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Aug. 14, 2012 – The Consumer Financial Protection Bureau has posted to its website a report from a small-business review panel on the agency's mortgage servicing proposal that reflects input from NAFCU and NAFCU member-credit unions.

The June 11 report includes recommendations and proposed alternatives to the CFPB's mortgage servicing proposal from a variety of small lenders and servicers. On April 24, the CFPB's small business panel held a meeting on the proposal to elicit views on the proposal.

NAFCU was one of several industry groups at the meeting. Dillon Shea, NAFCU's regulatory affairs counsel, was in attendance, along with NAFCU members Tiffany Michel, vice president of lending at Omaha Police FCU (Omaha, Neb.); David Wright, president/CEO of Services Center FCU (Yankton, S.D.); Victor Petroni, senior vice president of lending at First New England FCU (East Hartford, Conn.); and Christine Wiley, president/CEO of Rocky Mountain Law Enforcement FCU (Denver).

The report includes an overview of the proposal and examines alternatives under consideration by the CFPB that were reviewed by the panel. It also includes a description of the types, and an estimate of the number, of small entities that would be subject to these proposals; a summary of comments and recommendations from small entities.

The panel concludes in its report that the CFPB must "seek additional information on potential impacts and consider certain alternatives that would reduce the burden on small entities."