Letter to Regulators: Coalition letter to CFPB on mortgage data disclosure (HMDA)

The undersigned 27 community, civil rights, housing, and consumer advocacy organizations urge the Consumer Financial Protection Bureau (CFPB) to maintain the Home Mortgage Disclosure Act (HMDA) data elements that the CFPB added and enhanced pursuant to statutory directives and discretionary authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The CFPB does not have the authority to eliminate data elements that are required by statute, and it should not eliminate the additional data that Dodd-Frank authorized the Bureau to collect to further the statutory goals of identifying predatory lending practices and monitoring how financial institutions are serving communities. The CFPB added these factors only after a robust and deliberative process involving all stakeholders, and the additional data elements significantly further the agency’s mission to ensure that “consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination.”

You can find a link to the full letter to CFPB pdf here, or embedded below