Lawmakers have passed a bill to roll back regulations adopted after the 2008 financial crisis.

https://www.huffingtonpost.com/entry/bank-bill-deregulation-congress_us_5b043b70e4b0c0b8b23ea6cd

The subprime mortgage crisis revealed that banks had systematically steered families of color into expensive, predatory loans. Dodd-Frank sought to address this in part by requiring lenders to report a host of data to the Consumer Financial Protection Bureau. In addition to basic facts about loan approval or denial, lenders had to report a borrower’s age and credit score, as well as the property value of the home being purchased, the interest rate, loan terms, and other pricing features of each mortgage. The CFPB could use all of this data to determine whether families of color were being improperly overcharged or pushed into bad loans.

The bill approved Tuesday would exempt 85 percent of banks from those new anti-discrimination reporting requirements, in an effort to save paperwork costs. A host of civil rights organizations, including the NAACP, the National Fair Housing Alliance, the National Urban League and the Leadership Conference on Civil and Human Rights, have all assailed the provision.