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house Bill H.R. 2954

Should Small Banks Originating Less Than 500 Mortgages Per Year be Exempt From Statistical Reporting Rules?

Argument in favor

The recordkeeping and reporting requirements for small banks with a relatively small number of mortgages or lines of credit on their books are too onerous, this would help such institutions continue providing access to home loans.

DrRichSwier's Opinion
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01/18/2018
Get government bureaucracies out of the way of small businesses.
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David's Opinion
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01/19/2018
Small community banks are built off of relationship banking and are at the center of any local economy. Community banks take in local deposits and reinvest those deposits in the forms of loans within the communities they serve. Often at times you have employees of a small bank wearing multiple hats covering a number of functions. As burdens increase from regulatory compliance, small institutions either have to exit a product line or exit the market altogether. As the primary lenders to small business, anything to reduce their burden, the higher chance for the survival of the unique community banking model.
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Brian's Opinion
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01/19/2018
The recordkeeping and reporting requirements for small banks with a relatively small number of mortgages or lines of credit on their books are too onerous, this would help such institutions continue providing access to home loans.
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Argument opposed

The Home Mortgage Disclosure Act’s recordkeeping and reporting requirements are in place for a reason — to better understand lending patterns and prevent discriminatory lending. No firm, however small, should be exempt from them.

Kenneth's Opinion
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01/15/2018
If reporting transactions becomes too much for your financial institution you should get out of the banking business. If an annual report is too hard how many other requirements will you dodge?
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RadicalModerate's Opinion
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01/14/2018
The fraudulent but legal practice of FRACTIONAL RESERVE LENDING, gives any bank, large or small, an unfair advantage over other financial schemes. So no, they don’t need exemption from any regulations, ever.
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Ticktock's Opinion
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01/14/2018
If a financial institution wants to play it has to play by the same rules as all other financial institutions. The Republicans again are establishing systems that we have already seen fail and had to pay a high price for that failure. They are not interested in protecting the consumer or the public but more interested in providing an avenue for greater profits for their wealthy contributors. This change should not pass but it will because they are not concerned with the losses. The tax payer will again be forced to bail these wealthy investors out because who do you think underwrites these financial institutions.
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    Get government bureaucracies out of the way of small businesses.
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    If reporting transactions becomes too much for your financial institution you should get out of the banking business. If an annual report is too hard how many other requirements will you dodge?
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    The fraudulent but legal practice of FRACTIONAL RESERVE LENDING, gives any bank, large or small, an unfair advantage over other financial schemes. So no, they don’t need exemption from any regulations, ever.
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    All mortgage holders should report
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    If a financial institution wants to play it has to play by the same rules as all other financial institutions. The Republicans again are establishing systems that we have already seen fail and had to pay a high price for that failure. They are not interested in protecting the consumer or the public but more interested in providing an avenue for greater profits for their wealthy contributors. This change should not pass but it will because they are not concerned with the losses. The tax payer will again be forced to bail these wealthy investors out because who do you think underwrites these financial institutions.
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    There is literally no good reasons to support this legislation. It doesn’t matter whether you’re a large or small financial institution. All the mortgages and lines of credit that you issue should be reported so that we know exactly what’s going in the mortgage market. These statistics are needed for basic consumer protection and to understand the health of the housing market. This is just another attempt to deregulate the financial sector and we’ve seen the consequences of this already.
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    The recordkeeping and reporting requirements for small banks with a relatively small number of mortgages or lines of credit on their books are too onerous, this would help such institutions continue providing access to home loans.
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    The 2008 mortgage crisis started small - sales of small groups of pooled “securitized loans”. All the banks were in denial of the risks associated with bundling high and low risk loans. There is no oversight, and this administration wants to REDUCE the oversight? Outrageous! NO,
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    I’d support the bill if it required ALL financial institutions would be required to REPORT ALL their financial transactional activities. Non-Reporting of their financial activities could possibly lead to irregular transactions occurring. Just keep the folks honest and I’d be happy 😊.
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    The recordkeeping and reporting requirements for small banks with a relatively small number of mortgages or lines of credit on their books are too onerous, this would help such institutions continue providing access to home loans.
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    Small community banks are built off of relationship banking and are at the center of any local economy. Community banks take in local deposits and reinvest those deposits in the forms of loans within the communities they serve. Often at times you have employees of a small bank wearing multiple hats covering a number of functions. As burdens increase from regulatory compliance, small institutions either have to exit a product line or exit the market altogether. As the primary lenders to small business, anything to reduce their burden, the higher chance for the survival of the unique community banking model.
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    EXACTLY HOW MUCH (in real dollars) does compliance with the current HMDA cost an individual institution per mortgage? Per Year? Weighed against the amount of interest collected on any of these loans? What DATA-BASED report confirms the assumptions in this bill? Where can an average tax-paying voter find such DATA-BASED report for review? Until those questions are answered, this veiled attempt to screw the consumer and again help business MUST BE DEFEATED.
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    Small banks did not cause the financial crisis. In fact, if there were more small banks and less consolidation, it may not have happened. Small banks cannot handle the reporting requirements that if ones can. Still, they should be regulated to prevent unethical practices. What about less frequent or onerous reporting for small banks?
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    Information is key for forming policies.
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    Good Records keep us Good.
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    More freedom, more wealth
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    I have to vote Nay on this bill. Access to the data is to important and with computer technology reporting really should be a simple task. As a technology expert who handled all of the tech requirements for a school district and now an independent networking specialist, I know what computer programs can do for reporting purposes. All of the data is already stored so it is relatively simple to access that data for reporting purposes. Most school districts already have software available for much more onerous reporting requirements. It’s a small step for banks and I would bet the software already exists. If not I’ll write it because there is obviously a need. It would be a great business opportunity and isn’t that what the Republican mantra is all about providing a market for entrepreneurs.
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    No, small banks were involved in the real estate and banking recession.
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    This rule should stand for everyone and every Bank that wants to give out home mortgages and any type of other loan. They need to be held accountable for what they are doing so as not to discriminate or make a profit on the American people who need these loans.
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    This is just a backwards way to cut consumer protections to help the rich get richer.
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