Sept. 27, 2012 – NAFCU Regulatory Affairs Counsel Tessema Tefferi participated in a small-business roundtable at the Small Business Administration Wednesday regarding mortgage loan disclosure rules proposed by the Consumer Financial Protection Bureau.
The three-hour roundtable discussion addressed all aspects of the combined disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act. The Dodd-Frank Act requires the CFPB to streamline these disclosures, and NAFCU has been working with the bureau on this initiative since late 2010.
That TILA/RESPA proposal is not expected to be finalized until at least the summer of 2013. Wednesday’s discussion, which included attorneys from the CFPB, also looked at loan originator compensation, recordkeeping rules, compliance requirements, up-front points and fees, loan originator compensation and more.
The CFPB convened three Small Business Review Panels this year under the Small Business Regulatory Enforcement Fairness Act, including one on the TILA/RESPA proposal. The CFPB is required to consider the impact of its rules on small entities before going forward with proposals. Jeanne Kucey, president and CEO of JetStream FCU and NAFCU Region III Director, participated.