l Reserve Governor Elizabeth A. Duke has called for a reconsideration of the mortgage data reporting formats used by federal regulators. In a [link=http://www.federalreserve.gov/newsevents/speech/duke20100715a.htm]statement [/link]released prior to today's hearing in Atlanta on proposed revisions to the Home Mortgage Disclosure Act (HMDA), Duke questioned current data collection efforts and their impact on understanding the state of the economy. ‘Clearly, the recent mortgage crisis has highlighted the potential ramifications of a mortgage market that is not functioning well,’ Duke said. ‘Data do not create the market, but they do help us understand what is happening in the market. HMDA data cannot solve all market problems, but the time is ripe for reviewing and revising the data elements, standards, and reporting formats.’ Duke also noted that under the financial regulatory reform legislation that is expected to be approved by the U.S. Senate later today, authority for HMDA rulemaking will be transferred from the Federal Reserve Board of Governors to a new Consumer Financial Protection Bureau. She added that the lessons of the current crisis can be applied to future data collection and review. ‘With the benefit of hindsight, we can now answer the question: Do policymakers have adequate and reliable data sufficient to assess market conditions and craft policy responses?’ Duke stated. SOURCE: Federal Reserve Board of Gove