Newsroom

March 7, 2012 – Jeanne Kucey, president and CEO of JetStream FCU and a NAFCU Board member, participated Tuesday in the first meeting of the Consumer Financial Protection Bureau's Small Business Review Panel to discuss the bureau's combined mortgage disclosures, slated for inclusion in a proposed rule due out this July.

The CFPB created the review panel according to provisions of 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 and potentially less-burdensome alternatives before it issues its proposed rule.

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 met Tuesday with representatives of small financial service providers, including Kucey.

The review panel was created in February and is due to complete a report on small providers' input next month. It was supplied with the following:

• an overview of the proposals under consideration;
• a fact sheet summarizing the Small Business Review Panel process; and
• a list of questions and issues presented forinput.

The CFPB announced the review panel last month.