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• W45108740 abstract "Some months ago in this column I suggested that at the end of the first quarter of 1990, banks should make a point of assessing the lending patterns emerging in the home loan/application registers that many must maintain under the revised Home Mortgage Disclosure Act. While some have, many have not. As the end of the year approaches, banks must focus attention on these numbers--or face serious risks. What changed. HMDA's requirements were revised by the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) in a way that changes their meaning profoundly. The old HMDA required institutions to note the census tracts in which they made housing and home improvement loans and to make this information available to the public. Community groups, regulators, and others could and did use these data to determine how much housing lending was being done by individual lenders and by groups of lenders in low- and moderate-income census tracts versus other areas. This information, in turn, has been the backbone of many Community Reinvestment Act (CRA) protests and of many examiner criticisms of banks' CRA records. The old data, however, were severely limited in what they revealed. For example, they did not include figures on the number of applications. As a result, lenders could argue that low loan levels in a given area might be explained by a low volume of applicants. FIRREA added application figures, making it possible to track banks' approval and denial rates. It also added separate data collection requirements for tracking each applicant's race, sex, and income level. This new scheme uproots HMDA from its geographic footings. It has transformed HMDA into an entirely different kind of analytical tool. For the first time, it is possible for outsiders to determine the percentage of home loan applications approved and denied for whites versus minorities and for women versus men, holding income constant. These numbers can now be generated for every bank; for the lenders in a given community or state; for banks versus thrifts and mortgage bankers; and for the lending community overall. Since last Jan. 1, every covered lender has been collecting these data in a register format prescribed by the Federal Reserve. To minimize the increased administrative burden, the Fed placed responsibility for tabulating the data on the Federal Financial Institutions Examination Council, rather than on the lender. By March of next year, each lender must submit its registers to the Exam Council for compilation. By next October, the council expects to release the figures for all covered lenders. Image of your bank. For some institutions, the data represent a ticking time bomb. As you read this column, your 1990 data should be virtually complete. It is too late now to change them. If they will create a favorable impression when they are released next fall, you can relax. If they will not, your bank could be in for serious problems. You may incur negative publicity on an unprecedented scale. In the past, banks have not faced public allegations of credit discrimination unless someone sued them. If such litigation did occur, some members of the public dismissed it as an isolated case or only one side of the story. Next fall, however, banks will be subjected to a public discussion of their lending patterns based on a statistical analysis of 100% of their housing and home improvement loans. (This assumes the bank is covered by the new rules, as most are.) The data will be released for your bank at the same time the numbers come out for every other affected lender in the country. The release of this data is almost guaranteed to create significant media interest. But imagine what the secondary effects will be. Certainly many local community and civil rights groups will seek to use the information to generate further negative publicity and CRA pressure on targeted financial institutions or on all lenders. …" @default.
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• W45108740 date "1990-12-01" @default.
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• W45108740 title "Now Is the Time to Do Discrimination Analysis" @default.
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