Colgate Selden, member of the firm’s Financial Services & Products Group, was quoted in an American Banker article titled “Lenders Fear CFPB Disclosure Plan Goes Too Far.”
The article discussed the Consumer Financial Protection Bureau’s (CFPB’s) proposal to require more data from lenders through the Home Mortgage Disclosure Act—implementing Dodd-Frank Act provisions that expanded Home Disclosure Act requirements, including requiring lenders to disclose the age and credit score of homebuyers, the property value and interest rate details—and how it has divided industry and consumer groups.
"It's a double-edged sword for the CFPB in either having data to justify certain positions but other times, it might not," Selden said. "This may also increase transparency in the market when it comes to pricing and competition across the nation. It may shine a light on some key trends."