An Opportunity to Influence the Outcome



The CFPB is required to convene a Small Business Review Panel prior to issuing its Notice of Proposed Rulemaking on Debt Collection.  The Panel will discuss various CFPB proposed rules with small business representatives and gather feedback.  The Bureau has asked NARCA to provide a short list of firms that, if selected, would represent a cross-section of the field of legal collections.  No date for the meeting has been set as of this date.  This is an exciting prospect that could have a significant impact on the CFPB’s final version of its Proposed Rule.



NARCA has created on online survey to assist it in compiling the list of NARCA members firms.  If your law firm is interested in participating in the Small Business Review Panel process, please read on and click on the link to the survey below to be considered.



The Small Business Review Panel (“Panel”) will consist of representatives from the CFPB, the Small Business Administration and the Office of Management and Budget.  The Panel will meet with the selected group of small business representatives and seek feedback on the potential economic impacts of complying with proposed regulations.


Prior to the meeting, the CFPB will distribute materials to the small business representatives. During the meeting, which will be in Washington, DC, the CFPB will review the regulatory proposals with the representatives and:

·      Ask the representatives to help identify other federal regulations that may overlap, duplicate, or conflict with the CFPB’s proposed rule;

·      Obtain input on the anticipated compliance costs of the proposed rule;

·       Solicit advice regarding alternatives that could minimize any significant economic impacts of the proposed rule;

·      Provide the representatives an opportunity to submit written comments.


If your firm meets the SBA “Small Business” criteria outlined below and is interested in being considered, please click on this link to complete the online survey.




The SBA considers “offices of lawyers” (NAICS Code 541110) to be small businesses if receipts are $11 million or less. 


Receipts are defined, in part, as “’total income’ (or in the case of a sole proprietorship, ‘gross income’) plus ‘cost of goods sold’ as these terms are defined and reported on Internal Revenue Service (IRS) tax return forms (such as Form 1120 for corporations; Form 1120S and Schedule K for S corporations; Form 1120, Form 1065 or Form 1040 for LLCs; Form 1065 and Schedule K for partnerships; Form 1040, Schedule F for farms; Form 1040, Schedule C for other sole proprietorships)…”


Please review the full definition at