Sen. Olympia Snowe is calling on Elizabeth Warren to provide specifics on how she plans to handle small-business considerations, including any revamp of mortgage disclosures, in carrying out her role to start up the Consumer Financial Protection Bureau.
In a letter released Monday, the Maine Republican asked for details on how Warren plans to implement small-business review panels at the consumer bureau, which are required under the Dodd-Frank statute in a provision authored by Snowe. The business review panels are meant to force the bureau to consider the impact of its regulations on small businesses.
"I have long worked to reduce the regulatory compliance burden that disproportionately disadvantages smaller firms," wrote Snowe.
In the letter, Snowe asked how input from those panels would be used to improve mortgage disclosures.
"I respectfully request that you promptly provide specific plans for addressing your and the CFPB's roles in helping to carry out vital small-business advocacy review panel provisions of the Wall Street Reform Act," she wrote.
