Community banks say that a warning from a civil rights group about pending legislation to overhaul the Dodd-Frank Wall Street Reform and Consumer Protection Act is much ado about nothing.

A press release issued over the weekend by the National Association for the Advancement of Colored People warned about the potential elimination of an anti-mortgage discrimination tool.

According to the organization, section 104 of S. 2155, Economic Growth, Regulatory Relief, and Consumer Protection Act, would exempt 85 percent of banks from the reporting requirements of the Home Mortgage Disclosure Act.

Source: Mortgage Daily