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.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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