Last week, the Consumer Financial Protection Bureau (CFPB) released a rather dry 150-page amendment proposal for Regulation C of the Home Mortgage Disclosure Act (HMDA). However, buried within the proposal were some interesting clues surrounding a new geocoding tool that the CFPB is providing to help lenders identify a property’s census tract.
- Financial institutions have to report census tract data so they can ensure they're serving communities equally, among other reasons.
- A proposed CFPB website tool would help lenders correctly identify and report census tracts -- especially in rural areas, where geocoding is thought to be more challenging.
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