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 February 14, 2003 #03-08
E-mail: [email protected]

ACB APPLAUDS INTRODUCTION OF RESPONSIBLE LENDING ACT

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Statement by Diane Casey Landry, president and CEO, America’s Community Bankers, on introduction of the Responsible Lending Act:

America’s Community Bankers applauds Reps. Bob Ney (R-Ohio) and Ken Lucas (D-Ky.) for introducing a bill that strikes the right balance between protecting consumers from predatory lenders while not placing new burdens on community banks. The bill correctly targets the unscrupulous activities of a small group of unlicensed lenders engaged in predatory practices. The bill avoids imposing new rules on financial institution lenders that are already highly regulated.

The bill also recognizes the need to protect national lenders from a patchwork of federal, state and local laws and that has already precipitated the withdrawal of large, national lenders from states with overzealous laws. The bill’s national standard is an essential element.

The bill’s consumer protections for high-cost mortgages are numerous and long overdue. ACB applauds the creation of the Consumer Mortgage Protection Board and its mandate to coordinate and expand the government’s housing counselling programs and maintain housing information materials. An informed consumer is the best safeguard against predatory lending.

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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