ICBA said it supports the Consumer Financial Protection Bureau’s efforts to implement regulatory changes outlined in the recent executive order addressing housing affordability and access to mortgage credit.
Details: In a letter to the CFPB, ICBA said:
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The proposal in the executive order and accompanying regulatory changes will go a long way toward providing regulatory relief for community banks that play a critical role in providing relationship-based mortgage lending and supporting local housing markets.
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It supports swift action by the CFPB to advance targeted, risk-based reforms that expand access to affordable housing while maintaining strong consumer protections.
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Modernizing the ability-to-repay/qualified mortgage framework and disclosure requirements, improving valuation and closing processes, reducing Home Mortgage Disclosure Act burden, and eliminating duplicative licensing requirements will provide the most immediate benefits to community banks and their customers.
Background: President Donald Trump in March issued an executive order directing regulatory reforms that will help community banks promote housing affordability.
ICBA View: In a national news release after the EO was issued, ICBA said it strongly supports reforms to CFPB mortgage requirements, HMDA reporting rules, capital and liquidity standards, and more to provide community banks with regulatory relief that will support mortgage lending.