35868 Federal Register / Vol. 87, No. 114 / Tuesday, June 14, 2022 / Rules and Regulations 

1 12 U.S.C. 5536(a)(1)(B). 

2 12 U.S.C. 5481(12). 

3 12 U.S.C. 5552. 

4See, e.g., 12 U.S.C. 5516(d), 5581(c)(2). 

5 12 U.S.C. 5511(b)(4). 

billion or less in assets). Some Federal 

consumer financial laws are also 

enforceable by other Federal agencies, 

including the Department of Justice and 

the Federal Trade Commission, the 

Farm Credit Administration, the 

Department of Transportation, and the 

Department of Agriculture. In addition, 

some of these laws provide for private 

enforcement. 

Consumer Financial Protection 

Circulars are intended to promote 

consistency in approach across the 

various enforcement agencies and 

parties, pursuant to the CFPB’s statutory 

objective to ensure Federal consumer 

financial law is enforced consistently. 

12 U.S.C. 5511(b)(4). 

Consumer Financial Protection 

Circulars are also intended to provide 

transparency to partner agencies 

regarding the CFPB’s intended approach 

when cooperating in enforcement 

actions. See, e.g., 12 U.S.C. 5552(b) 

(consultation with CFPB by State 

attorneys general and regulators); 12 

U.S.C. 5562(a) (joint investigatory work 

between CFPB and other agencies). 

Consumer Financial Protection 

Circulars are general statements of 

policy under the Administrative 

Procedure Act. 5 U.S.C. 553(b). They 

provide background information about 

applicable law, articulate considerations 

relevant to the Bureau’s exercise of its 

authorities, and, in the interest of 

maintaining consistency, advise other 

parties with authority to enforce Federal 

consumer financial law. They do not 

restrict the Bureau’s exercise of its 

authorities, impose any legal 

requirements on external parties, or 

create or confer any rights on external 

parties that could be enforceable in any 

administrative or civil proceeding. The 

CFPB Director is instructing CFPB staff 

as described herein, and the CFPB will 

then make final decisions on individual 

matters based on an assessment of the 

factual record, applicable law, and 

factors relevant to prosecutorial 

discretion. 

Rohit Chopra, 

Director, Consumer Financial Protection 

Bureau. 

[FR Doc. 2022–12728 Filed 6–13–22; 8:45 am] 

BILLING CODE 4810–AM–P 

BUREAU OF CONSUMER FINANCIAL 

PROTECTION 

12 CFR Chapter X 

Consumer Financial Protection 

Circular 2022–01: System of Consumer 

Financial Protection Circulars to 

Agencies Enforcing Federal Consumer 

Financial Law 

AGENCY: Bureau of Consumer Financial 

Protection. 

ACTION: Consumer financial protection 

circular. 

SUMMARY: The Consumer Financial 

Protection Bureau (Bureau or CFPB) has 

issued Consumer Financial Protection 

Circular 2022–01, titled, ‘‘System of 

Consumer Financial Protection 

Circulars to Agencies Enforcing Federal 

Consumer Financial Law.’’ In this 

circular, the Bureau outlines its efforts 

to promote consistency among enforcers 

and fair competition in the market by 

launching a new system to provide 

guidance to other agencies with 

consumer financial protection 

responsibilities on how the CFPB 

intends to enforce Federal consumer 

financial law. 

DATES: The Bureau released this circular 

on its website on May 16, 2022. 

ADDRESSES: Enforcers, and the broader 

public, can provide feedback and 

comments to Circulars@cfpb.gov. 

FOR FURTHER INFORMATION CONTACT: 

Brian Shearer, Senior Advisor, Office of 

the Director; Brad Lipton, Senior 

Counsel, Legal Division, at (202) 435– 

7700. If you require this document in an 

alternative electronic format, please 

contact CFPB_Accessibility@cfpb.gov. 

SUPPLEMENTARY INFORMATION: The CFPB 

will issue Consumer Financial 

Protection Circulars to the broad set of 

government agencies responsible for 

enforcing Federal consumer financial 

law. 

The CFPB is the principal Federal 

regulator responsible for administering 

the Federal consumer financial laws, see 

12 U.S.C. 5511, including the Consumer 

Financial Protection Act’s prohibition 

on unfair, deceptive, and abusive acts or 

practices,1 and eighteen other 

‘‘enumerated consumer laws.’’ 2

However, the CFPB is not the only 

enforcer of these laws; enforcement 

responsibility is spread among a large 

set of State and Federal government 

agencies. This includes, most notably, 

State attorneys general and State 

regulators 3 and prudential regulators 

such as the Federal Deposit Insurance 

Corporation, the Office of the 

Comptroller of the Currency, the Board 

of Governors of the Federal Reserve 

System, and the National Credit Union 

Administration.4 Some Federal 

consumer financial laws are also 

enforceable by other Federal agencies, 

including the Department of Justice, the 

Federal Trade Commission, the Farm 

Credit Administration, the Department 

of Transportation, and the Department 

of Agriculture. In addition, some of 

these laws provide for private 

enforcement. 

Given the broad variety of agencies 

responsible for enforcing Federal 

consumer financial law, there is a risk 

that companies might encounter 

inconsistent enforcement strategies and 

approaches. One of the CFPB’s five 

statutory objectives is to ensure Federal 

consumer financial law is enforced 

consistently regardless of the status of a 

person as a chartered bank or nonbank.5

Many entities are subject to the 

jurisdiction of multiple agencies, and to 

maintain certainty of expectations for 

those companies with multiple 

regulators, it is important for State and 

Federal government agencies to 

consistently enforce the laws that the 

CFPB administers. Consistency is also 

imperative to creating a level playing 

field between companies that compete 

in the same market but are subject to the 

jurisdiction of different enforcers and 

Consumer Financial Protection 

Circulars will provide transparency to 

partner agencies regarding the CFPB’s 

intended approach when cooperating in 

enforcement actions. 

As described more fully below, 

Consumer Financial Protection 

Circulars will be policy statements 

under the Administrative Procedure Act 

and will be released publicly to increase 

transparency for the benefit of the 

public and regulated entities. Consumer 

Financial Protection Circulars will 

provide background information about 

applicable law, articulate considerations 

relevant to the CFPB’s exercise of its 

authorities and advise other parties with 

authority to enforce Federal consumer 

financial law. The Director of the CFPB 

will authorize issuance of each 

Consumer Financial Protection Circular, 

and the CFPB will publish them on its 

website and in the Federal Register. 

The CFPB is beginning to identify a 

number of issues that would benefit 

from clear and consistent enforcement, 

and the CFPB intends to issue new 

Consumer Financial Protection 

Circulars to advance these goals. The 


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Federal Register / Vol. 87, No. 114 / Tuesday, June 14, 2022 / Rules and Regulations 35869 

1On December 21, 2021, the U.S. Office of 

Management and Budget (OMB) published its 

‘‘Notice of NAICS 2022 Final Decisions . . .’’ (86 

FR 72277), accepting the Economic Classification 

Policy Committee (ECPC) recommendations, as 

outlined in the July 2, 2021, Federal Register notice 

(86 FR 35350), for the 2022 revisions to the North 

American Industry Classification System (NAICS), 

. . . .’’ In the near future, SBA will issue a 

proposed rule to adopt the OMB’s NAICS 2022 

revisions for its table of size standards. SBA 

anticipates updating its size standards with the 

NAICS 2022 revisions, effective October 1, 2022. 

CFPB strongly encourages enforcers of 

Federal consumer financial law to 

contact the CFPB with suggestions for 

new Consumer Financial Protection 

Circulars. The CFPB is also interested in 

receiving feedback on any Consumer 

Financial Protection Circulars it issues. 

Enforcers, and the broader public, can 

also provide feedback and comments to 

Circulars@cfpb.gov. 

About Consumer Financial Protection 

Circulars 

Consumer Financial Protection 

Circulars are issued to all parties with 

authority to enforce Federal consumer 

financial law. The CFPB is the principal 

Federal regulator responsible for 

administering Federal consumer 

financial law, see 12 U.S.C. 5511, 

including the Consumer Financial 

Protection Act’s prohibition on unfair, 

deceptive, and abusive acts or practices, 

12 U.S.C. 5536(a)(1)(B), and 18 other 

‘‘enumerated consumer laws,’’ 12 U.S.C. 

5481(12). However, these laws are also 

enforced by State attorneys general and 

State regulators, 12 U.S.C. 5552, and 

prudential regulators including the 

Federal Deposit Insurance Corporation, 

the Office of the Comptroller of the 

Currency, the Board of Governors of the 

Federal Reserve System, and the 

National Credit Union Administration. 

See, e.g., 12 U.S.C. 5516(d), 5581(c)(2) 

(exclusive enforcement authority for 

banks and credit unions with $10 

billion or less in assets). Some Federal 

consumer financial laws are also 

enforceable by other Federal agencies, 

including the Department of Justice and 

the Federal Trade Commission, the 

Farm Credit Administration, the 

Department of Transportation, and the 

Department of Agriculture. In addition, 

some of these laws provide for private 

enforcement. 

Consumer Financial Protection 

Circulars are intended to promote 

consistency in approach across the 

various enforcement agencies and 

parties, pursuant to the CFPB’s statutory 

objective to ensure Federal consumer 

financial law is enforced consistently. 

12 U.S.C. 5511(b)(4). 

Consumer Financial Protection 

Circulars are also intended to provide 

transparency to partner agencies 

regarding the CFPB’s intended approach 

when cooperating in enforcement 

actions. See, e.g., 12 U.S.C. 5552(b) 

(consultation with CFPB by State 

attorneys general and regulators); 12 

U.S.C. 5562(a) (joint investigatory work 

between CFPB and other agencies). 

Consumer Financial Protection 

Circulars are general statements of 

policy under the Administrative 

Procedure Act. 5 U.S.C. 553(b). They 

provide background information about 

applicable law, articulate considerations 

relevant to the Bureau’s exercise of its 

authorities, and, in the interest of 

maintaining consistency, advise other 

parties with authority to enforce Federal 

consumer financial law. They do not 

restrict the Bureau’s exercise of its 

authorities, impose any legal 

requirements on external parties, or 

create or confer any rights on external 

parties that could be enforceable in any 

administrative or civil proceeding. The 

CFPB Director is instructing CFPB staff 

as described herein, and the CFPB will 

then make final decisions on individual 

matters based on an assessment of the 

factual record, applicable law, and 

factors relevant to prosecutorial 

discretion. 

Rohit Chopra, 

Director, Consumer Financial Protection 

Bureau. 

[FR Doc. 2022–12727 Filed 6–13–22; 8:45 am] 

BILLING CODE 4810–AM–P 

SMALL BUSINESS ADMINISTRATION 

13 CFR Part 121 

RIN 3245–AH10 

Small Business Size Standards: 

Wholesale Trade and Retail Trade 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Final rule. 

SUMMARY: The U.S. Small Business 

Administration (SBA) is increasing its 

receipts-based and employee-based 

small business size definitions 

(commonly referred to as ‘‘size 

standards’’) for North American 

Industry Classification System (NAICS) 

sectors related to Wholesale Trade and 

Retail Trade. Specifically, SBA is 

increasing size standards for 57 

industries in those sectors, including 22 

industries in NAICS Sector 42 

(Wholesale Trade) and 35 industries in 

NAICS Sector 44–45 (Retail Trade). 

DATES: This rule is effective July 14, 

2022. 

FOR FURTHER INFORMATION CONTACT: 

Samuel Castilla, Economist, Office of 

Size Standards, (202) 619–0389 or 

sizestandards@sba.gov. 

SUPPLEMENTARY INFORMATION: 

Discussion of Size Standards 

To determine eligibility for Federal 

small business assistance, SBA 

establishes small business size 

definitions (usually referred to as ‘‘size 

standards’’) for private sector industries 

in the United States. SBA uses two 

primary measures of business size for 

size standards purposes: average annual 

receipts and average number of 

employees. SBA uses financial assets for 

certain financial industries and refining 

capacity, in addition to employees, for 

the petroleum refining industry to 

measure business size. In addition, 

SBA’s Small Business Investment 

Company (SBIC), Certified Development 

Company (CDC/504), and 7(a) Loan 

Programs use either the industry-based 

size standards or tangible net worth and 

net income-based alternative size 

standards to determine eligibility for 

those programs. 

In September 2010, Congress passed 

the Small Business Jobs Act of 2010 

(Pub. L. 111–240, 124 Stat. 2504, 

September 27, 2010) (‘‘Jobs Act’’), 

requiring SBA to review all size 

standards every five years and make 

necessary adjustments to reflect current 

industry and market conditions. In 

accordance with the Jobs Act, in early 

2016, SBA completed the first five-year 

review of all size standards—except 

those for agricultural enterprises for 

which size standards were previously 

set by Congress—and made appropriate 

adjustments to size standards for a 

number of industries to reflect current 

industry and Federal market conditions. 

SBA also adjusts its monetary-based size 

standards for inflation at least once 

every five years. An interim final rule 

on SBA’s latest inflation adjustment to 

size standards, effective August 19, 

2019, was published in the Federal 

Register on July 18, 2019 (84 FR 34261). 

SBA also updates its size standards 

every five years to adopt the Office of 

Management and Budget’s (OMB) 

quinquennial North American Industry 

Classification System (NAICS) revisions 

to its table of small business size 

standards. Effective October 1, 2017, 

SBA adopted the OMB’s 2017 NAICS 

revisions to its size standards (82 FR 

44886 (September 27, 2017)).1

This final rule is one of a series of 

final rules that will revise size standards 

of industries grouped by various NAICS 

sectors. Rather than revise all size 

standards at one time, SBA is revising 

size standards by grouping industries 


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