HMDA Data Requests - Part II
By David Dickinson
Last week, we posted a blog about releasing your HMDA data to the public. If you think we're joking about consumer activists wanting your data, here is an email we received the following day.
As banking consultants, your encouraging the banks to make it difficult for the consumers to get the Home Mortgage Disclosure Act (HMDA) information regarding discriminatory lending practices, is encouraging banks to hide those activities and make them inaccessible. Stop encouraging illegal practices.
RETRACT THESE STATEMENTS IMMEDIATELY!
It is apparent from this article many financial institutions are discriminating illegally.
Your activities are being reported to the Federal Reserve and FDIC.
This is exactly the type of person we are trying to warn you about! How does this blog make it "apparent . . . many financial institutions are discriminating illegally"? Only someone without your interests at hand would jump to such a conclusion.
Let me make it clear. We don't recommend you hide your data or make it inaccessible. We are simply advising you to follow the regulatory requirements when releasing your HMDA data. You are NOT required to provide this data electronically or free of charge. You should also NEVER release your full HMDA LAR - that IS illegal. Print a modified LAR instead.
We are here to protect our clients. If you have any questions, don't hesitate to contact us.