ICBA Press Release Banner 2020


Washington, D.C. (Oct. 1, 2020) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today's Montana State University virtual event on TILA-RESPA Integrated Disclosure Rule innovation.

"ICBA is pleased to join the Federal Reserve Board and Consumer Financial Protection Bureau in announcing a collaborative effort to test certain community bank-inspired improvements to the TILA-RESPA Integrated Disclosure Rule through the CFPB's Trial Disclosure Sandbox.

"Unfortunately for many borrowers, mortgage rules released by the CFPB in recent years have restricted mortgage lending at smaller community banks. TRID has been of  particular concern to community banks because it is overly prescriptive and costly, which has led to closing delays for borrowers, less clarity for consumers, and driving many smaller community banks out of mortgage lending altogether—cutting off access to critical credit in local communities.

"Community banks provide roughly 20 percent of all U.S. mortgage loans and are the only mortgage lender in many small towns and rural communities. These locally based lenders provide loans to borrowers with unique financial situations and properties with unusual characteristics. Most importantly, community banks retain and service these loans, keeping the customer relationship local.

"ICBA looks forward to working with the Fed and CFPB and using the 'Sandbox' to improve the TRID process for smaller community bank lenders, which will help make mortgage credit more available in local communities."


About ICBA

The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.

With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.

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