NAFCU at SBA/CFPB meeting on review panels
March 1, 2013 – NAFCU Senior Regulatory Affairs Counsel Tessema Tefferi was at the SBA Office of Advocacy Thursday for a meeting among SBA and CFPB staff on possible small business review panels addressing future CFPB rulemakings.
“The small business review panels are an important avenue for ensuring the CFPB hears and understands the impact of its rules from the credit union perspective,” said Tefferi.
The Dodd-Frank Act directs the CFPB to establish review panels on individual rulemakings. The CFPB held such a panel on its proposed rule combining the mortgage disclosures required under the Truth in Lending Act and Real Estate Settlement Procedures Act. Jeanne Kucey, president and CEO of JetStream FCU and NAFCU’s Region III director, participated on that panel.
Thursday’s discussion looked at, among other things, whether small business review panels are necessary for future CFPB rulemaking under the Home Mortgage Disclosure Act.