DBA International Nominees Sought for SBREFA Panel on Arbitration
Through its ongoing work with the Consumer Financial Protection Bureau (CFPB), DBA International has been asked to submit nominations for the Small Business Regulatory Enforcement Fairness Act (SBREFA) panel on the proposed rules on arbitration. SBREFA provides avenues for small businesses to participate in and have access to the federal regulatory arena to evaluate proposed regulations cost and other impacts on small businesses.
Panelist characteristics:
- Revenue of less than $15 million (per your last tax return)
- Geographic and asset class diversity
- Panelists are responsible for their own travel costs. In person attendance is highly desirable; however, the CFPB will allow panelists to participate via speaker phone if they cannot attend in person.
The process (anticipated to start in late August):
- During the final stage of selection or soon after selection, candidates/panelists will have an initial call with the CFPB.
- The CFPB circulates the proposed rules to the panelists with a list of questions they intend to ask them to comment on. (The materials include general background, an overview of the proposals being considered, and a list of issues and questions they’ll discuss with the participants. These materials are also posted on their website to ensure rulemaking plans are transparent.)
- A final preparatory call with each panelist is scheduled to see if there are any outstanding questions.
- The SBREFA panelists participate in a one-day panel meeting in DC. Representatives typically discuss the anticipated compliance requirements and potential costs of the proposed rule. The panel meetings are not public to encourage a free and open discussion with the small business representatives.
- Within 60 days of the meeting, the panel completes a report on the input received from the small business representatives. The report may include any significant alternatives that would minimize economic impacts. The panel’s report is published along with a proposed rule, which is the next step in the rulemaking process.
Nominations due by Friday, August 14!
Send your debt buyer nominations by Friday, August 14, 2015 to DBA International’s Executive Director, Jan Stieger at [email protected].