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All-borrower data collection may be a Frank 09 priority
WASHINGTON (7/21/08)—House Financial Services Committee Chairman Barney Frank last week seemed to endorse the idea of a public reporting system on race and gender data for all borrowers, much like Home Mortgage Disclosure Act provisions require for mortgage borrowers. “I would just say with regard to collection of this data, I’ve seen this movie before and it has a happy ending,” he said during Thursday’s hearing on the subject by the Financial Services subcommittee on oversight and investigations, chaired by Rep. Mel Watt (D-N.C.). The “movie” Frank referred to was the long and contentious battle in the 1980s that preceded the enactment of HMDA, a law that many credit with having taken a huge bite out of discriminatory lending practices. An article in the July 18 issue of American Banker, in fact, said the Massachusetts Democrat pledged to make the reporting issue a priority early next year. "I can guarantee this will be very high in this committee's agenda in 2009," the article quoted Frank as saying. Use the resource link below to read more about the subcommittee hearing.
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