Thursday, May 25, 2017 9:53:41 PM
May 25, 2017
newsreleaseheader2017
Washington, D.C. (May 25, 2017)— The Independent Community Bankers of America® (ICBA) today called on the Consumer Financial Protection Bureau to mitigate the harmful impact of upcoming changes to Home Mortgage Disclosure Act requirements. In a letter to the CFPB, ICBA said the sharply increased data-collection and -reporting mandates scheduled to begin Jan. 1, 2018, would drive many community banks out of the residential mortgage market and reduce consumer choice unless they are changed.
“These changes are just the latest in an unprecedented number of new and amended consumer regulatory requirements put into effect over the past several years,” ICBA Assistant Vice President and Regulatory Counsel Joe Gormley wrote. “ICBA understands that some of this change was required by statute, but we strongly urge the CFPB to mitigate the impact of the new HMDA requirements on community banks.”
The new regulations dramatically increase the amount of data community banks and other financial institutions are required to collect and report on each mortgage application they receive. Beginning Jan. 1, many community banks will be required to provide information on 48 data categories spread over 110 data fields.
While ICBA understands the purpose of HMDA reporting in showing how financial institutions serve their communities, it is concerned that the expanded mandates will force community banks to exit the mortgage market due to the additional regulatory burden, thereby reducing consumer choice. To reduce harm to local borrowers, ICBA today urged the CFPB to:
-- make optional the reporting of new data,
-- increase reporting thresholds to exempt more small-volume lenders,
-- address privacy concerns,
-- exclude reporting for commercial loans, and
-- establish reasonable data-resubmission guidelines.
ICBA will continue working with the CFPB and Congress to address concerns with the rule.
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