Have you ever wondered how the CFPB looks at your company through the data that they have for you?
Well now this data is available for you to see your company through their eyes and most specifically your HMDA data. I’ve written many times about how HMDA data is insufficient to document your innocence in a discrimination claim. However, until data sets at the CFPB evolve you need to provide more data than they have to win your argument.
The first step is to know what your data says about you!
CFPB has added a great new tool to make your research for fair lending easier.
It used to be that HMDA data was tough to access and reports could be cumbersome. I’ve tried it out a bit and it is very easy to use. Check out your company or check out how you are doing compared to other lenders for MSA Diversity or Redlining issues.
This software is a great resource to make sure you have your action plans in place before a CFPB exam, or to see if your company exhibits MSA Diversity or Redlining Patterns.
