The Home Mortgage Disclosure Act known as HMDA was enected by 94th United State Congress. It was an act to extend the authority for flexible regulation of the interest rates on deposits and share accounts in depository institutions, to extend the national commission on electronic fund transfer and to provide home mortgage disclosure.
The most important reason to sign this act was the belief of Congress that some financial institutions worked as catalysts to decline the of some geographical areas by failing to provide housing loan to the proper applicants.
