CFPB Amends Regulation B for Collecting Ethnicity and Race Information

On September 20th the Consumer Financial Protection Bureau (CFPB) amended Regulation B in order for mortgage lenders to have more flexibility in collecting race and ethnicity information.  The changes, which were proposed in March, will not require mortgage lenders to maintain different collection practices depending on their loan volume.  Lenders will be able to use application forms that include expanded requests for ethnicity and race information, including the revised Uniform Residential Loan Application.  The rule is generally effective on January 1, 2018. However, the amendment removing the existing Uniform Residential Loan Application form in amendatory instruction 6 is effective January 1, 2022.

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John Zasada is a principal with CLA and leads the firm’s financial institution regulatory compliance practice. He assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, training staff on regulations, and performing website compliance assessments. In addition, John is a frequent speaker at industry conferences and state associations. Prior to joining CLA, he served as managing director at a top-10 accounting firm and as the compliance officer of a large financial institution, where he developed and implemented its first regulatory compliance program.

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