| Federal
Reserve Denies FFW
Petition It Ensure
Public Access to
HMDA Data As CFPB Is
Cut
by
Matthew R. Lee
SOUTH
BRONX / DC, Dec
1 – The Federal Reserve Board
has denied a petition that
they ensure public access to
Home Mortgage Disclosure Act
data currently maintained by
the Consumer Financial
Protection Bureau, as the CFPB
is said to be not only
shrinking but closing.
Fair
Finance Watch has filed three
petitions in this record and
on December 1 the Federal
Reserve Board replied that it
is up to the FFIEC, though it
acknowledges the concern. Cold
comfort - this as the Federal
Reserve on November 28-29
turned back FFW's comments on
a pending bank merger,
occasioning another submission
on December 1.
Back 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 first 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.
***
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