| CFPB
Kneecaps HMDA
Analysis as Feds
Drop CRA Rule as Fed
Hides Talks with
Capital One
by
Matthew R. Lee
SOUTH
BRONX / DC, April
2 – Before Capital One
announced and applied to buy
Discover, they and their law
firm were allowed to meet
secretly with the Federal
Reserve, see below.
After they
applied late March 20,
2024 Inner City Press
submitted a Freedom of
Information Act request to the
Fed. While they granted
expedited treatment, they
delayed nearly a near before
on March 4, 2025 dumping over
1000 redacted pages.
On March 28 the
Fed has announced that "the
federal bank regulatory
agencies today announced, in
light of pending litigation,
their intent to issue a
proposal to both rescind the
Community Reinvestment Act
(CRA) final rule issued in
October 2023 and reinstate the
CRA framework that existed
prior."
On March 31 the
CFPB cut back on how HMDA data
is provided; on April 2 Fair
Finance Watch petitioned the
Fed "to take emergency
measures to ensure public
access to simply analyzable
data under the Home Mortgage
Disclosure Act (HMDA),
including the 2024 data. Until
now - for 2023 and before -
CFPB has provided a filtering
page
for HMDA data, searchable by
geography and applicant
characteristics.
On March 31 the
CFPB rather than adding 2024
data to the filtering site
linked above put
up only modified LARS by
institution and a large raw
data date for which it
provided a warning.
The effect
of this is to make it
significantly more difficult
for community groups to
analyze and compare lenders'
HMDA
data.
The FRB should put a simple
collating / analyzing web
interface with the 2024 up
forthwith.
The Fed's
late-provided FOIA documents
begin with ex parte meetings
between the bank, its law firm
and the Fed - telephone calls
in February 2024, and a
meeting inside the Fed on
March 7, 2024 (the Fed waited
until March 4, 2025 to
disclose this). 1000 page on
Inner City Press'
DocumentCloud here.
200+ more pages here.
FOIA determination letter here
Inner City Press
has filed a FOIA appeal to the
Federal Reserve - and raised
it in a March 21 comments,
along with a new Bank for
International Settlements
study that cries out for
denial of the merger.
On March 24, the
Fed's response: "Because your
letter was received after the
end of the public comment
period, it will not be made a
part of the record of this
case unless the Board in its
sole discretion determines to
consider your late comments."
Yeah, discretion...
***
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