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Thursday, June 14, 2012

ABA, Trade Groups Ask for SBAR Panel on Ability-to-Repay Rule

ABA and 15 other trade groups yesterday asked the CFPB to conduct a Small Business Advocacy Review (SBAR) panel examination during the proposed ability-to-repay rule's recently reopened comment period.
Given the potentially significant impact of the ability-to-repay rule on the housing market ... we believe that regulatory best practice calls for the CFPB to formally consult with small businesses through an SBAR panel.
The letter added that convening a targeted SBAR panel to address the important issues raised in the reopened comment period will not compromise CFPB’s statutory deadline for finalizing the rule.
A thorough examination of how the ability-to-repay rule will impact small businesses, combined with recommendations gained from the SBAR panel, will help build consensus that will improve the efficacy of the final product.
Read the letter.

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