CFPB’s researcher Sokolov says they won’t hamper small business

SMBSpot reports concerns among many that the Consumer Finance Protection Bureau (CFPB) will negatively impact small business, which is challenged during these touch economic times. Contrary to that concern, CFPB deputy director of their research department, Dan Sokolov, told a Congressional subcommittee that won’t happen. Sokolov said the agency’s focus is “on financial products and services for consumers.  The Bureau does not have jurisdiction over small business credit except in limited cases where Congress has explicitly and affirmatively granted the Bureau such jurisdiction.” But Congressman Mike Coffman, (R-CO) said CFPB’s industry regulations may drive small businesses out of the marketplace. The report emphasized that small business owners must be creative today to achieve success, rather than following what’s been successful in the past. This July 28th C-Span video above, which includes Dan Sokolov and Congressman Coffman, shares their and other perspectives, allowing viewers to better understand and form their own opinions on the topic.

(Video credit: C-Span)

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