CFPB official rejects claims that agency will hurt small businesses

A congressional subcommittee recently questioned Dan Sokolov, deputy director of the research department at the Consumer Financial Protection Bureau, about whether the agency will hinder small businesses. Mr. Sokolov said the Dodd-Frank Act limits the CFPB to regulating only major banks and nonbank financial firms, such as payday lenders. The CFPB is concentrating "on financial products and services for consumers," Mr. Sokolov said. "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."

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