of Advocacy.
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Urging the CFPB to fully consider the impact on small businesses ahead of announcement of its final rule, NSBA is optimistic the Bureau will engage with our community on what the regulation might mean for small-business owners’ bottom lines.
Read the full letter here.