Today we released a proposal to amend Regulation B to provide additional flexibility for mortgage lenders concerning the collection of consumer demographic information.
For the mortgage lending industry, the proposal would provide flexibility for individual lenders while supporting the industry’s ability to use consistent forms and practices. We believe this will help the mortgage industry as it works to adopt new application forms, including the revised Uniform Residential Loan Application.
Regulation B implements the Equal Credit Opportunity Act (ECOA). ECOA is a federal civil rights law that protects applicants from being discriminated against by lenders. Our rules to implement ECOA include restrictions on lenders’ ability to ask for certain information from consumers as well as requirements to collect certain information from consumers so that we and other government agencies can help ensure lenders are following the law. The proposal would amend these requirements to increase mortgage lenders’ flexibility in collecting certain demographic information provided by mortgage applicants.
The CFPB is committed to well-tailored and effective regulations and has sought to carefully calibrate its efforts to ensure consistency with respect to consumer financial protections across the financial services marketplace.
Comments on the proposal will be due 30 days after it is published in the Federal Register.
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