Pub. 4 2013 Issue 2

summer 2013 7 We Will All Work Together A s I write this, WVBA members are busy composing letters to our Second District Representa- tive Congresswoman Shelley Moore Capito, Chairman of the House Financial Services Subcommittee on Financial Institutions. Representa- tives of the Consumer Financial Protection Bureau (CFPB) appeared in front of the Subcommittee, Tuesday, May 21. They addressed the Quali- fied Mortgage (QM) rules and ability to re-pay (ATR). I have just finished reading letters that have been submit- ted on these topics from bankers from around the state representing small and large institutions. Once again, I am very proud of how our WVBA members have responded to this chal- lenge in terms of the substance of their statements and the enthusiasm they brought to an important issue on very short notice. These letters go into great detail about how the rules will affect their banks. One banker said, “If these rules go in ef- fect, it will change the way we have done mortgage lending in our bank.” Another wrote, “The people the rules are meant to help and protect will be the very ones who will be unable to qualify for a mort- gage at this bank.” Throughout my career as a banker my greatest sense of accomplishment often came in sitting down with a couple and trying to work with them and figure out how they could buy their first home. Many of those couples today will be shut out of the mortgage market because these new and onerous rules will make it almost impossible for them to qualify. As you are reading this, the hearing on ATR/QM will have long been over but the battle will just be starting. Bankers are currently facing a quite negative regulatory climate in Wash- ington. Even if we win concessions on these regulations, still others are likely to arise and threaten the abilities of bankers to continue what they do every day – taking care of our customers and making our communities better. Our industry, since the passage of Dodd- Frank, has seemingly been under constant siege and criticism. WVBA members are continuing to suffer under the regulatory burdens brought in part by the passage of this legislation. I recently made a trip through southern West Virginia calling on member banks and their senior managers. The message I came away with was the same in every location. Trying to comply with these new federal regulations is requiring an extraordinary portion of their time. Not long ago I asked a group of bankers what positions they have recently filled at their banks. Without hesitation, most responded, “Compliance related per- sonnel.” Several years ago the answer would have been that sales, commercial and mortgage lending personnel were being added. It is easy to become and remain discouraged while facing the banking industry’s current adverse regulatory climate. But rest assured, I am still to- tally convinced that our West Virginia bankers will get through this period and be in a position to prosper and fa- cilitate success in our state once again. And, please remember that WVBA will always be here to help. We will all work together to keep our institutions safe and sound and in a position to provide our customers with the services they need in order to meet their goals and achieve their dreams. Q A M ESSAGE FROM THE P RESIDENT & CEO By Joe Ellison visit us online! www.wvbankers.org www.wvbankers.org