June 02, 2014

Meyster in Examiner on mortgage database concerns

June 3, 2014 – NAFCU Regulatory Affairs Counsel Angela Meyster shared concerns with the Washington Examiner last week over revisions to the National Mortgage Database Project, a new comprehensive mortgage database run jointly by the Federal Housing Finance Agency and CFPB.

The Examiner article noted that "as many as 227 million Americans may be compelled to disclose intimate details of their families and financial lives – including their Social Security numbers – in a new national database being assembled by two federal agencies."

FHFA is working with CFPB to collect information for the database, which is intended to be the first comprehensive collection of detailed mortgage loan-level information. Meyster noted in the article and in a comment letter to FHFA that more transparency is needed about which agency divisions have access to the information being collected and how the data is used.

Meyster told the Examiner, "It seems they're just adding information and they're not really stating where it's going or what it's going to be used for. There's no straightaway answer. They say they are trying to assemble as much information that they can."

Meyster also raised concerns about how the database might violate credit unions members' privacy in the recent comment letter to FHFA.

NAFCU has a collection of resources about CFPB mortgage rules compliance on its website, including information about final rules, blog posts, articles and webcasts.