I just finished reading the 100 page HMDA Small Business Review Panel proposal and it seems like there is a lot going on. I have always been in favor of collecting the data needed to prove that a lender did not discriminate. However, for consumer privacy purposes how much is too much?
What do you think is a good balance?
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The new proposal has a lot of very good intentions in it. However, depending on how much of this information is made available publically, it could mean buying a home automatically exposes all borrower financial information to the public, foreign governments, and thieves (DTI, Credit Score, etc.), limiting it only to community groups and academia who feel lenders are the evil of the world and their unlimited money source, or something else. One thing is definitely means… For regulators, this is about automated fair lending and not just HMDA.