Organizational Letter of Opposition Letter to CFPB re: HMDA Explorer Changes
Earlier this year, the Consumer Financial Protection Bureau (CFPB) announced plans to shut down its Home Mortgage Disclosure Act (HMDA) Explorer and the Public Data Platform Application Programming Interface (API) that powers this critical tool.
Passed in 1975, the Home Mortgage Disclosure Act (HMDA) requires lenders to publicly report and share information about the mortgage loans they make to “provide the citizens and public officials of the United States with sufficient information to enable them to determine whether depository institutions are filling their obligations to serve the housing needs of the communities and neighborhoods in which they are located.”
The CFPB’s HMDA Explorer tool helps makes this aspiration possible by translating raw mortgage data into a readily understandable language that makes sense to the average citizen, not just academics and regulators. It also makes the data more accessible to journalists, who can use their power to spread awareness about trends in the mortgage market and what that means for different regions or groups.
In response to this alarming change, Prosperity Now along with twenty national and local mission-driven non-profit organizations submitted an organizational opposition letter to the CFPB, expressing our strong condemnation of the agency’s recent decision to make mortgage data much less accessible.
Read Prosperity Now's comment letter to read about why this proposed change could impede our ability to address racial discrimination in housing and other unfair lending practices.