Which federal law mandates lenders to capture and report sensitive applicant information including race and gender?

The Home Mortgage Disclosure Act (HMDA) is the federal law that requires lenders to collect and disclose certain information regarding mortgage applications, including sensitive details such as the race and gender of applicants. This act was established to promote transparency in the mortgage lending process, allowing regulators to assess whether financial institutions are serving the housing needs of their communities and to identify patterns of discrimination.

By mandating the reporting of demographic information, HMDA aims to help ensure that lending practices are equitable and that any discriminatory trends can be identified and addressed. The data collected under HMDA is ultimately used by regulators and policymakers to improve access to mortgage credit and enforce fair lending laws.

This makes it clear why this particular federal law is critical in the landscape of mortgage lending and consumer protection. Other mentioned laws focus on different aspects of lending and consumer rights, such as protecting borrowers from discrimination or ensuring fair credit reporting, but it is HMDA that specifically mandates the collection of demographic information.