ICBA Asks CFPB to Adjust Final Mortgage Rules on Behalf of Community Banks

The Independent Community Bankers of America (ICBA) began February by visiting Capitol Hill to argue that community banks should be exempted from many of the Dodd-Frank financial reform law’s new regulations. ICBA’s vice president of mortgage finance policy, ended the month by writing a comment letter asking that final mortgage rules the Consumer Financial Protection Bureau (CFPB) issued be adjusted to avoid leaving many consumers without access to mortgage credit. While acknowledging that the ICBA is generally pleased that the final rule provides some flexibility for community banks to continue to offer mortgage loans – including balloon mortgages – to the consumers in their communities, Haynie wrote that concern remained that the exemptions and exceptions would cover far too few community banks.  read entire article…  Author:  Not Listed.  Source:  TriNovus.