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Published on Aug 1, 2012
On Wednesday, August 1, 2012, the Committee on Small Business conducted a hearing titled, Know Before You Regulate: The Impact of CFPB Regulations on Small Business. The hearing examined 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 focused 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.