As discussed here, on September 21 the Consumer Financial Protection Bureau (CFPB) released an outline of its plans for rulemaking under the Fair Credit Reporting Act (FCRA). The outline was supplied for initial comment to a panel of small business representatives convened under the Small Business Regulatory Enforcement Fairness Act (SBREFA).
On September 29, ACA International, American Bankers Association, Consumer Data Industry Association, Credit Union National Association, Independent Community Bankers of America, National Association of Federally-Insured Credit Unions, and Professional Background Screening Association (the trade groups) submitted a letter to the CFPB expressing concerns of the “condensed timeframe” for the small entity representatives (SERs) to consider and provide feedback on the outline. “Under the CFPB’s proposed timeline, SERs have only a few weeks to review the outline, which includes highly complex and sweeping changes to the FCRA that will fundamentally alter current practices and compliance regimes for businesses and financial institutions.” The trade groups requested a two-week extension to provide feedback.
The SERs were supposed to submit their written comments by October 30. Last week, in anticipation of the threatened government shutdown, the CFPB extended the SBREFA process by one week. The SERs will now have until November 6 to submit their written feedback following a series of meetings between the CFPB and the SERs. The SBREFA panel will then have 60 days from convening the SBREFA panel to publish a final report on the input received from the SERs during the SBREFA process and containing the panel’s findings on the potential economic impacts of the FCRA rulemaking on small business and any significant alternatives that accomplish the objectives of the proposals while minimizing such impacts.