FHA drops reporting requirement for small banks

01/6/2013 | AmericanBanker.com (free registration)

The Federal Housing Administration has ruled that small banks, credit unions and thrifts will not have to submit annual internal control and compliance reports for the single-family loan program -- reports that would require the hiring of auditors or accountants. The institutions had argued that such a requirement would be too expensive for them, and several had dropped out of the program.

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