WASHINGTON (6/26/15)--The U.S. Government Accountability Office (GAO) is currently investigating whether the Consumer Financial Protection Bureau (CFPB) has properly assessed potential impact of its upcoming payday lending proposal. Sen. David Vitter (R-La.) wrote to the GAO June 11 expressing concerns about the burden the proposal could pose for small entities.
A Vitter spokesman confirmed to News Now Thursday that the GAO investigation has started. Vitter is the chair of the Senate Small Business and Entrepreneurship Committee.
In his letter, Vitter requested information on whether the CFPB:
Vitter also requested the GAO interview SERs who participated in the SBREFA panels to gauge their reactions on the panel process. He specifically wanted the GAO to find out if SERs believe their industry was adequately represented; received proper materials; and if their concerns were accurately characterized and considered.