After an insurance trade association suddenly found its industry members included in the preliminary version (“NPRM”) of the Consumer Financial Protection Bureau’s (CFPB) Small Business Lending Rule (a/k/a Section 1071 of the Dodd-Frank Act) they came to Thorn Run for help.
Thorn Run’s team immediately created a plan to educate members of Congress on the House Financial Services Committee and the Senate Banking Committee as to why these businesses should be exempt from the 1071 rule.
Over a series of months, Thorn Run executed this plan, resulting in a bipartisan Congressional response that included questions at Congressional hearings, official correspondence to the CFPB signed by multiple Senators, and multiple back-channel communications. As a result of this lobbying effort, the industry was explicitly exempted from the CFPB’s final rule, saving these companies millions of dollars in compliance costs.
