Hearing to Examine CFPB’s Proposal to Integrate Mortgage Disclosures
July 26, 2012
The House Committee on Small Business will hold a hearing at 1 p.m. Aug. 1 titled “Know Before You Regulate: The Impact of CFPB Regulations on Small Business.”
The hearing will examine the Consumer Financial Protection Bureau’s (CFPB) proposed regulation to integrate the mortgage disclosures that are provided to consumers in a real estate transaction. The Regulatory Flexibility Act requires the CFPB to assess the economic impact of their regulations on small businesses.
If the CFPB expects that the rule will have a significant economic impact on a substantial number of small businesses, it is required to consider less burdensome alternatives. The Committee will focus on the CFPB’s efforts to assess and reduce the impact of the proposed rule on small lenders, mortgage brokers, mortgage companies and settlement service providers.
Testifying will be Richard Cordray, director of the CFPB.