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CAPAC Applauds CFPB Rule to Improve Collection of Home Mortgage Data
Washington, DC - Today, Congressional Asian Pacific American Caucus (CAPAC) Chair Rep. Judy Chu (CA-27) and CAPAC Housing Task Force Chair Rep. Al Green (TX-09) released the following statements applauding a new rule issued by the Consumer Financial Protection Bureau (CFPB) that improves home mortgage data collection and reporting. CAPAC Members, especially Reps. Chu and Green, have been advocating for this new rule to better understand the housing needs of the Asian American and Pacific Islander (AAPI) communities for a number of years.
Congresswoman Judy Chu (CA-27), CAPAC Chair:
“As CAPAC Chair, improving disaggregated data collection for the Asian American and Pacific Islander (AAPI) community has been a top priority of mine in order to ensure that the unique needs of the diverse AAPI community are properly addressed. This is especially true when it comes to monitoring the emerging trends and practices in our mortgage market.
“At the peak of the mortgage crisis, AAPI homeownership dropped more than any other racial group, which translated into a severe decline in household wealth for millions of AAPIs. With this new rule, financial regulators, housing officials, and policy makers will finally have more detailed information to better understand the housing needs of the AAPI community.”
Congressman Al Green (TX-09), CAPAC Housing Task Force Chair:
“I applaud the Consumer Financial Protection Bureau for its issuance of a new Home Mortgage Disclosure Act rule that aims to disaggregate information, which will expand our understanding of the different needs in the mortgage market of particular Asian American and Pacific Islander (AAPI) communities. The rule is important because it will allow us to draw conclusions about particular communities rather than conclusions from aggregated data. Additionally, it should allow for the acquisition of empirical evidence critical to the prevention of invidious discrimination.
“There is no dream more fundamentally American than the dream of owning a home. Elected officials, regulators, housing officials, industry, and the public must work together to ensure all have fair access to our mortgage market. Additionally, I commend Chair of CAPAC, Congresswoman Judy Chu, and all my other CAPAC colleagues for their efforts in advocating for these new rules. We have been working to achieve this for years, and while we should celebrate this important step forward, I remain committed to continuing this important work as the Housing Taskforce Chair of CAPAC.”
The new Home Mortgage Disclosure Act (HMDA) rule includes key improvements in the collection and reporting of data, including more detailed and disaggregated data on ethnicity and language preference for Asian Americans and Pacific Islanders. During previous meeting with CFPB Director Richard Cordray, CAPAC Members have pushed for the collection of disaggregated AAPI data in order to better ensure that financial institutions are serving the housing needs of all Americans.
The Congressional Asian Pacific American Caucus (CAPAC) is comprised of Members of Congress of Asian and Pacific Islander descent and Members who have a strong dedication to promoting the well-being of the Asian American and Pacific Islander (AAPI) community. Currently chaired by Congresswoman Judy Chu, CAPAC has been addressing the needs of the AAPI community in all areas of American life since it was founded in 1994.