Small Business Review Panels

We’re a data-driven, evidence-based agency with a philosophy of issuing regulations only where there’s a strong justification for doing so. The Dodd-Frank Act, the law that created the CFPB, requires us to organize a Small Business Review Panel when we’re working on a rule that could have significant economic impacts on small entities. Small entities include small businesses, organizations, and small government bodies.

Each Small Business Review Panel consists of representatives from the CFPB, the Small Business Administration's Chief Counsel for Advocacy, and the Office of Management and Budget’s Office of Information and Regulatory Affairs. The panel holds an outreach meeting with a representative group of small businesses to discuss the potential rules we’re considering. We’ll use that feedback to inform the rulemaking process.

Small Business Review Panel factsheet

Title	Date	Topic
Small Business Review Panel for Consumer Reporting Rulemaking	9/22/2023	Credit reports and scores
Small Business Review Panel for Personal Financial Data Rights Rulemaking	10/27/2022	Financial Data
Small Business Review Panel on Automated Valuation Model (AVM) Rulemaking	2/23/2022	Mortgages
Small business advisory review panel for potential rulemaking on small business lending data collection	9/15/2020	Small business lending
Small Business Review Panel on CFPB's Debt Collector and Debt Buyer Rulemaking	8/25/2016	Debt collection
Small business advisory review panel for potential rulemaking on arbitration agreements	10/20/2015	Arbitration
Small business advisory review panel for potential rulemakings for payday, vehicle, title, and similar loans	4/27/2015	Payday loans
Small business review panel for Home Mortgage Disclosure Act rulemaking	1/28/2014	Mortgages
Small business review panel for residential mortgage loan origination standards rulemaking	5/9/2012	Mortgages
Small business review panel for mortgage servicing rulemaking	4/10/2012	Mortgages
Small business review panel for integration of TILA and RESPA mortgage disclosure requirements rulemaking	2/21/2012	Mortgage

How the panel works

Before the outreach meeting, the panel will distribute materials to each participant, including general background, an overview of the proposals being considered, and a list of issues and questions we’ll discuss with the participants. We post these materials on our web site simultaneously so our rulemaking plans are transparent.

Small business representatives are given time to study the materials and we follow up with them to see if they have questions. Then, during the meeting, the panel hears from the representatives about the regulatory proposals. Representatives typically discuss the anticipated compliance requirements and potential costs of the proposed rule. In addition to providing verbal feedback during the meeting, the small business representatives may submit written comments.

Panel meetings

The panel’s meetings aren’t public, but we’ll publish meeting materials on our website. We want a free and open discussion with the small business representatives, and we think the best way to do that is to keep the meetings small. We’ll summarize our discussions in the panel report.

What happens next

Within 60 days of meeting, the panel will complete a report on the input we received from the small business representatives. The report may include any significant alternatives that would minimize economic impacts. We’ll publish the panel’s report along with a proposed rule, which is the next step in the rulemaking process. We’ll keep seeking feedback from consumers, consumer advocates, other regulators, small businesses, and other industry representatives as we develop a proposed rule.