Five industry trade groups are calling for the elimination of certain data points from Home Mortgage Disclosure Act requirements, according to a new joint comment letter filed with the Consumer Financial Protection Bureau.
“The burden of reporting some new data fields far outweighs the benefits of those particular data fields,” the groups argue. “Respondents clearly indicated that many of the newly required reporting fields are of limited value for monitoring whether they are effectively serving the housing needs of their communities and identifying possible discriminatory lending patterns.”
The five groups include the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Housing Policy Council and Mortgage Bankers Association.
The CFPB, in its 2015 final rule, added 14 new data fields and revised certain existing data points, including reporting of race and ethnicity. For more details, see the new edition of Inside the CFPB, now available online.
© Copyright 2021 Inside Mortgage Finance Publications
Design, CMS, Hosting & Web Development :: ePublishing