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A Small Business Review Panel is being formed by the Consumer Financial Protection Bureau to solicit feedback on the bureau's work to integrate mortgage disclosures provided at application and loan closing.

The CFPB announced the panel yesterday. It said it is forming the panel according to the Small Business Regulatory Enforcement Fairness Act of 1996. Unless a proposed rule will not have a significant economic impact on a substantial number of small entities, the CFPB says it will seek input directly from small entities about potential costs of a proposed rule on the combined disclosures and potentially less-burdensome alternatives before issuing the proposal for public comment.

The act requires that the review panel include representatives from the CFPB, the Small Business Administration Chief Counsel for Advocacy and the Office of Management and Budget Office of Information and Regulatory Affairs. The panel will meet with a group of representatives of small financial service providers selected by the CFPB, in consultation with the SBA. NAFCU regulatory affairs staff note that credit unions will be included.

Richard Cordray, the CFPB director, said the bureau "is dedicated to issuing thoughtful, research-based rules that take into account not only the benefits to consumers but also how businesses of all sizes will be affected."

The review panel will complete a report on small providers' input within 60 days, the CFPB notes. A proposed rule on mortgage disclosures is slated for release this July.

The CFPB said it will be sharing the following documents with the Small Business Review Panel:

• an overview of the proposals under consideration;
• a fact sheet summarizing the Small Business Review Panel process; and
• a list of questions and issues on which the CFPB will seek input.

The CFPB began work last year on the mortgage disclosure form, which will combine disclosures required under the Truth in Lending Act and Real Estate Settlement Procedures Act. NAFCU has met frequently with CFPB officials and staff on this project from its inception, providing a steady flow of input to help ensure the information provided is clear, is helpful to consumers and doesn't impose unnecessary burdens on credit unions.