April 16, 2020

Brown Blasts CFPB For Finalizing Rule That Will Make Homeowners More Vulnerable to Discrimination

WASHINGTON, D.C. — U.S. Sen. Sherrod Brown (D-OH) – Ranking Member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement following news that the Consumer Financial Protection Bureau (CFPB)  issued a final rule that will give lenders a pass on reporting mortgage data this is critical to protecting all borrowers, especially borrowers of color, from discrimination in the mortgage market:

“At a time when millions of people are facing job losses and reduced incomes, the CFPB should be using all of its resources to protect consumers from predatory practices and discrimination. Instead, they’re using their time to make it easier to hide discrimination in the mortgage market from regulators and from the public. Weakening oversight during this pandemic will only exacerbate housing disparities and is yet another attempt by the Trump Administration to undermine fair lending laws,” said Senator Brown.

The final rule would reduce the number of lenders who will be required to report data on loan applications and loans made under the Home Mortgage Disclosure Act (HMDA). In May of 2019, Brown announced his opposition to the CFPB pursuing the rule. Last year, Senator Brown led a letter, signed by 18 fellow Senators, urging the CFPB not to move forward with their proposal to reduce access to critical housing market data.