Washington, D.C (Dec. 21, 2017)—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine released this statement on the Consumer Financial Protection Bureau’s announcement on Home Mortgage Disclosure Act rules.
“ICBA and the nation’s more than 5,700 community banks strongly support the Consumer Financial Protection Bureau’s announcement that it will not require the resubmission of HMDA data for non-material data collected in 2018 or impose penalties for data errors. Further, ICBA welcomes the bureau’s announcement that it intends to engage in a rulemaking to address and reconsider various aspects of the 2015 HMDA rule, such as institutional and transactional coverage tests and the rule’s discretionary data points.
“As the CFPB acknowledged in its statement, new HMDA regulations scheduled to take effect on Jan. 1 pose significant systems and operational challenges for financial institutions and third-party vendors. Left unaddressed, these mandatory reporting requirements would divert critical community bank resources that would otherwise be used to serve American consumers while posing privacy concerns for borrowers.
“ICBA has repeatedly called on the CFPB and Congress to delay HMDA implementation and expand exemptions for low-volume community bank lenders. ICBA continues to advocate an increase in the HMDA reporting threshold to 1,000 closed-end mortgages and 2,000 open-end lines of credit, a key priority of our Plan for Prosperity regulatory relief platform.
“ICBA and community bankers nationwide look forward to continuing to work with policymakers to address concerns with the HMDA rule.”
The Independent Community Bankers of America®, the nation’s voice for more than 5,700 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.