Bipartisan effort to support small businesses
FOR IMMEDIATE RELEASE
CONGRESSMEN PITTENGER AND HECK CONTINUE BIPARTISAN EFFORT TO GIVE SMALL BUSINESSES A VOICE IN NEW FINANCIAL REGULATIONS
WASHINGTON – Currently, the Consumer Financial Protection Bureau is allowed to develop new regulations designed for large financial institutions without considering how they might negatively impact small business owners and employees.
Credit unions and community banks also suffer from the CFPB’s one-size-fits-all approach, stifling competition and making it difficult for small businesses to secure loans for job creation and expansion.
This week, Congressman Robert Pittenger (R-NC) and Congressman Denny Heck (D-WA) re-introduced the Bureau of Consumer Financial Protection Small Business Advisory Board Act (H.R. 1195), which will create a permanent and active small business committee to advise CFPB regulators throughout the rule-making process.
H.R. 1195 also makes permanent two existing advisory boards representing credit unions and community banks. Both advisory boards were set to expire.
“Small businesses create jobs. Community banks and credit unions support small businesses. Too often, Washington regulators don’t pay attention to how their rules create unnecessary burdens for small business owners, killing job growth,” said Congressman Pittenger. “This common sense, bipartisan legislation will give small business owners, credit unions, and community banks a seat at the table.”
“Collaborating with America’s small businesses is an informed way for the CFPB to move forward with their consumer financial protection efforts,” Rep. Denny Heck said. “Since introducing the bill in the last Congress, I’ve heard from a number of local financial service providers in Washington state that they are ready and able to give input on how CFPB proposals might impact their customers and operations.
The Bureau of Consumer Financial Protection Small Business Advisory Board Act was first introduced in April 2014 and received unanimous approval from the House Financial Services Committee. Congressmen Pittenger and Heck have reintroduced the legislation to allow it to continue moving forward in the 114th Congress.