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• W115120695 abstract "With the new year, banks get to turn a fresh page in their Home Mortgage Disclosure Act loan pattern records. The HMDA information that was disclosed a few months ago was for loans and applications in 1991--much of it nearly two years old now. The data on 1992 will become public next fall. Meanwhile, the lending activity that begins on Jan. 2 will become fodder for criticism or praise of your bank in the fall of 1994, nearly two years from now. long lead time between the actions that create the HMDA record and its public disclosure causes management problems for banks. Too often, by the time lenders identify problems, it is far too late to do much about them before the next set of numbers must be filed. Many banks are perpetually playing catch-up ball without gaining on the objective. On the plus side, though, the time lag also creates an opportunity. Banks that get ahead of the process by studying their own loan patterns have a long time during which they can take steps to improve their records through quiet, internal efforts, which are usually far preferable to changes forced upon them in the glare of public criticism by federal bank regulators or advocacy groups. Before turning to the steps banks should be taking today to assure good HMDA results, it is worth looking at the issue in context. HMDA is significant not as a free-standing law, but because the information it generates is used to assess compliance with two other areas of law--the Community Reinvestment Act and the laws that prohibit discrimination in lending (the Fair Housing Act and the Equal Credit Opportunity Act). Boston Fed study. Discrimination has taken on new urgency because of the Federal Reserve Bank of Boston's study this fall on lending patterns. The FRB research looked, for the first time, at home loan denial rates for blacks versus whites after adjusting creditworthiness factors like debt load and credit history. It found that, even with applicants of virtually identical qualifications, blacks were 60% more likely than whites to be rejected. (The accompanying article provides more of the study's findings.) In the words of an official at the Office of the Comptroller of the Currency, This study is definitive. It changes the landscape. Indeed it does. The study culminates a build-up of criticism of banks on the discrimination front that began when HMDA was expanded to include race, sex, income, and application data. transformed the law into a tool for evaluating not only geographic lending patterns under CRA, but also patterns of possible discrimination. As I have written in this space many times, discrimination compliance is developing into the most severe compliance challenge banks have ever faced. The agencies are currently using outside consultants and special task forces to overhaul their approach to looking for discrimination. When they find suspected violations, they face the new requirement of the Federal Deposit Insurance Corp. Improvement Act that they refer such matters to the Department of Justice or the Department of Housing and Urban Development for investigation and enforcement. HMDA patterns will unquestionably be the lightning rod that will attract examiners' attention and put many such investigations into motion. If the data suggest the possibility of discrimination, the agencies will use their new methodologies to look for the reasons. In many cases, they will probably ask the bank to justify its record, placing in effect a burden of proof on the lender that can be costly and difficult to handle, even when the outcome shows that no discrimination occurred. If the bank's innocence is hard to demonstrate, the consequences can be enormous. CRA scrutiny. Meanwhile, the outlook for the separate but related issue of CRA enforcement is equally challenging. The new Congress will undoubtedly bring renewed efforts to reduce the paperwork burdens of CRA, particularly for community banks. …" @default.
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• W115120695 title "Time to Renew Efforts against Discrimination" @default.
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