by. Keith Leggett
The Small Business Administration (SBA) issued a final rule increasing small business size standards for several industries, including commercial banks, savings institutions, and credit unions. The rule increases the size standard from $175 million in assets to $500 million.
This change to the size standard will enable more community banks and credit unions to benefit from provisions that require federal agencies to assess and minimize regulatory costs on small entities under the Regulatory Flexibility Act and the Small Business Regulatory Enforcement and Flexibility Act.
The Consumer Financial Protection Bureau uses SBA size standards to identify small banks and credit unions that are eligible to serve as “small entity representatives” during the SBREFA review process.
Read the final rule.