ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release October 24, 2000 #00-119
E-mail: [email protected]

ACB APPLAUDS HOUSE PASSAGE OF HOUSING, BANKING BILL

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Statement by Diane M. Casey, president, America’s Community Bankers, on passage today by the House of a comprehensive banking and housing bill:

America’s Community Bankers applauds the House passage of a comprehensive bill that will help provide more affordable housing for American families and give the banking industry another needed installment of regulatory burden relief. ACB will work for passage by the Senate.

An important feature of the bill involves the development of strategies by state and local governments to reduce barriers to affordable housing. A clearinghouse would also be established to collect and disseminate information on removing regulatory barriers. Several ambiguities in the private mortgage insurance cancellation law would be clarified, to the benefit of both lenders and homeowners.

Community banks welcome the bill’s modernization of Call Report filing and disclosure, simplification of capital calculations involving mortgage servicing rights, and other provisions. Savings associations will get more operational flexibility with the bill’s repeal of the statutory liquidity requirement, putting them on the same footing as banks.

Finally, ACB welcomes the bill’s extension of time for the Federal Housing Finance Board to complete its work on a risk-based capital framework for the Federal Home Loan Banks. The six-month extension to May 2001, requested by ACB and consistent with recent FHFB actions, will help to ensure that the new capital structure is done right the first time.

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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