This story appeared in Bank Digest.
The CFPB's Office of Inspector General conducted an evaluation to assess the bureau's compliance with section 1100G of the Dodd-Frank Act. Section 1100G amended provisions of the Regulatory Flexibility Act, requiring the CFPB to: assess the impact of any proposed rule on the cost of credit for small business entities through regulatory flexibility analyses; and convene panels to seek direct input from small business entities prior to issuing certain rules. Overall, the OIG found that the CFPB complied with the provisions of section 1100G as well as the two interim policies and procedures issued by the CFPB's Division of Research, Markets, and Regulations (RMR). The OIG also reviewed the 1100G rulemaking process for six proposed and final rules and determined that the RMR Division conducted the required analyses on proposed and final rules. The OIG recommended that the CFPB finalize RMR Division's interim policies and procedures, establish a standard approach to manage electronic documents that facilitates retrieval of section 1100G rulemaking supporting documentation, and ensure that the standard approach complies with CFPB and other applicable provisions.