# Plain Language Summary: Let Lenders Lend Act

This bill would eliminate a federal rule that requires banks and mortgage lenders to collect and report detailed information about who they're lending to and on what terms. Specifically, it targets a 2015 regulation called "Home Mortgage Disclosure" that expanded what data lenders must track and share with the government. If passed, this rule would simply stop existing—lenders would no longer have to follow it.

The regulation that would be eliminated requires lenders to report information like the race, ethnicity, and gender of people applying for mortgages, along with details about loan amounts, interest rates, and whether applications were approved or denied. This data gets compiled and made available to the public so researchers, regulators, and community groups can analyze lending patterns and spot potential discrimination. The rule was designed to help identify whether certain groups of people were being treated unfairly by lenders—for example, whether people of certain races were being denied loans at higher rates than others.

Supporters of eliminating this rule argue it creates unnecessary paperwork and costs for banks, which they say makes lending more expensive and complicated. They believe lenders should be free from these reporting requirements. Critics, however, worry that without this transparency, there would be no way to detect or prove discrimination in lending. They argue the data is crucial for protecting consumers and ensuring fair access to mortgages. Removing the rule would mean less public information about how mortgage lending actually works and who gets approved for loans, making it harder to hold lenders accountable for potentially unfair practices.

Let Lenders Lend Act

Biggs, Andy

Let Lenders Lend Act This bill nullifies the final rule issued by the Consumer Financial Protection Bureau titled Home Mortgage Disclosure (Regulation C) and published on October 28, 2015. (The rule expands the scope of information that financial institutions must disclose regarding home mortgages.)