Comments due May 4 on CFPB’s proposed Equal Credit Opportunity Act changes
Comments are due by May 4 on the CFPB’s proposed amendments to make Equal Credit Opportunity Act (ECOA) regulations more flexible for mortgage lenders collecting consumer ethnicity and race information. NAFCU will submit comments.
The bureau said its amendments would provide lenders with greater clarity about their obligations while improving compliance and ensuring fair consumer treatment.
Regulation B implements the ECOA, which restricts lenders’ ability to ask consumers about race, religion, nationality or sex except as it relates to the required collection of such information for some mortgage applications. The proposal would provide lenders greater flexibility in their compliance with Regulation B and Regulation C as well as establish consistency in the forms they use to request the information, including the revised Uniform Residential Loan Application.continue reading »