CFPB's HMDA DATA Changes Could Increase Litigation

Access to credit is an issue and has always been an issue. I have lived it and seen it firsthand. The critics of the CFPB forget the history of our country and the legal fights that have taken place just make access to housing and credit possible (ECOA, Fair Housing Act of 1968, Fair Lending laws Reg. Z, 1964 Civil Rights Acts and more).  These do not include state laws across the country to fight redlining and race discrimination.   I say bring on the litigation because that is how we get things done in this country. We are country of laws and I thank God for the Law and the Supreme court. It is the last stand for the powerless to fight the Powerful.

Change will only come when lending institutions are force to change through legislation, fines and penalties.  Social change didn't happen because it was good business.  It happened because of the law and the enforcement of the law.  We will see how lenders respond to the CFPBs actions and what the courts say about disparate treatment in the coming months.   President Lyndon B. Johnson said in speech on February 15, 1967 “I am proposing fair housing legislation again this year because it is decent and right.  Injustice must be opposed, however difficult or unpopular the issue.”    47 years later and after many laws that have passed discrimination is still a very unpopular issue but we must continue to fight the battle.  Good will always prevail over evil.  Darkness cannot stand in the light.

http://dsnews.com/cfpbs-hmda-changes-increase-litigation/

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