Financial Institutions Blog

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.

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John Zasada is a principal with CLA and leads the firm’s financial institution regulatory compliance practice. He assists financial institutions 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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