The CFPB is mindful that new statutory requirements we are implementing can burden as well as benefit small financial services providers. We use many methods to reach out to small providers to find out if any of these burdens are unnecessary and, if so, how we may be able to reduce them (within the limits of our statutory authority, of course). One method we will sometimes use is the Small Business Review Panel under the Small Business Regulatory Enforcement Fairness Act (SBREFA). (more…)
