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Volume 25 - Number 21

October 13, 2014

CFPB Could Enhance Its Small Biz Review Process, OIG Report Finds

The CFPB generally complies with portions of the Dodd-Frank Act requiring it to gauge the impact of any of its proposed rules on small business, but some of its interim policies and procedures should be enhanced, according to a new report from the agency’s Office of Inspector General. At issue is Section 1100G of Dodd-Frank, which requires the CFPB to assess the impact of any proposed rule on the cost of credit for small business entities through regulatory flexibility analyses, and to convene panels to seek direct input from small business entities prior to issuing certain rules. “Overall, we found that the CFPB complied with the provisions of section 1100G of the Dodd-Frank Act as well as the two interim policies and procedures issued by the CFPB’s Division of Research, Markets and Regulations,” the report ...

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