Ohlendorf, Hoffman Participate in CBAI Roundtable Discussions
Beecher, Illinois (January 8, 2013) - First Community Bank and Trust's President & CEO Greg Ohlendorf and Senior Vice President Tammy Hoffman joined other community bankers in a Community Bankers Association of Illinois (CBAI) -sponsored roundtable discussion that included the director of the Consumer Financial Protection Bureau (CFPB) Richard Cordray. Established in 2010 as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the central mission of the CFPB is to make markets for consumer financial products and services work for Americans — whether they are applying for a mortgage, choosing among credit cards, or using any number of other consumer financial products.
The goal of the discussion was to share observations and recommendations to level the playing field for community banks with respect to large banks and nonbanks. Of particular concern was the negative effect of proposed rules on smaller community banks in regard to mortgage lending. Director Cordray acknowledged that community banks were not at fault for the current financial crisis, that they play a significant role within the financial service industry and in their communities, and that there should be exemptions [for them] from some of the more complex mortgage rules where possible.
First Community Bank and Trust maintains an active role with the CBAI in order to promote the best interests of its customers and community banking as a whole. Read the full article about the CBAI Roundtable discussion.