Congressmen Robert Pittenger, R-N.C., and Denny Heck, D-Wash., introduced bipartisan legislation to create a Small Business Advisory Board (SBAB) for the Consumer Financial Protection Bureau (CFPB).
Small businesses involved in financial services have no regular advocate at the CFPB, meaning new regulations can be developed without considering how they negatively impact small business owners and employees. Large banks already have the privilege of regular interaction with CFPB decision-makers.