Small Business Review Panels and Cost of Credit Consultations
The Regulatory Flexibility Act (“RFA”) (96) as amended by the Small Business Regulatory Enforcement Fairness Act of 1996 (Pub. L. 104-121) and section 1100G of the Dodd-Frank Act (Pub. L. 111-203) require the CFPB to notify the Small Business Administration’s Chief Counsel for Advocacy (“Chief Counsel”) prior to issuing certain proposed rules and then to convene a review panel and collect advice and recommendations from representatives of small entities, as defined pursuant to the RFA, on potential economic impacts of the proposed rule under consideration. The RFA also requires the review panel to issue a public report on the comments of the small entity representatives and the panel’s findings on certain matters (the “review panel process”).
In addition, the RFA, as amended, requires the CFPB to identify representatives of small entities in consultation with the Chief Counsel and to collect advice and recommendations from these representatives as to: (1) any projected increase in the cost of credit for small entities; and (2) significant alternatives to the proposed rule that minimize this impact prior to issuing it (the “cost of credit consultation process”).
The new system of records described in this notice, “CFPB.017—CFPB Small Business Review Panels and Cost of Credit Consultations,” will maintain records concerning the activities and operations of the CFPB in connection with the review panel and cost of credit consultation processes as well as related outreach events.
Who is covered? Individual representatives and or guests of small entities who participate in or attend meetings held in connection with the review panel and cost of credit consultation processes.
What information is collected? The system will include information related to small business, small organizations and small governmental jurisdictions, and individual representatives and guests of those entities.
Why is the information collected? The system will collect and maintain information relating to potential small entity representatives who may or will consult with the CFPB and other Small Business Review Panel members to provide advice and recommendations to the regulatory proposals under consideration.