Actions to Hamstring CFPB Bad for Small Business

Now that the confirmation of Richard Cordray as director of the Consumer Financial Protection Bureau has been voted out of committee, we strongly urge lawmakers to allow the process to proceed without delay. It is important that the agency is able to continue its work protecting small employers and consumers by reining in Wall Street banks and preventing abusive lending practices.

In less than two years, the CFPB has enacted transparent and fair standards for sound loan practices and payment processing procedures, secured $425 million in refunds and $70 million in fines for predatory financial practices. It has delivered honest information to entrepreneurs and consumers and established an efficient complaint system.

What̢??‰?s more, the CFPB enjoys widespread support from the small business community. Small Business Majority̢??‰?s scientific opinion polling found 84 percent of small business owners support the agency and say it̢??‰?s needed to ensure they̢??‰?re treated fairly. And 60 percent support maintaining the bureau̢??‰?s independent financing so that lobbyists can̢??‰?t undermine its mission.

The CFPB needs a strong leader to continue its important work. It is our hope that lawmakers won̢??‰?t hold Cordray̢??‰?s nomination hostage in an attempt to gut a critical ally of the small business community. Attempts to defang the CFPB jeopardize protections put in place for small employers and consumers, and only add more uncertainty during a time when small employers need transparency and stability more than ever.