October 29, 2014
The Consumer Financial Protection Bureau (CFPB) has proposed new rules to Regulation C to implement amendments to the Home Mortgage Disclosure Act (HMDA). After reviewing the proposal CBAI remains concerned about many of the same issues raised by community bankers, including CBAI member Greg Ohlendorf (President and CEO of First Community Bank and Trust, Beecher), during stakeholder outreach hearings in 2010.
To address these concerns CBAI urged the CFPB to minimize the regulatory burden on community banks by selectively increasing the number of new data points, exempt small community banks from reporting requirements, minimize the penalties for community banks’ unintentional errors in reporting HMDA data, and take all appropriate steps to eliminate the opportunity for others to discover the identity of borrowers through unnecessarily specific data collection particularly in rural and remote areas. Read CBAI Comment Letter.