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A Call For More CRA Data
The Consumer Advisory Council may recommend that the agencies require the collection of more CRA data. The CAC's Bank Regulation Committee finds that the current CRA data is insufficient to determine whether discrimination occurs in small business lending. The committee is sensitive, however, to the certain increase in regulatory burden if more data is collected.
The agencies do collect data on small business by census tract but do not make the census tract information available. Some members believe that this information should be released to the public, in spite of the concerns about borrowers' privacy.
Those who support the collection and release of additional data argue that HMDA data has been instrumental in combating lending discrimination. They believe that comparable data about small business lending would form the foundation for business lending discrimination cases.
Privacy concerns remain an issue. HMDA data releases little that is not already a matter of public record through the real estate recording system. Loans to businesses are another matter.
Copyright © 1999 Compliance Action. Originally appeared in Compliance Action, Vol. 4, No. 7, 6/99
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