| Fair
Finance Watch
Petitions FFIEC to
Ensure Public
Access to HMDA
Data As CFPB Is
Cut
by
Matthew R. Lee
SOUTH
BRONX / DC, Dec
1 – The Federal Reserve Board
on December 1 denied a
petition that the Fed 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 filed three
petitions in this regard 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 request.
Later on
December 1, FFW petitioned the
FFIEC, via the FDIC and NCUA:
Fair Finance
Watch and Inner City Press are
writing to petition the FFIEC
under section 553(e) of the
Administrative Procedure Act
to engage in rulemaking and,
most immediately, to take
emergency measures to ensure
public access to data under
the Home Mortgage Disclosure
Act (HMDA), including the 2024
and 2025
data.
Earlier today FFW received
from the Federal Reserve Board
a denial (or buck-passing) of
its three petitions for
rulemaking, each submitted as
the inability of the CFPB to
do it became more
acute. The
FRB writes, "the FFIEC,
rather than the Board, has the
statutory duty to implement a
system to aggregate, and
facilitate public access
to, HMDA data.2
See 12 U.S.C. §§ 2803(f),
2809(a)... the
CFPB provides staff and
technology resources to the
FFIEC so that it may fulfill
its statutory
obligations related to public
access to HMDA data. See
12 U.S.C. §
2809(b)."
So this emergency petition,
and the three below, are now
directed to the
FFIEC.
The threat to
entirely close CFPB is sharply
drawn, in a CFPB court
filing"
"the Consumer Financial
Protection Bureau (“CFPB” or
the “Bureau”) anticipates
exhausting its currently
available funds in early
2026." See DDC Case No.
1:25-cv-00381-ABJ, Dkt. 145
and Exh. A at
20.
So
it is absolutely imperative
that actions be taken to
ensure continued public access
to the Home Mortgage
Disclosure Act
data.
Please immediately acknowledge
receipt of these re-directed
petitions, and take action on
them
Watch this site.
***
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