But perhaps most troubling is the fact that data collected by federal
regulators on basic banking products and services is incomplete,
inconsistent, and inaccessible to the public. In the past carefully
crafted data disclosure requirements have proven invaluable.

Pricing information added to federal mortgage data in 2004 proved the
existence of a two-tiered credit system, where consumers in minority
markets pay more to borrow.

But without congressional action, there can be no similar data to root out unequal access to basic banking services.

Even before a mortgage decision is made, the availability of these
other products and services will determine who can own a home and at
what price.

Checking and savings accounts, insurance and retirement vehicles –
barriers to any of these products may stifle a consumer’s financial

We applaud Chairman Frank’s recent commitment to dragging data on nonmortgage
lending out in the open and respectfully request that financial
services data not get left in the dark.

Dory Rand
Woodstock Institute