National People’s Action applauds CFPB proposal to require more extensive mortgage disclosure, asks for full public transparency of any new data reported
“We applaud the CFPB for proposing a critical modernization of HMDA. NPA spearheaded the call for the Act in the 70s because we know how important it is to require full disclosure of lending practices from institutions that issue mortgage credit. In the 1970s we faced down the redlining crises with the help of HMDA and communities across the country continue to rely on HMDA data. However, the recent subprime mortgage crisis exposed some of the weaknesses of HMDA’s failure to keep up with a changing industry."