Washington, D.C (Nov. 15, 2019)—Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey today issued the following statement on the Federal Housing Administration's (FHA) 2019 report to Congress.
"ICBA is pleased to see the FHA Single-Family Mutual Mortgage Insurance Fund capital ratio has recovered to 4.84 percent and is well above the statutory minimum of 2.0 percent. Improved risk management practices by the FHA and an effective premium structure buoyed by a strong housing economy have resulted in successfully rebuilding the fund, which protects taxpayers. ICBA congratulates the Department of Housing and Urban Development on this achievement and looks forward to working with FHA staff to ensure the continued strength of the Single-Family Insurance Fund."
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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