We call on the Bureau: to require reporting on the full breadth of small business lending; to capture important data about loans applied for and made; and to complete the rulemaking and begin collection of these data expeditiously.
Dear Representative, On behalf of Americans for Financial Reform, we are writing to express our opposition to the the appropriations bill for Financial Services and General Government (FSGG) to be considered by the House as Division D of H.R. 3354. Titles IX of Division D
AFR Response to FHFA LEP RFI Maintaining information on language preference over the entire life of the loan is critical because borrowers need to interact with their lenders and servicers at many different times over the life of a loan. Further, we argued that universally
“We support the proposed rule but urge the Board to clarify that the presumption be limited to disputes between banks and recommend the Board require banks to maintain original checks for a specified period of time.”
“The burden of interpreting financial services jargon and communicating with lenders and servicers should not rest solely on borrowers. . . . Expanding access to language services throughout the mortgage process would begin to equalize a system that currently undermines the ability of LEP borrowers to understand the complexities of their future homeownership prospects and to protect their home after purchasing it.”
“As dominant actors in the mortgage industry with a statutory duty to facilitate underserved communities’ access to homeownership, we welcome the FHFA, Freddie Mac, and Fannie Mae’s consideration of steps to expand access to the mortgage market.”
“…The digital economy should ensure consumers can access and use records about themselves, and that consumers can choose to authorize third-parties to access such data on their behalf to support their financial health and facilitate competition among financial services providers.”