Reg B amendments on collection of race and ethnicity info

The CFPB has announced a final rule modifying Regulation B to provide additional flexibility for mortgage lenders in the collection of consumer ethnicity and race information. The changes will provide greater clarity for mortgage lenders regarding their obligations under the law, while promoting compliance with rules intended to ensure consumers are treated fairly. Separately, the CFPB also seeks comment on proposed policy guidance describing the Home Mortgage Disclosure Act (HMDA) data the Bureau proposes to make available to the public beginning in 2019, including modifications to protect consumers’ privacy.

The Regulation B amendments will be effective January 1, 2018, except for the removal of the existing "Uniform Residential Loan Application" (URLA) from Appendix B will be effective January 1, 2022. Comments on the proposed policy guidance will be accepted for 60 days following publication in the Federal Register