Memo on Department of Banking Proposed Mortgage Regulations
To: Sen. Don White, Chairman, Senate Banking & Insurance Committee
Sen. Mike Stack, Democratic Chairman, Senate Banking & Insurance Committee
Rep. Pete Daley, Chairman, House Commerce Committee
Rep. Dick Hess, Republican Chairman, House Commerce Committee
From: Frank A. Pinto, President/CEO
Pennsylvania Association of Community Bankers
Subject: Department of Banking Proposed Mortgage Regulations
CC: The Honorable Steven Kaplan, Secretary of Banking
PACB Board of Directors
Date: December 17, 2007
For your information, I am attaching a detailed memo PACB sent to Secretary Kaplan recently in which we set forth our continued reasons for asking for a complete "community banking exemption" from the Department's proposed mortgage regulation.
Community banks and their mortgage subsidiaries and other affiliates did not cause or participate in the mortgage foreclosure/subprime lending crisis and we strongly believe that in the state's response to this crisis, we should be exempted. As you know, regulatory burden is a huge issue for community banking.
We appreciate your consideration and any support you can give to this request. If you have any questions, please do not hesitate to contact Dave Transue of PACB's staff or Reg Evans of Shumaker Williams, P.C. who may be reached at 717-763-1121.