Regulation B Proposal on Collecting Ethnicity and Race Information
On March 24th the Consumer Financial Protection Bureau (CFPB) issued a proposal to amend Regulation B with respect to collecting and retaining government monitoring information for mortgage applications. The proposal is intended to help synchronize Regulation B with the 2015 Home Mortgage Disclosure Act (HMDA) rule changes. The 2015 HMDA changes amend the collection of ethnicity and race information. The proposed Regulation B changes would assist lenders in collecting this information consistent with the 2015 HMDA changes.