Joint News Release
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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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ABA: Laura Fisher (202)663-5466
CBA: Fritz Elmendorf (703) 276-3879
Housing Policy Council: Shannon Finney (202) 589-2427
ICBA: Bill Grassano (202) 315-2457
MBA: Laura Armstrong (202) 557-2730
FSR: Shannon Finney (202) 589-2427
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For Immediate Release
June 16, 2006
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E-mail:
[email protected] |
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ACB, ABA, CBA, HOUSING POLICY COUNCIL, ICBA, MBA, AND FSR URGE FEDERAL HOUSING FINANCE BOARD TO WITHDRAW PROPOSED CAPITAL RULE
WASHINGTON, D.C. (June 16, 2006) — The nation’s major financial services trade associations urgently requested the Federal Housing Finance Board today to withdraw a proposed capital rule and reissue it as an advance notice of proposed rulemaking or risk causing irreparable harm to the Federal Home Loan Bank System.
In a joint letter to members of the FHFB, the trade groups said an advance notice “would foster a better dialogue” among the FHFB, the FHLBanks, their member institutions and the public, “and lessen the possibility of causing irreparable harm to a system that is so crucial to the liquidity needs of our banking system.”
The groups expressed concern that the proposal’s one-size fits all approach to retained earnings and excess stock “does not comport with the capital regime established by Congress in 1999 in the Gramm-Leach-Bliley Act,” and “negates the years of effort” of the FHLBanks and the Finance Board in developing each Bank’s capital plan.
Signatories to the letter include: America’s Community Bankers, the American Bankers Association, the Consumer Bankers Association, the Housing Policy Council, the Independent Community Bankers of America, the Mortgage Bankers Association and The Financial Services Roundtable.
Click here for the joint letter
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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