ICBA called on the Consumer Financial Protection Bureau to ensure its proposed changes to the Home Mortgage Disclosure Act do not restrict community bank lending. In a comment letter, ICBA said that the CFPB’s proposal to expand data collection and reporting rules would compound existing regulatory and paperwork burdens affecting community banks, their customers and their communities.
Among numerous detailed recommendations, the ICBA encouraged the CFPB to:
- take a balanced approach to the rulemaking that does not require data reporting not specifically mandated by Congress;
- exempt business and commercial credit from HMDA reporting;
- not require data for home equity lines of credit;
- consider consumer privacy concerns when requiring any data be reported; and
- not enforce the reporting requirements until 2017 to give affected community banks time to modify their IT systems for the requirements.
Read all of ICBA’s comment letters at www.icba.org/advocacy.