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Senate bill would diminish mortgage disclosures

Senate bill would diminish mortgage disclosures

March 13th, 2018 by Associated Press in Business

FILE - In this March 6, 2018, file photo, Sen. Mike Crapo, R-Idaho, chairman of the Senate Banking Committee, joined by, Sen. John Thune, R-S.D., left, and Senate Majority Leader Mitch McConnell, R-Ky., right, talks to reporters as the Senate moves closer to passing legislation to roll back some of the safeguards Congress put in place to prevent a repeat of the 2008 financial crisis, at the Capitol in Washington. Burrowed within new Senate legislation to roll back restraints on banks is a break from data reporting requirements for lenders making certain levels of mortgage loans. (AP Photo/J. Scott Applewhite, File)

WASHINGTON (AP) — Buried within new Senate legislation to roll back restraints on banks is a provision that would exempt an estimated 85 percent of all U.S. banks and credit unions from public reporting requirements, raising fears discriminatory practices by lenders could go undetected.

The data that would be exempt from reporting includes the financial information of borrowers and loan applicants, along with their race and sex.

Some Democratic lawmakers, community activists and low-income-housing advocates say removing the spotlight on mortgage disclosures could allow lenders to escape notice when unfairly denying loans or charging excessive interest.

The overall bill would alter key elements of the Dodd-Frank law enacted to prevent a repeat of the financial crisis 10 years ago that brought the U.S. economy to the brink of collapse.

A vote is expected this week.