June 13, 2019

Van Hollen, Senators to CFPB: Data Critical to Ensuring Housing Access for All Americans

U.S. Senator Chris Van Hollen (D-MD) along with several of his Senate colleagues are demanding the Consumer Financial Protection Bureau (CFPB) rescind its proposal to further reduce reporting under the Home Mortgage Disclosure Act (HMDA). 

In opposition to the proposal, the Senators wrote, “We are extremely concerned that the Consumer Financial Protection Bureau has once again put the interests the financial industry above those of the consumers it is charged to protect. We urge you to immediately rescind all proposed changes in reporting thresholds for closed-end and open-end mortgage loans.”

Further, “By reducing HMDA data collection, CFPB risks undermining fair lending enforcement and monitoring at the national, local, and institutional level – an outcome contrary to HMDA’s stated purposes.”

HMDA requires financial institutions to maintain, report, and publicly disclose mortgage data.  HMDA data is the primary tool used by Federal regulators, local governments, and advocates to ensure that all markets have access to mortgage credit and monitor compliance with fair lending laws.

Joining Senator Van Hollen are Senators Sherrod Brown (D-OH), Robert Menendez (D-NJ), Elizabeth Warren (D-MA), Catherine Cortez Masto (D-NV), Tina Smith (D-MN), Tammy Duckworth (D-IL), Kamala Harris (D-CA), Ed Markey (D-MA), Richard Blumenthal (D-CT), Tammy Baldwin (D-WI), Amy Klobuchar (D-MN), Cory Booker (D-NJ), Dick Durbin (D-IL), Ron Wyden (D-OR), Kirsten Gillibrand (D-NY), Patty Murray (D-WA), Mazie Hirono (D-HI), Brian Schatz (D-HI).

Full text of letter here.