Urging the agency to address concerns about consumer privacy, five financial trade associations have requested the Consumer Financial Protection Bureau withdraw its proposed guidance on loan-level Home Mortgage Disclosure Act data and replace it with an official rule.
The American Bankers Association, Consumer Bankers Association, Consumer Mortgage Coalition, the Financial Services Roundtable’s Housing Policy Council and the Mortgage Bankers Association submitted a joint letter stating that the guidance, which the bureau proposed in September, raises “profound concerns about the risks to consumer privacy, of identity theft and fraud.”
Find out what changes the trades are recommending to the bureau regarding mortgage data collection and reporting requirements.