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Congress Holds Hearing on Bill to Protect Small Businesses

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May 29, 2014—A U.S. House subcommittee recently held a hearing to discuss a bill that would implement a small business advisory board within the Consumer Financial Protection Bureau (CFPB).

The hearing, entitled “Legislative Proposals to Improve Transparency and Accountability at the [CFPB],” discussed the details of H.R. 4383, a bill sponsored by Rep. Robert Pittenger (R-N.C.) that would amend the Consumer Financial Protection Act of 2010 to establish the small business advisory board.

The proposed advisory board would advise and consult the CFPB on issues pertaining to emerging practices of small businesses that provide eligible financial products or services, including regional trends, concerns and other relevant information, according to a press release from the Automotive Service Association (ASA).

“[The U.S. Chamber of Commerce] repeatedly has urged the CFPB to improve its outreach to small business and this measure would create an important mechanism for increasing the voice of small business at the CFPB,” said Andrew Pincus, speaking at the hearing on behalf of the Chamber.

The ASA stated that it will continue to monitor the progress of the bill, and will post further information on its legislative website, takingthehill.com, when it is available.

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