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Small Business Review Panels: A Window into the Rule-Making Process

Posted by DocMagic on 04/27/2012

In February, the CFPB announced the formation of a Small Business Review Panel as part of its initiative to combine the mortgage disclosures required by the Truth-in-Lending (TILA) and Real Estate Settlement Procedures Act (RESPA). The CFPB shared an outline 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 would seek input. These materials offered terrific insight into the CFPB’s current thinking on the combined TILA-RESPA disclosures, but did you wonder why the CFPB developed the materials in the first place, and why they were directed at small entities?

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