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The Small Business Administration's Office of Advocacy hosted a roundtable Tuesday with representatives of NAFCU and other financial trades to discuss the Dodd-Frank Act's impact on small entities, including credit unions.

The discussion, attended by NAFCU Regulatory Affairs Counsel Tessema Tefferi, looked at the act's mandate that the Consumer Financial Protection Bureau, before issuing proposed rules, address the economic impact of those rules on a significant number of small entities.

A large part of the roundtable discussion centered on mortgage regulation. Participants expressed their concern, for example, about how mortgage lenders would be affected by a combination of rules proposed by the Federal Reserve on qualified mortgages and ability to repay, and by federal banking, securities and housing regulators on the Dodd-Frank Act's risk-retention requirement for securitizers of mortgage loans.

Participants also discussed the CFPB's work to combine mortgage-related disclosures required under the Truth in Lending Act and Real Estate Settlement Procedures Act; mortgage loan originator standards set by the Federal Reserve; the impact of the Home Valuation Code of Conduct on appraisals; and small-business data collection.

NAFCU is weighing in on a wide range of issues arising under the Dodd-Frank Act, particularly with respect to CFPB rulemaking. The association is seeking to mitigate the impact of new CFPB rules on credit unions' regulatory burden.