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 March 22, 2004 #04-14
E-mail: [email protected]

ACB COMMENTS ON RESPA

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Statement by Diane Casey-Landry, president and CEO, America’s Community Bankers, on the Department of Housing and Urban Development’s decision to repropose the RESPA rule:

America’s Community Bankers is pleased that HUD Acting Secretary Alphonso Jackson has taken our advice, and that of others, to withdraw the agency’s proposed Real Estate Settlement Procedures Act rule from review by the Office of Management and Budget. ACB welcomes the opportunity to discuss the future path of RESPA reform with HUD.

ACB supports efforts to simplify the settlement process by allowing for guaranteed mortgage packages. However, lenders were rightly concerned that the proposal was attempting to do too much at one time without regard for the consequences. ACB was particularly concerned that HUD’s proposal would radically change the good faith estimate requirements, and had previously suggested that further study and reproposal was required.

We look forward to bringing this long process to closure.

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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