Warren W. Traiger quoted in National Mortgage News article, “CFPB turns its reg relief focus to HMDA”
National Mortgage NewsWarren W. Traiger
Warren W. Traiger was quoted on May 2, 2019 in a National Mortgage News article, “CFPB turns its reg relief focus to HMDA,” which discussed the Consumer Financial Protection Bureau’s steps to ease reporting requirements under the Home Mortgage Disclosure Act after the agency has previously announced it was eliminating HMDA Explorer. The article stated, “The agency's elimination of HMDA Explorer, which allows users to access and make queries on data, were seen by several observers as significant steps that could weaken the impact of the disclosure law.”
Traiger noted, “The tool was a reliable and cost-effective (i.e. free) means for community advocates to analyze the patterns of different local lenders, but it was based on the older HMDA data fields.” The article also stated, “The raw HMDA data will still be available on the website for the Federal Financial Institutions Examination Council.” Traiger added, "The people and groups who used Explorer will need to find alternative software to effectively analyze the expanded HMDA data set with all of the new fields. Banks, their consultants and regulators will be able to afford other software that accomplishes what the Explorer did while small, local consumer groups, academics and journalists may not.”
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