The Hill, February 27, 2018: Why is there bipartisan support in the Senate to cover up evidence of discrimination in banking?
Last week, a report from the Center for Investigative Reporting found banks discriminated against minorities in 61 US cities. The report was based on mortgage data that banks are required to report to the government. Now, the Senate is poised to pass a law that would allow almost all of the nation’s banks to hide some of their mortgage lending data.
The bill, nicknamed by advocacy groups the Bank Lobbyist Act, would be a giant step backwards for the public and national groups who use this data to ensure banks treat all borrowers equally. That’s not just a nice idea. It’s the law – and government regulators use Home Mortgage Disclosure Act data, known as HMDA (“humdah”), to make sure banks lend fairly to all qualified borrowers.
The data suggests that many banks do not – so banks are trying to get rid of the data.
