NCRC Applauds Final Home Mortgage Disclosure Act Data Rule

Washington, DC – October 15, 2015 – (RealEstateRama) — Today, in reaction to the Consumer Financial Protection Bureau’s release of a final rule regarding modifications to Regulation C, which will implement changes to the Home Mortgage Disclosure Act (HMDA), NCRC President and CEO John Taylor made the following statement:

“This expansion of Home Mortgage Disclosure Act data is a very positive thing for consumers everywhere. Had we had this expanded data before, it would have provided an early warning system that would have helped to prevent the housing crisis. This data will serve to increase the fairness of mortgage markets for all Americans.”

“We are particularly pleased that the CFPB has followed the recommendation of NCRC and other advocacy groups to disaggregate the data on race and ethnicity. The CFPB has also shown careful consideration of potential privacy issues in this process, which should assuage any concerns surrounding the collection of the data.”

“The next step for the Consumer Financial Protection Bureau is to ensure that all of the data elements collected that pose no privacy concerns are released to the public.  Detailed public disclosure gives increased transparency to the market, and allows members of the public to detect lending discrimination and abuse. We urge the CFPB to commence this process as soon as possible.”

In October of 2014, NCRC and other national and community groups submitted a comment letter in reaction to the proposed changes to HMDA, calling for robust data collection and timely public release of the data elements which do not pose a privacy risk.

NCRC has long advocated for the expansion of HMDA, including more information on loan terms and conditions and additional information on borrower characteristics.

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About NCRC:

NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.

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The National Community Reinvestment Coalition (NCRC) was formed in 1990 by national, regional, and local organizations to develop and harness the collective energies of community reinvestment organizations from across the country so as to increase the flow of private capital into traditionally underserved communities. 

NCRC has grown to 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.

Contact:

NCRC
727 15th Street, Suite 900
Washington DC 20005

Phone: 202 628-8866
Fax: 202 628-9800

Media contact:
Jesse Van Tol
Phone: (202) 464-2709

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