On May 21, the Housing and Insurance Subcommittee of the House Financial Services Committee held a hearing titled, “Legislative Proposals to Improve Transparency and Accountability at the Consumer Financial Protection Bureau (CFPB).” During this hearing, the subcommittee addressed 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 a Small Business Advisory Board within the CFPB, according to information from the Automotive Service Association (ASA).
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. During the hearing, Andrew Pincus, speaking on behalf of the U.S. Chamber of Commerce, said, “The Chamber 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.” The Automotive Service Association is continuing to monitor this bill.
For more information, visit ASA’s legislative website at www.TakingTheHill.com.
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