ICBA expressed support for legislation to support more flexible agency rules that take account of the size and compliance resources of small businesses.

Details: Introduced by Rep. Scott Fitzgerald (R-Wis.), the Making the CFPB Accountable to Small Business Act would require federal regulators to:

  • Describe how requirements for smaller businesses minimize any additional cost of credit before finalizing any rule.

  • Provide a detailed justification if they determine that no alternatives to the final rule exist.