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Financial Services Law Insights and Observations

Senate Banking Committee members urge CFPB to continue collecting all HMDA data

Federal Issues Senate Banking Committee CFPB HMDA State Attorney General Mortgages

Federal Issues

On October 16, eight members of the Senate Banking Committee submitted a comment letter in response to the CFPB’s Advance Notice of Proposed Rulemaking (ANPR) issued last May seeking information on the costs and benefits of reporting certain data points under HMDA. (Previous InfoBytes coverage here.) In the comment letter, committee members urged the Bureau to continue collecting all HMDA data points added in the Bureau’s 2015 final rule rather than considering limitations on the information that must be collected. The committee members asserted that they are “deeply troubled” by the CFPB’s announcement that it would “reopen the 2015 HMDA rule before the new data points had even been collected,” and urged the Bureau to “follow the intent of Congress and maintain collection of all data points added by the 2015 final rule,” stressing the data’s importance when monitoring market trends, credit access, and mortgage lending discrimination.

As previously covered by InfoBytes, on October 15, a coalition of state attorneys general also submitted a comment letter asserting, among other things, that the ANPR will open the door for financial institutions to engage in discriminatory lending.