On September 26, 2017 Fannie Mae and Freddie Mac (the GSEs) published guidance on the implementation timeline for the redesigned Uniform Residential Loan Application (URLA). Demographic Information Addendum The Consumer Financial Protection Bureau (CFPB) has finalized their Technical Corrections and Clarifying Amendments to the Home Mortgage Disclosure Act (HMDA) Regulation C. The GSEs have updated the Demographic Information Addendum based on this final rule. The changes were made only to the form instructions and not […]
Tag: Regulation B
REGULATION B FINAL RULE – MONITORING INFORMATION
On September 20, 2017 the Consumer Financial Protection Bureau (CFPB) published final revisions to Regulation B, which implements the Equal Credit Opportunity Act (ECOA), to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. Regulation B includes restrictions regarding lenders’ ability to ask consumers about their race, color, religion, national origin or sex, except in certain circumstances. These circumstances include required collection of the information for some mortgage applications […]
PROPOSED CHANGES TO REGULATIONS B AND C
The CFPB has been busy with proposed changes in recent weeks. Two proposed changes released by the CFPB will impact most financial institutions to some degree. The CFPB released proposed changes to Regulation B on March 24, 2017. The proposal is designed to permit creditors additional flexibility in complying with Regulation B – ECOA, in order to facilitate compliance with Regulation C – HMDA. This proposal was not unexpected. In addition, the CFPB released changes […]
PROPOSED CHANGES TO REGULATION B
The CFPB released proposed changes to Regulation B on Friday, March 24th. The proposal, a mere 56 pages, is designed to permit creditors additional flexibility in complying with Regulation B, in order to facilitate compliance with Regulation C – HMDA. This proposal was not unexpected. In October 2015, the CFPB issued final rules to implement changes to Regulation C that allow an applicant to self-identify using disaggregated ethnic and racial categories. These rules are generally […]
REGULATION B AND THE NEW UNIFORM RESIDENTIAL LOAN APPLICATION
On September 23 the Consumer Financial Protection Bureau (CFPB) published an Official Approval concerning the new Uniform Residential Loan Application and the collection of expanded Home Mortgage Disclosure Act information about ethnicity and race in 2017. The official approval was issued on September 23, 2016. Entities may rely on the official approval beginning January 1, 2017. The official approval is issued separately from, and without amending, the official interpretations to Regulation B contained in Supplement […]