Reps. Ritchie Torres and Raja Krishnamoorthi Lead Request to Consumer Financial Protection Bureau To Supply Congress with Better Data on LGBTQI+ Homeownership Rates 

Today, Congressmen Ritchie Torres (NY-15) and Raja Krishnamoorthi (IL-08) led 20 members of Congress in a request to the Consumer Financial Protection Bureau (CFPB) for additional data concerning a perceived homeownership gap between LGBTQI+ households and non-LGBTQI+, straight and cisgender households. As Co-Chair and Vice-Chair of the Congressional Equality Caucus, Reps. Torres and Krishnamoorthi highlighted the need for better data from the agency to enable Congress to take appropriate legislative action.

According to a recent report by the Urban Institute utilizing Household Pulse Survey data, 77 percent of white, non-LGBTQI+ households are homeowners, compared to just 35 percent of Black LGBTQI+ households. When looking at ethnicity, just 43 percent of Latino and lesbian, gay, or bisexual households are homeowners, compared to 58 percent of Latino non-LGBTQI+ households.

“Responsible data collection on sexual orientation, gender identity, and variations in sex characteristics is critical to support intersectional research to better understand the credit experiences of LGBTQI+ homebuyers with respect to mortgage rates, loan terms, loan amounts, and denial rates for mortgage credit. Such data and research are essential to support evidence-based policymaking to improve the economic security and housing stability of the LGBTQI+ constituents that we serve,” the Members wrote.

The letter calls upon the CFPB to release a copy of the Bureau’s Sexual Orientation, Gender Identity, and Sexual Characteristics (SOGISC) Data Action Plan (DAP) and to provide more information regarding complaints from consumers who identify as LGBTQI+ on financial services and homebuying or home mortgage services.

The letter is attached here.

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