Specifically, the Bureau published an outline of proposals under consideration for regulation of the third-party debt collection market on July 28, 2016, (258) and it convened a SBREFA
panel to hear testimony on the proposals on August 25, 2016.
While pursuant to SBREFA
, courts have overturned regulations that fail to consider impacts on small business, (96) agencies have successfully defended regulations that ignore the RFA requirements if the regulation's effects on small entities are considered to be "indirect.
also contains a provision estopping an agency from reneging on the advice provided to innovator-entrepreneurs, and/or from prosecuting or penalizing the small entity that requests the advice.
also provides Congress with greater control over the
Mandates are placed on agencies to establish procedures whereby their compliance with SBREFA
can be monitored and made public.
Moreover, even if Congress does not block the regulation, industry is expected to seek relief through the federal courts under provisions of both the SBREFA
and the Unfunded Mandates Act.
WASHINGTON -- Alexander Hecht, Vice President of Government Relations for ML Strategies, will serve as a panelist on a telebriefing entitled "CFPB Tackles SBREFA
-- What to Expect.
consultation process allows the CFPB to determine the impact of a proposal on SERs early in the rulemaking process.
amended section 611 of the RFA to allow small entities to obtain judicial review of an agency's noncompliance with sections 601 (definitions of small entities), 604 (FRFAs), 605(b) (certifications), 608(b) (waiver of FRFAs) and 610 (periodic review of existing rules) of the Act.
Recent Activity: NAA/NMHC have actively participated in providing testimony before the Regional Regulatory Fairness Boards addressing the effectiveness of SBREFA
A review of existing case law demonstrates that small entities have prevailed using SBREFA
in cases in which there was a gross violation of federal rulemaking procedures by an agency, but failed when using SBREFA
in cases in which the agency made some effort to comply with those requirements.
For full information about SBREFA
, visit the SBA's website at www.