Bill Would Create CFPB Panel For Small Financial Firms

Law360, New York (April 3, 2014, 5:34 PM EDT) -- A bipartisan bill introduced into the U.S. House of Representatives Thursday would require the Consumer Financial Protection Bureau to create a panel of small financial services firms modeled on other advisory boards the bureau already has in place.

The Bureau of Consumer Financial Protection Small Business Advisory Board Act, introduced by Rep. Robert Pittenger, R-N.C., and Rep. Denny Heck, D-Wash., would for the first time require the CFPB to have regular meetings with a group of small-business owners working in the consumer finance field and affected by the bureau's regulations.

“As a former small-business owner, I understand the frustration of watching...

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