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House Committee Approves Bill to Create Small Business Advisory Board at CFPB

June 17, 2014

The House Financial Services Committee (HFSC) unanimously approved legislation to create an advisory board for small businesses at the Consumer Financial Protection Bureau (CFPB).

The Bureau of Consumer Financial Protection Small Business Advisory Board Act (HR 4383) would establish an advisory board representing small businesses at the Bureau. The advisory board would be similar to an advisory board representing community banks and credit unions.

Possible members of this advisory board might include title professionals, loan officers, mortgage bankers, Realtors and data collection experts. This board would allow for more formal outreach to small business interests throughout the regulatory and supervisory process in contrast to the "one shot" small business review panels that occur only during the rule-making process.

On June 10, ALTA sent a letter to Rep. Jeb Hensarling (R-Texas), chair of the HFSC, and Rep. Maxine Waters (D-CA), the committee's ranking member, encouraging the committee to pass HR 4383. While it is not likely that this bill will make it into law this year, ALTA is hopeful that HR 4383 provides a good launching pad for the next Congress.

Thanks to the efforts of attendees of the Federal Conference & Lobby Day in May, this bill has 35 bipartisan co-sponsors, including Reps. Robert Pittenger (R-NC), Denny Heck (D-WA), Spencer Bachus (R-AL), Blaine Luetkemeyer (R-MO), John Carney, Jr. (D-DE), Kevin Cramer (R-ND), Steve Stivers (R-OH), Derek Kilmer (D-WA), Ed Perlmutter (D-CO), Randy Hultgren (R-IL), David Jolly (R-FL), Ann Wagner (R-MO), Brad Sherman (D-CA), Steve Daines (R-MT), John Campbell (R-CA), Dennis Ross (R-FL), Greg Walden (R-OR), Patrick McHenry (R-NC), Keith Rothfus (R-PA), Randy Neugebauer (R-TX), Gary Miller (R-CA), Robert Hurt (R-VA), Ed Royce (R-CA), Tom Latham (R-IA), Bradley Byrne (R-AL), Jackie Walorski (R-IN), Scott Garrett (R-NJ), Sean Duffy (R-WI), Bill Huizenga (R-MI), Steve Pearce (R-NM), Peter King (R-NY), Rubén Hinojosa (D-TX), Mick Mulvaney (R-SC), Krysten Sinema (D-AZ) and Patrick Murphy (D-FL).

If your member of Congress has joined as a co-sponsor, ALTA encourages you to send them a thank you for recognizing the need for a strong and constant voice at the CFPB to discuss small-business issues.

If you have any questions, please contact Ben Lincoln, ALTA's director of government affairs, at or 202-261-0308.

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