Attorney General James Urges CFPB To Dismiss Proposed Rule That Leaves Consumers Vulnerable To Discrimination And Unfair Lending

Posted to Applied Web NY on Fri, 06/14/2019 - 14:28

NEW YORK – New York Attorney General Letitia James urged the Consumer Financial Protection Bureau (CFPB) not to adopt its recently-proposed rule that would undermine the ability to enforce fair lending laws and prevent discrimination in the mortgage lending market.

On May 13, 2019, the CFPB announced that it intended to raise the reporting threshold for mortgage lenders under the Home Mortgage Disclosure Act (HMDA), a 1975 law that requires mortgage lenders to make certain mortgage data publicly available as a check to ensure compliance with fair lending laws. Some of this data includes information, which lenders already collect to comply with other regulations as well as their own underwriting standards, such as race, ethnicity, gender, age, census tract, credit score, total cost of the loan, any non-amortizing features, and property value, and whether the application was accepted or denied.

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