Earlier this year, Greenlining submitted formal comments to the Consumer Financial Protection Bureau (CFPB) on its proposed enhancements to Home Mortgage Disclosure Act (HMDA) data. This directive was extended to the CFPB by Congress in the Dodd-Frank Wall Street Reform Act of 2010.
The CFPB’s efforts to enrich HMDA data is critical to ensuring that all consumers have a fair shot at building wealth through home equity, and that lenders sustainably serve all populations with this goal in mind.
Recommendations included adding: the borrower’s spoken language; Asian American data dis-aggregated by sub-categories; and more substantive reasons for denying an application.
Attached please find formal comments submitted on October 29, 2014.
To read the comments, click here.