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CBAI Urges CFPB to Address HMDA Concerns

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.

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Special Baker Market Update and Economic Brief

The Federal Open Market Committee (FOMC) today officially ended QE3 and maintained a commitment to keep rates low for a “considerable time”. The FOMC’s official statement reads, “The committee anticipates, based on its current assessment, that it likely will be appropriate to maintain the 0 to 1/4 percent following the end of its asset purchase program this month, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored.” Read Baker Assessment of FOMC Actions. Read FOMC Announcement.

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IRA-to-IRA Rollovers - One Per Year (12 Months) Rule

Beginning as early as January 1, 2015, you can make only one rollover from an IRA to another (or the same) IRA in any 12-month period, regardless of the number of IRAs you own. The U.S. Tax Court recently held that you can’t make a non-taxable rollover from one IRA to another if you have already made a rollover from any of your IRAs in the preceding 1-year period (Bobrow v. Commissioner, T.C. Memo. 2014-21).

Learn how this change will impact your customers at www.WoltersKluwerFS.com/Rollovers.

A CBSC Preferred Provider, Wolters Kluwer Financial Services is the market leader in providing compliance, credit, and operational risk management solutions. Its integrated and stand-alone deposit, lending and IRA solutions can help community banks efficiently comply with state and federal regulations.

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CBAI Opposes Expansion of the Farm Credit System

October 22, 2014

In a comment letter to the Farm Credit Administration the Community Bankers Association of Illinois urged the withdrawal of a misguided proposal to allow Farm Credit System lenders to make virtually any type of loan for any purpose as long as the loan is labeled as a “bond” or an “investment.” Read CBAI Comment Letter.

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FHFA Extends Comment Period for Proposed FHLB Rule

10/6/2014

The Federal Housing Finance Agency (FHFA) today announced that it is extending the comment period for the agency’s proposed rule on Federal Home Loan Bank membership by 60 days. The comment period was previously set to close on November 12, 2014, 60 days after publication in the Federal Register. The comment period will now close on January 12, 2015. CBAI encouraged the FHFA to extend the comment period in a September 8th comment letter. Read Comment Letter