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 May 25, 2005 #05-31
E-mail: [email protected]

ACB STATEMENT ON GSE BILL REPORTED BY HOUSE FINANCIAL SERVICES COMMITTEE

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Statement by Diane Casey-Landry, president and CEO, America’s Community Bankers, on the bill reported today by the House Financial Services Committee to strengthen the regulation of Fannie Mae, Freddie Mac and the Federal Home Loan Bank System:

America’s Community Bankers commends Chairman Michael Oxley and the committee for reporting a bill that addresses the essential requirements of government sponsored enterprise reform. The bill provides for an independent regulator with funding outside of the appropriations process, regulatory authority over Fannie Mae and Freddie Mac that is equivalent to that of the federal banking regulators, and authority over programs, mission and safety and soundness. The bill also recognizes and maintains the unique characteristics of the Federal Home Loan Bank System and ensures FHLBanks’ access to capital markets.

We applaud the committee’s decision to include language giving the new regulator the authority to establish a clearer distinction between the primary and secondary mortgage markets. We also appreciate the willingness of the chairman, ranking member Barney Frank and Rep. Patrick Tiberi to clarify that GSEs can continue to offer and update their automated underwriting systems, thus preserving the competitiveness of community banks.

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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