DS News - Digital Archives

Lots of other national field service providers talk about quality ... But ask them about their claims against their liability insurance ... And they get that NFN keeps clients afloat with its stellar record of ZERO claims last year. RISK IS A SERIOUS MATTER. Let National Field Network navigate the treacherous waters of default for you. sinking feeling. National Field Network 4581 Route 9, Suite 100 Howell, NJ 07731 732-276-5563 www.NationalFieldNetwork.com ICBA ADDRESSES REGULATIONS' IMPACT ON COMMUNITY BANKS Independent Community Bankers of America (ICBA) outlined its regulatory priorities for 2013 at its National Convention and Techworld in Las Vegas in March. The organization addressed several industry reforms and pending regulations that it asserts will negatively and unfairly impact community banks. "Our policy agenda is focused on minimizing the negative impact of excessive regulations, addressing the overly aggressive examination environment, minimizing risks to our financial system, and creating greater economic activity and growth in local communities," said Bill Loving, ICBA chairman. As the Consumer Financial Protection Bureau (CFPB) and other government agencies work to define new guidelines for the mortgage banking industry, ICBA charges, "any regulatory response to the financial crisis of 2008, including any changes to the capital standards, should begin with the recognition that community banks were not the cause of that crisis." 26 ICBA warns some proposed regulations will unnecessarily harm community banks and the local markets they serve. ICBA suggests any financial institution with $50 billion or less in assets should be exempt from Basel III. Likewise, ICBA argues community banks should be exempt from new mortgage lending and mortgage servicing reforms set forth by CFPB. ICBA suggests these regulations will be too expensive for community banks and should only apply to larger institutions. ICBA also positions "the overly strict exam environment" as a threat to community banks and aims to warn regulators "about the impact of excessively tough safety-andsoundness compliance exams." In regards to the CFPB, ICBA opposes the current structure and advocates a bureau with a five-member commission in place of a single director. In addition to these regulatory threats, ICBA plans to address industry rules that it claims allow government or other organizations to overstep their bounds and infringe on the prospects of community banks. For example, ICBA "adamantly opposes the [Farm Credit System's] expansionist agenda" and opposes the "unwarranted federal tax subsidy of the credit union industry." As for its larger bank counterparts, the community banks making up the ICBA support restricting large institutions from participating in "market making, brokerage, and proprietary trading." The organization is in favor of imposing higher capital and liquidity standards for institutions with more than $50 billion in assets. ICBA will also monitor tax policy and secondary market reform as they unfold this year, searching for indications they will impede housing and economic recovery or pose threats to community banks. "ICBA's policy priorities are set to ensure community banks have the opportunity to support greater economic growth, job creation, and prosperity nationwide," Loving said. KNOW THIS At the current monthly pace, completed foreclosures will total roughly 550,000 this year, down from 671,000 in 2012, RealtyTrac projects.

• Cover