WASHINGTON, D.C. (Oct. 16, 2015) — National CAPACD applauds the historic rule released by the Consumer Financial Protection Bureau today on home mortgage data – progress that will assist in monitoring whether financial institutions are serving the housing needs of Asian American and Pacific Islanders.
Today’s CFPB’s rule on the Home Mortgage Disclosure Act (HMDA) contained key improvements in the collection and reporting of data that monitors home buying trends across the country, including better data collection on the Asian American and Pacific Islander community. This data is critical to communities across the country as they navigate the complicated process of making the largest investment of their lives, and will help advocates better identify predatory lending practices that target communities of color, seniors, and those with limited English proficiency.
Today’s release from CFPB states, “The Home Mortgage Disclosure Act helps financial regulators, the public, housing officials, and even the industry itself keep a watchful eye on emerging trends and problem areas in the nation’s mortgage market – the largest consumer financial market in the world,” said CFPB Director Richard Cordray. “With today’s final rule we are shedding more light to foster better understanding of the market, and also ensuring that lenders have sufficient time to come into compliance.”
National CAPACD is particularly pleased to see the collection of data on ethnicity and language preference on the mortgage applications for borrowers to self-identify – an issue the coalition has been advocating for since the mortgage crisis began in 2007. In October of 2014, National CAPACD submitted public comments on this particular issue and also partnered with 10 leading civil rights organizations including the Center for American Progress, Center for Responsible Lending, National Council of La Raza, and the National Urban League to submit pubic comments about the collection of disaggregated data in AAPI categories.
“With today’s new rule on HMDA data, the CFPB is truly making history and is making major strides to improve the nation’s understanding of housing needs in different Asian and Pacific Islander communities. This issue of AAPI data disaggregation has been one of our top priorities since our founding fifteen years ago and we are strongly commend the CFPB for its decision and leadership on this important topic,” said Lisa Hasegawa, executive director, CAPACD.
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National Coalition for Asian Pacific American Community Development’s (National CAPACD) mission is to improve the quality of life for low-income Asian Americans and Pacific Islanders by promoting economic vitality, civic and political participation, and racial equity.
Our membership encompasses a diverse base of nearly 100 community-based organizations spanning 19 states and the Pacific Islands.