Consumer Advocacy Groups Submit Comment on the CFPB’s Proposed Home Mortgage Disclosure Act Data Rule
Washington, DC – Today, the National Community Reinvestment Coalition (NCRC) and other consumer advocacy organizations submitted a joint comment letter to the Consumer Financial Protection Bureau (CFPB) regarding the proposed modifications to Regulation C, which will implement changes to the Home Mortgage Disclosure Act (HMDA). The letter applauds the expanded collection of data elements and urges the public release of the new data elements, particularly those that do not pose privacy risks, without delay.
“Enhancing the quality of HMDA data is critically important,” said NCRC’s President and CEO John Taylor. “The expanded data will serve as an improved mechanism to increase the fairness of mortgage markets for all Americans. We urge the CFPB to expedite the collection and public release of this data.”
“We also need the CFPB to begin to collect data on the gender and race of small business owners applying for small business loans, as mandated by Dodd-Frank, in order to illuminate what is occurring in small business lending.”
The comment letter and full list of signatories can be read here.
About the National Community Reinvestment Coalition (NCRC):
The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development, and vibrant communities for America’s working families.