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Warren Traiger Quoted in American Banker Article, "CFPB Takes Second Look at Its Tolerance Levels for HMDA Errors"

Warren Traiger was quoted in Kate Berry's American Banker article, "CFPB Takes Second Look at Its Tolerance Levels for HMDA Errors," on January 7, 2015. 

The bureau also wants to know whether the error thresholds should vary with the size of a lender's HMDA submission or with the kind of data, and what consequences there might be for exceeding an error threshold. The CFPB wants to reduce data errors overall so it is also asking for feedback on technological changes that might improve accuracy in the data editing and collection process.

Warren Traiger, a banking lawyer at Buckley Sandler, said the CFPB is willing to hear the industry's arguments about what error thresholds "don't make sense," he said.

"It's pretty clear that the bureau wants to send a message that data integrity is essential," he said. "If the data from which you're assessing fair-lending performance is inaccurate, then the analysis is inaccurate. They want to provide incentives to get the HMDA data right."

Click here to read the full article at www.americanbanker.com (subscription required).