Community Bankers Association of Illinois

CBAI ACTION ALERT: Oppose HUD's Efforts to Approve FCA Lenders for FHA Mortgage Programs
October 24, 2011

The Department of Housing and Urban Development (HUD) is proposing a rule that would amend regulations to enable Farm Credit System (FCS) lenders to seek approval to participate in the Federal Housing Administration (FHA) mortgage insurance programs. HUD is proposing this rule even though they have recently required costly and unnecessary control and compliance audits for community banks that have forced many community banks to leave the program. This rule will undermines community banks serving rural communities at the expense of tax-payer subsidized FCS lenders and should be withdrawn. CBAI has written a comment to HUD on this issue, but we are also urging community banks to comment on the proposed rule.

Please click here to respond to this Action Alert and register your opposition to this misguided proposed rule.

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