CBAI Participates in CFPB Ombudsman’s Forum

CFPBlogo1The Community Bankers Association of Illinois’ David Schroeder, Senior Vice President Federal Governmental Relations, participated in the Consumer Financial Protection Bureau Ombudsman’s Forum in Chicago on June 18, 2019. The Ombudsman’s Office is an independent, impartial, and confidential resource whose mission is to advocate for fair process within the Bureau.

The meeting was an informative discussion about CFPB processes as they relate to the interests of small businesses. Attending the meeting were a wide array of consumer and industry groups that advocate for small businesses. This was the fourth Forum convened by the Ombudsman’s Office and was an opportunity to share information and to provide feedback and recommendations to the Bureau.

The CFPB’s Wendy Kamenshine, Ombudsman, and her staff led the discussions which included process considerations surrounding CFPB’s small business lending examinations, the CFPB process in innovation as it relates to small businesses, the Small Business Regulatory Enforcement Fairness Act (SBREFA), the CFPB small entity compliance guides and other resources, and engagement of minority and women-owned businesses with the CFPB.

Although this Forum was not about CFPB policies, throughout the discussions CBAI’s Schroeder was able to highlight the importance of flexibility in community bank small business lending, tailored regulation for community banks, a level competitive playing field, and for the Bureau to use its statutory authority to exempt community banks to a much greater extent that it has done so in the past.

CBAI appreciates the opportunity to attend this important event and looks forward to reading about the results of these meetings in the 2019 Ombudsman’s Annual Report to the Director.