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Government Reporting By Banks
Topic Started: Oct 3 2009, 10:24 AM (170 Views)
Hello again
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Why does?

When applying for a loan at a bank, why does the Federal Government require a person to note their ethnicity and race?

Why does?

On the same form, if you are a Mexican the form instructs you to claim your ethnicity as Alaskan or Native American?

Why does?

On the same form, if you are a Middle Easterner the form instructs you to claim your ethnicity as White?
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archer
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what bank? Any form I have ever seen, answering the question of ethnicity was voluntary, and I never, ever, answer it.
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archer
Oct 3 2009, 10:26 AM
what bank? Any form I have ever seen, answering the question of ethnicity was voluntary, and I never, ever, answer it.
The form is voluntary...but every national bank is required to provide the form. Yet, if YOU don't fill out the form the banks are required to complete the form based upon the bankers observation.

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really? show me some documentation for that. last loan I applied for (This was several years ago), I never set foot in the bank.....it was done on-line. OMG.....can they see through my computer to what race I am? Horrors!!!!! Have things changed now?

So, tell me, are you upset by this? just curious? or just ran out of ideas for a new outrage of the day?
Edited by archer, Oct 3 2009, 10:34 AM.
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Hello again
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It may be helpful to review the OMB definitions of the race categories for guidance. For reporting purposes, enter the appropriate code(s) for this field:

Code 1 – “American Indian or Alaskan Native” A person having origins in any of the original peoples of North or South America (including Central America) and who maintains tribal affiliation or community attachment.

Code 2 – “Asian”
A person having origins in any of the original peoples of the Far East, Southeast Asia, or the Indian subcontinent. Places of origin include Cambodia, China, India, Japan, Korea, Malaysia, Pakistan, the Philippine Islands, Thailand, and Vietnam.

Code 3 – “Black or African American”A person having origins in any of the black racial groups of Africa.

Code 4 – “Native Hawaiian or Other Pacific Islander”
A person having origins in any of the original peoples of Hawaii, Guam, Samoa, or other Pacific Islands.

Code 5 – “White”A person having origins in any of the original peoples of Europe, the Middle East, or North Africa.

Code 6 – “Information not provided by applicant in mail, Internet or telephone application”
Use this code if the applicant does not provide his or her race in an application taken by mail, by telephone, or over the Internet.

Code 7 – “Not applicable”
Use this code only when the applicant or co-applicant is not a natural person or when applicant or co-applicant information is unavailable because the loan has been purchased by your institution.

Code 8 – “No co-applicant”
Use this code in the co-applicant column if there are no co-applicants or co-borrowers.

http://stlouisfed.org/hmdaregcamendments/pages/race.html
Edited by Hello again, Oct 3 2009, 10:43 AM.
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archer
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OK, I read the form, there is this nice little box that says.....I do not wish to furnish this information. It is not a requirement. If you are really concerned do it over the phone, by fax, or by internet. As I read the form, if you check the box then the lender is NOT required to fill anything in, if you do not check the box and do not fill out the form, then the lender is required to furnish it based upon ivisual information.

This is all voluntary, has been on forms for a very long time, why the sudden concern?
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archer
Oct 3 2009, 10:53 AM
OK, I read the form, there is this nice little box that says.....I do not wish to furnish this information. It is not a requirement. If you are really concerned do it over the phone, by fax, or by internet. As I read the form, if you check the box then the lender is NOT required to fill anything in, if you do not check the box and do not fill out the form, then the lender is required to furnish it based upon ivisual information.

This is all voluntary, has been on forms for a very long time, why the sudden concern?
My question was three fold?

Why does the government FORCE banks to gather this information and what does the government do with the information?

Why does the government define a middle easterner as a White?

Why does the government define a Mexican as a Native American or Alaskan?

...and how in the world is a banker to know someones ethnicity based upon these definition on a observation basis. Based upon those definitions a black person born in America could technically be considered a Native American or even a White person.
Edited by Hello again, Oct 3 2009, 10:58 AM.
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archer
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and my question was simple.....as this has been on forms for ages.....why the sudden concern? It's either used to put out those cute statistics the government loves....like how many whties vs blacks applied for loans.....or ir is used to spy on you and take your house away if you don't comply. Either way.....if you don't like it don't answer their questions and do n't apply in person.

Not being an anthropologist I have no idea if their break down of race and ethnicity is correct or just an expediant way to catagorize people.
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archer
Oct 3 2009, 11:04 AM
and my question was simple.....as this has been on forms for ages.....why the sudden concern? It's either used to put out those cute statistics the government loves....like how many whties vs blacks applied for loans.....or ir is used to spy on you and take your house away if you don't comply. Either way.....if you don't like it don't answer their questions and do n't apply in person.

Not being an anthropologist I have no idea if their break down of race and ethnicity is correct or just an expediant way to catagorize people.
Do you think for a chance that the government uses this information to extort and leverage millions from lenders? Do you think for a chance that the government uses this information to force lenders to lend to high risk individuals? Do you think that the government compliance is another form of forcing businesses to increase their operating costs?



Yes, the form has been around since 1975. It's a stupid form and stupid government intervention.
Edited by Hello again, Oct 3 2009, 11:09 AM.
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archer
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goodbye4ever
Oct 3 2009, 11:08 AM
Do you think for a chance that the government uses this information to extort and leverage millions from lenders? Do you think for a chance that the government uses this information to force lenders to lend to high risk individuals? Do you think that the government compliance is another form of forcing businesses to increase their operating costs?

Quite honestly I don't know....if you DO know how it is being used then please share.
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