The Consumer Financial Protection Bureau isn't following the Small Business Regulatory Enforcement Fairness Act, which requires the bureau to use a small-business expert panel to weigh rules that might significantly affect small firms, nonbank trade groups say. Among other things, they want the CFPB to narrow the definitions when deciding which nonbanks will be included in oversight, to avoid issues such as an 18-member firm being categorized as a "larger participant" and regulated as such.

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