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CBAI Member Ohlendorf Voices Concerns at HMDA Hearing

Two ICBA community bankers testified at yesterday's Federal Reserve Board hearing in Chicago that the Fed should balance the benefits of additional Home Mortgage Disclosure Act data collection with the limited compliance resources available to community banks. Dan Imhoff, vice president and residential lending manager at the State Bank of Cross Plains, Wis., and Greg Ohlendorf, president and CEO of First Community Bank and Trust in Beecher, Ill., said expanding HMDA reporting would create additional regulatory burdens on community banks and raises privacy concerns related to releasing sensitive personal data. They also called on regulators to require HMDA reporting of mortgage brokers, non-lender loan purchasers and originators that meet the threshold criteria to provide a consistent framework for mortgage financing and a more complete picture of the mortgage market. ICBA recently submitted a comment letter to the Federal Reserve voicing its concerns with HMDA reporting requirements.

About First Community Bank and Trust
First Community Bank and Trust is a privately owned bank. Established in 1916 First Community Bank and Trust has been serving Beecher, IL, Peotone, IL and the surrounding communities for over 99 years. Our commitment to providing the best banking products and services is matched only by our outstanding customer service. We offer traditional community banking services, including mortgage, consumer, and commercial lending, as well as state of the art electronic banking services.

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Press Contact:
Steven D. Koehn, VP
First Community Bank and Trust
(708) 946-2246