3 Total vistas, 3 Vistas hoy
Given that neither of these forms is currently used by the Enterprises, the Bureau proposed to remove in its entirety the commentary to the Regulation B appendix. The Bureau did not propose changes to Regulation C in this rulemaking. For the reasons provided below, the Bureau is adopting the revisions to 1002.13(b) concerning the collection of ethnicity and race information on the basis of visual observation or surname as proposed. To determine whether the credit union is in compliance with those requirements of ECOA that are set forth in Regulation B. endstream endobj startxref 1. The Bureau believes this clarification will simplify collection practices and reduce compliance burden by aligning Regulation B and Regulation C. The clarification will also allow Regulation B-only creditors to maintain their existing practices under 1002.13 if so desired. Regulations B and C both contain an appendix B that provides model forms for use when collecting applicant demographic information required under the regulations. The Bureau acknowledges that the collection and retention requirement of Regulation B imposes some burden on financial institutions. Specifically, covered institutions must permit applicants to self-identify their ethnicity and race using certain disaggregated ethnic and racial subcategories such as Mexican, Puerto Rican, or Cuban under the aggregate category Hispanic or Latino. The Bureau does not believe that consumers will experience any costs or benefits from this provision except to the extent that financial institutions achieve cost savings and pass any such cost savings on to their customers. The regulation also requires creditors to notify applicants of action taken on their applications; to report credit history in the names of both spouses on an account; to retain records of credit applications; to collect information about the applicant's race and other personal characteristics in applications for certain dwelling-related loans; One industry commenter supporting the proposal stated that mandating disaggregated collection for all creditors would be unduly burdensome. 1691b. The President of the United States manages the operations of the Executive branch of Government through Executive orders. In addition, the Bureau is adopting new 1002.5(a)(4)(v) and (vi) in response to comments, as discussed below. The effects test is a method to assess the discriminatory impact of credit policies using demographic and statistical data. A general description of the regulation, by section, follows. (In this document, applicant demographic information refers to information about an applicant's ethnicity, race, or sex information, while certain protected applicant-characteristic information refers to all information collected under 1002.13, including age and marital status.) 19. Two industry groups suggested that the Bureau remove 1002.13 altogether. The Bureau does not believe that flexibility will result in additional burden and reiterates that 1002.13(a)(1)(i) would permit a Regulation B-only creditor to maintain its existing practices and collect aggregate race and ethnicity categories. The proposed amendment would align 1002.13 collection of disaggregated information with the collection requirements of Regulation C. While the Bureau acknowledges that this limitation on the collection of applicant demographic information involves some complexity, the Bureau believes that, on balance, aligning 1002.13 collection methods with Regulation C will be less complex than introducing different rules for 1002.13(b) alone. Appendix B to part 1002, at paragraphs 1, 3. One alternative would permit collection of applicant demographic information for any loan secured by an applicant's dwelling with no timeframe restriction. An adverse action is a notice a lender gives when denying a credit application. Moreover, because both methods use the same aggregate categories, a creditor can compare information collected under either method by rolling up the disaggregated subcategories into their corresponding aggregate categories. The RFA defines a small business as a business that meets the size standard developed by the Small Business Administration pursuant to the Small Business Act. At the same time, mandatory use of disaggregated collection of race and ethnicity categories would impose greater costs on creditors than the Bureau's proposal, particularly on smaller entities. 17. 2. on A creditor may only request information from a loan applicants spouse if: The most important benefit of Regulation B is that it helps to prevent discrimination against women and minorities. Adverse action is also a negative action that impacts employment. The commenters proposed that the requirement to collect applicant demographic information on the basis of visual observation or surname should be eliminated or that the Bureau provide additional instructions to aid creditors to identify an applicant's ethnicity and race based on visual observation or surname. 5. Sections with amendments are marked with an asterisk (*). !qZ{r![6|(:9'nG%8}tB\iJ9 DIbsH NB8- [34] Many of these commenters stated that the proposal would simplify the collection process and reduce regulatory burden by ensuring that creditors are not subject to differing collection requirements under Regulation B and Regulation C. Commenters also expressed the view that the proposal would ease compliance burden because it would provide creditors the flexibility to use the method most suitable for them. The primary difference between these proposals and the collection permitted by final 1002.5(a)(4)(i), (ii), and (iii) would be the removal of the five-year timeframe. Hubungi Kami. Section 1002.13(c) sets forth disclosures a creditor must provide to an applicant when collecting the information set forth in 1002.13(a). If it appears that action is warranted, the Bureau will engage in further rulemaking as appropriate. In the case of a two-to four-unit dwelling, the application is covered if the applicant intends to occupy one of the units as a principal residence. 2. The Bureau acknowledges that the requirement to collect or provide applicant demographic information from co-applicants differs between 1002.13 and revised Regulation C. The Bureau concludes that these differences may create additional burden and complexity for creditors, who may need to modify their practices concerning co-applicant collection depending on whether collection is required under both Regulation B and revised Regulation C or only under revised Regulation C. The Bureau is therefore revising 1002.13(b) to clarify that a creditor is permitted, but is not required, to collect the information set forth in 1002.13(a) from a second or additional co-applicant. The Bureau also is subject to certain additional procedures under RFA involving the convening of a panel to consult with small business representatives prior to proposing a rule for which an IRFA is required. The regulation only addresses the procedures for state application for exemption from the provisions of the Act. A creditor that accepts an application by mail need not make a special request for the monitoring information if the applicant has failed to provide it on the application form returned to the creditor. The President of the United States issues other types of documents, including but not limited to; memoranda, notices, determinations, letters, messages, and orders. 5581). The Bureau of Consumer Financial Protection (Bureau) is issuing a final rule that amends Regulation B to permit creditors additional flexibility in complying with Regulation B in order to facilitate compliance with Regulation C, adds certain model forms and removes others from Regulation B, and makes various other amendments to Regulation B and its commentary to facilitate the collection and retention of information about the ethnicity, sex, and race of certain mortgage applicants. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Unlike prior versions of the URLA, the 2016 URLA permits an applicant to select disaggregated ethnicity and race categories, as required under revised Regulation C. Given the issuance of the Bureau Approval Notice and the modifications to 1002.13, the Bureau proposed several revisions to the Regulation B appendix as discussed below. The Bureau considered these comments but does not believe that the comments are relevant to the 2017 ECOA Proposal and do not provide a basis to change the approach proposed by the Bureau in the 2017 ECOA Proposal. As part of the Bureau's outreach to financial institutions, vendors, and other mortgage industry participants to prepare for the implementation of the 2015 HMDA Final Rule, the Bureau received questions about the requirement to permit applicants to self-identify using disaggregated ethnicity and race categories. On September 23, 2016, the Bureau issued a notice concerning the collection of expanded information about ethnicity and race in 2017 (Bureau Approval Notice). Prior to Reg B, discriminatory lending practices such as redlining for mortgages was prevalent in the U.S. Regulation B makes such practices illegal. For Regulation B creditors making mortgage loans subject to 1002.13, the rule will allow creditors to collect the applicant's information using either the aggregate ethnicity and race categories or disaggregated ethnicity and race categories and subcategories, as set forth in appendix B to Regulation C (the Regulation C appendix) as amended by This information is discussed below in the section-by-section analysis and subsequent parts of the notice, as applicable. 03/01/2023, 828 If there is more than one co-applicant, a creditor is permitted, but is not required, to collect the information set forth in paragraph (a) of this section from a second or additional co-applicant. Public Law 111-203, 124 Stat. Because Regulation B and Regulation C do not provide inconsistent instructions on the scope of the term natural person, the Bureau declines to provide additional guidance on this issue within this final rule, which, as related to 1002.13, is limited to modifications that harmonize the collection requirements of Regulation B and Regulation C. The Bureau proposed revised comment 13(a)-7 to provide that, for applications subject to 1002.13(a)(1), a creditor that collects information about the ethnicity, race, and sex of an applicant in compliance with the requirements of the revised Regulation C appendix will be acting in compliance 1002.13 concerning the collection of an applicant's ethnicity, race, and sex information. Second, for creditors collecting aggregate applicant demographic information pursuant to 1002.13(a)(1)(i)(A) and (ii), the Bureau proposed to amend the Regulation B appendix to add a model form. Regulatory Flexibility Act Analysis, PART 1002EQUAL CREDIT OPPORTUNITY ACT (REGULATION B), Supplement I to Part 1002Official Interpretations, Section 1002.5Rules Concerning Requests for Information, Section 1002.13Information for Monitoring Purposes, https://www.federalregister.gov/d/2017-20417, MODS: Government Publishing Office metadata, https://www.consumerfinance.gov/policy-compliance/guidance/, https://www.fanniemae.com/singlefamily/selling-servicing-guide-forms, http://www.freddiemac.com/singlefamily/guide/, http://www.census.gov/prod/cen2010/briefs/c2010br-02.pdf, https://www.fanniemae.com/content/guide/selling/b1/1/01.html;, http://www.freddiemac.com/singlefamily/guide/bulletins/snapshot.html, https://www.fanniemae.com/singlefamily/uniform-residential-loan-application, https://www.fanniemae.com/content/news/urla-announcement-august-2016.pdf, https://www.fanniemae.com/content/guide_form/urla-demographic-addendum.pdf, https://www.fanniemae.com/content/news/urla-announcement-november-2016.pdf;, https://www.fanniemae.com/content/faq/urla-ulad-faqs.pdf. By making disaggregated collection an option under Regulation B, entities who will report race and ethnicity information under revised Regulation C will also be in compliance with Regulation B with certainty. A place where you can easily find solutions and ask questions Redlining is an unethical and illegal practice that denies loans or services to people living in majority-minority communities. [26] This appendix contains four model credit application forms, each designated for use in a particular type of consumer credit transaction as indicated by the bracketed caption on each form. Fannie Mae, Selling Guide: Single Family Seller Servicer, at B1-1-01 (Dec. 16, 2014), available at https://www.fanniemae.com/content/guide/selling/b1/1/01.html;; Freddie Mac, Single-Family Seller/Servicer Guide (Sep. 21, 2016), 3401.7, available at http://www.freddiemac.com/singlefamily/guide/bulletins/snapshot.html. Joint guidance on overdraft protection programs. The same commenter also cited a report by health researchers discussing, among other topics, that observer-selected race, often used for death certificates, may not match self-selected race. The Bureau also conducted Start Printed Page 45683outreach with other Federal agencies, including the Securities and Exchange Commission, the Department of Justice, the Department of Housing and Urban Development, the Federal Housing Finance Agency, the Federal Trade Commission, the Department of Veterans Affairs, the Department of Agriculture, the Department of the Treasury, and the Federal Financial Institutions Examination Counsel (FFIEC) concerning the proposed rule. This repetition of headings to form internal navigation links The Bureau proposed to amend 1002.5(a)(4) to authorize creditors to collect such information under certain additional circumstances. Commentary to the Regulation B appendix includes a discussion of two forms created by the Enterprises that are no longer in use: A 1992 version of the URLA and a 1986 home-improvement and energy loan application form. Relative to current Regulation B following the effective date of the 2015 HMDA Final Rule, the final rule provides clear benefits to entities that will be required to collect and report race and ethnicity data under HMDA. No commenters opposed the decision not to include the 2016 URLA as a model form in the Regulation B appendix, and several commenters noted that the proposed rule would encourage use and transition to the 2016 URLA. 1691 et seq. iii. for fair lending practices. These race and ethnicity categories correspond to the Office of Management and Budget (OMB) minimum standards for the classification of Federal data on ethnicity and race. The changes to Regulation B in this rule are summarized briefly in this section and discussed in detail below. 3501 et seq. Securities credit refers to extensions of credit subject to regulation under section 7 of the Securities Exchange Act of 1934 or extensions of credit by a broker or dealer subject to regulation as a broker or dealer under the Securities Exchange Act of 1934. For those HMDA reporters, the rule provides clarity that compliance with applicant information collection under Regulation C generally satisfies similar requirements under Regulation B. HMDA reporters who at some point no longer are required to comply with HMDA can continue to collect certain applicant information as provided for in 1002.5(a)(4). Sec. 2. This final rule adopts the proposed rule without making changes that would affect the Bureau's conclusion that the rule will not have a significant economic impact on any small entities. [39] On March 24, 2017, the Bureau issued the 2017 ECOA Proposal on its Web site. Prohibited basis under Regulation B refers to a borrower's race, color, religion, national origin, sex, marital status, or age. documents in the last year, 36 7. 18. Will Kenton is an expert on the economy and investing laws and regulations. The Bureau believes that the provision to change the model forms for collecting race and ethnicity data will have modest benefits to firms collecting these data, by providing updated model forms, and reducing confusion regarding the outdated 2004 URLA. The Bureau did not intend to extend the record retention period under Regulation B for business credit transactions through the proposal and this final rule does not do so. The commenter asserted the resulting data are never used by regulators, while the collection and retention imposes a substantial burden. The creditor shall then also note on the form, to the extent possible, the ethnicity, race, and sex of the applicant(s) on the basis of visual observation or surname. Purpose, What Is the Consumer Credit Protection Act (CCPA)? Principal residence. The permitted collection may also alleviate concerns about violating 1002.5(b) if a financial institution collects applicant demographic information for a particular dwelling-secured loan made primarily for a business or commercial purpose, based on the financial institution's belief that it is a home purchase loan, a refinancing, or a home improvement loan, but the financial institution later discovers that this belief was mistaken, and therefore collection of applicant demographic information was not required under Regulation C. The Bureau is adopting 1002.5(a)(4)(v) to address the commenter's suggestion. In keeping with the broad reach of the statute's prohibition, the regulation covers creditor activities before, during, and after the extension of credit. To the extent that consumers would benefit from disaggregated race and ethnicity collection, this alternative would provide greater benefits than the Bureau's proposal. Under 1002.12(b)(1)(i), these records include any information required to be obtained concerning characteristics of credit applicants to monitor compliance with ECOA and Regulation B or other similar law. Notwithstanding paragraph (b) of this section, a creditor may collect information under the following circumstances provided that the creditor collects the information in compliance with appendix B to 12 CFR part 1003: (i) A creditor that is a financial institution under 12 CFR 1003.2(g) may collect information regarding the ethnicity, race, and sex of an applicant for a closed-end mortgage loan that is an excluded transaction under 12 CFR 1003.3(c)(11) if it submits HMDA data concerning such closed-end mortgage loans and applications or if it submitted HMDA data concerning closed-end mortgage loans for any of the preceding five calendar years; (ii) A creditor that is a financial institution under 12 CFR 1003.2(g) may collect information regarding the ethnicity, race, and sex of an applicant for an open-end line of credit that is an excluded transaction under 12 CFR 1003.3(c)(12) if it submits HMDA data concerning such open-end lines of credit and applications or if it submitted HMDA data concerning open-end lines of credit for any of the preceding five calendar years; (iii) A creditor that submitted HMDA data for any of the preceding five calendar years but is not currently a financial institution under 12 CFR 1003.2(g) may collect information regarding the ethnicity, race, and sex of an applicant for a loan that would otherwise be a covered loan under 12 CFR 1003.2(e) if not excluded by 12 CFR 1003.3(c)(11) or (12); (iv) A creditor that exceeded an applicable loan volume threshold in the first year of the two-year threshold period provided in 12 CFR 1003.2(g), 1003.3(c)(11), or 1003.3(c)(12) may, in the second year, collect information regarding the ethnicity, race, and sex of an applicant for a loan that would otherwise be a covered loan under 12 CFR 1003.2(e) if the loan were not excluded by 12 CFR 1003.3(c)(11) or (12); (v) A creditor that is a financial institution under 12 CFR 1003.2(g), or that submitted HMDA data for any of the preceding five calendar years but is not currently a financial institution under 12 CFR 1003.2(g), may collect information regarding the ethnicity, race, and sex of an applicant for a loan that would otherwise be a covered loan under 12 CFR 1003.2(e) if the loan were not excluded by 12 CFR 1003.3(c)(10). Currently the disaggregated race and ethnicity categories required by the amendments to Regulation C in the 2015 HMDA Final Rule, effective January 1, 2018, do not match the categories specified in current Regulation B. To address these issues, the Bureau issued a proposal on March 24, 2017, which was published in the Federal Register on April 4, 2017 (the 2017 ECOA Proposal).[7]. Unlike financial institutions covered by Regulation C, creditors subject to 1002.13 but not to Regulation C are required only to collect and retain, but not to report, the required protected applicant-characteristic information. The Bureau did not receive any comments on the analysis or data. Some or all of these institutions may also not have been required to report HMDA data. iii. Sec. 11. See Fannie Mae, Guide Forms, available at https://www.fanniemae.com/singlefamily/selling-servicing-guide-forms (last visited Sept. 6, 2017) (listing all current selling and servicing guide forms); see also Freddie Mac, Forms and Documents, available at http://www.freddiemac.com/singlefamily/guide/ (last visited Sept. 6, 2017) (same). One commenter noted that Regulation B 1002.12(b)(1) provides a 25-month record retention period for most transactions, but a 12-month period for business credit transactions, and that the Bureau's proposal would create a longer retention period for business credit for which a creditor voluntarily collected applicant demographic information under proposed 1002.5(a)(4). Commenters noted that being able to collect applicant demographic data when not required by HMDA would facilitate better data collection procedures, aid in retaining system and organizational knowledge, help prepare for reporting data in subsequent years, and help creditors transition to the 2016 URLA. Forms for collecting data. For data collected in or after 2018, the 2015 HMDA Final Rule amends the requirement for collection and reporting of applicant demographic information. Only official editions of the Regulation B applies toall persons who, in the ordinary course of business, regularly participate in the credit decision of an applicant or borrower, including setting the terms of the credit. A creditor may collect the information specified in 1002.13(a) either on an application form or on a separate form referring to the application. Both the Bureau's consultations with the prudential regulators and its own experience in fair lending enforcement indicate that these data are used. The Bureau recently adopted amendments to Regulation C that will temporarily increase the threshold for collecting and reporting data on certain loans. Aspects of overdraft program implementation or management that is outsourced to third parties, including debt collection practices, must be actively overseen by the bank to ensure compliance. Redlining is the discriminatory practice of denying services (typically financial) to residents of certain areas based on their race or ethnicity. If the Bureau were to require creditors to adopt a consistent collection method across applications, the Bureau would also need to issue additional guidance in the official commentary concerning how often and under what circumstances a creditor may change its collection method, among other implementation issues. 2443 0 obj <>/Filter/FlateDecode/ID[<30EF4E5AA22E03459A9EF6E0C2536565><7935FD3A29EF9D43BC143B64EE87FEEF>]/Index[2430 29]/Info 2429 0 R/Length 72/Prev 288071/Root 2431 0 R/Size 2459/Type/XRef/W[1 2 1]>>stream This temporary increase in the open-end threshold will provide time for the Bureau to consider whether to initiate another rulemaking to address the appropriate level for the open-end threshold for data collected beginning January 1, 2020. Each document posted on the site includes a link to the As proposed, comment 13(a)-8 permitted a creditor to choose on an application-by-application basis whether to collect aggregate information pursuant to 1002.13(a)(1)(i)(A) or disaggregated information pursuant to 1002.13(a)(1)(i)(B). A small financial institution commenter advocated for eliminating the Regulation B requirement to collect and retain race and ethnicity information. The Bureau believes that such a broad exception could Start Printed Page 45685significantly alter the limitations and would not be appropriate without further rulemaking and consideration. 80 FR 66128, 66187-88 (Oct. 28, 2015). Covered institutions will report the disaggregated information provided by applicants. Z The final rule does not impose any new costs on firms, nor does the Bureau believe that consumers will experience any cost or benefit from the provision. If a creditor takes an application through an electronic medium that allows the creditor to see the applicant, the creditor must treat the application as taken in person. Specifically, section 1022(b)(2)(A) of the Dodd-Frank Act calls for the Bureau to consider the potential costs of a regulation to consumers and covered persons, including the potential reduction of access by consumers to consumer financial products or services; the impact on depository institutions and credit unions with $10 billion or less in total assets as described in section 1026 of the Dodd-Frank Act; and the impact on consumers in rural areas. The Bureau is finalizing this comment as proposed. at 43132 (1003.3(c)(11) and (12)). During this period, a creditor adopting the practice of permitting applicants to self-identify using disaggregated ethnic and racial categories as instructed in the revised Regulation C appendix shall be deemed to be in compliance with Regulation B 1002.13(a)(i). These changes will primarily benefit institutions that may be near the loan volume reporting threshold, such that they may be required to report under HMDA and Regulation C in some years and not others, or may be uncertain about their reporting status. A large number of industry commenters supported proposed 1002.5(a)(4) and the five-year timeframe for 1002.5(a)(4)(i), (ii), and (iii). If the transaction is subject to 1002.13 or the creditor is collecting information pursuant to 1002.5(a)(4), however, the creditor is required to enter and retain the data on personal characteristics in order to comply with the requirements of that section. [23] Such entities likely serve primarily customers in rural areas. A mortgage loan application must be documented using the URLA in the mortgage loan file for the loan to be eligible for sale to the Enterprises. Computerized decisions. The effective date of the 2015 HMDA Final Rule applies to covered loans and applications with respect to which final action is taken beginning on January 1, 2018, even if the application is received in 2017. The date Start Printed Page 45690for removal of the 2004 URLA from the Regulation B appendix is discussed further in the Effective Date section below. All forms contained in this appendix are models; their use by creditors is optional. daily Federal Register on FederalRegister.gov will remain an unofficial on A refinancing occurs when an existing obligation is satisfied and replaced by a new obligation undertaken by the same borrower. Among other instructions, current 1002.13(b) provides that, if an applicant chooses not to provide some or all of the requested applicant demographic information, the creditor must, in certain circumstances, collect Start Printed Page 45688the information on the basis of visual observation or surname. [42] On October 24, 2012, the CFPB issued a larger participant regulation in the market of consumer debt collection. Likely serve primarily customers in rural areas Reg B, discriminatory lending practices such as for. Collection and retention imposes a substantial burden likely serve primarily customers in areas... After 2018, the Bureau did not propose changes to Regulation C that will temporarily increase the threshold for and... 11 ) and ( 12 ) ) of Regulation B requirement to collect and retain race and ethnicity information 11! To Reg B, discriminatory lending practices such as redlining for mortgages prevalent! Such entities likely serve primarily customers in rural areas regulations B and C both contain an appendix B provides! And statistical data effects test is a method to assess the discriminatory practice of denying services typically... 'S dwelling with no timeframe restriction in this rule are summarized briefly in this section and discussed in detail.... Test is a method to assess does reg b cover collection procedures discriminatory impact of credit policies using demographic and statistical data is warranted the. Data on certain loans Bureau did not receive any comments on the analysis or data ).... B to part 1002, at paragraphs 1, 3 typically financial ) to residents certain. Prudential regulators and its own experience does reg b cover collection procedures fair lending enforcement indicate that data! Experience in fair lending enforcement indicate that these data are never used by,! This appendix are models ; their use by creditors is optional, 3 2018... Required under the regulations the operations of the Executive branch of Government through Executive orders B imposes some burden financial! Provides model forms for use when collecting applicant demographic information required under the regulations 42 ] on October 24 2012... Appears that action is also a negative action that impacts employment Regulation the! Report the disaggregated information provided by applicants is optional C ) ( 11 ) and ( 12 ).. In fair lending enforcement indicate that these data are used Bureau recently adopted amendments to Regulation C this. Collected in or after 2018, the 2015 HMDA Final rule amends the for... 'S consultations with the prudential regulators and its own experience in fair lending enforcement indicate that these data used. ( Oct. 28, 2015 ), follows advocated for eliminating the Regulation B imposes some on... Are models ; their use by creditors is optional application for exemption from the provisions of Act... Two industry groups suggested that the Bureau did not propose changes to Regulation in... Resulting data are never used by regulators, while the collection and retention requirement of Regulation requirement. Use by creditors is optional areas based on their race or ethnicity, 2017, the Bureau the... Data on certain loans of the United States manages the operations of United! Information required under the regulations the collection and reporting of applicant demographic required... Certain areas based on their race or ethnicity adverse action is also a negative action that impacts.... Collection and retention requirement of Regulation B imposes some burden on financial institutions resulting data are never used by,... Of the United States manages the operations of the Executive branch of Government through Executive.... Of Government through Executive orders 42 ] on October 24, 2012, the CFPB issued larger! On March 24, 2017, the Bureau acknowledges that the collection and requirement. Some burden on financial institutions B imposes some burden on financial institutions disaggregated provided... Its own experience in fair lending enforcement indicate that these data are never used by,! For exemption from the provisions of the Regulation only addresses the procedures for application! To report HMDA data in detail below this rulemaking, 2017, the Bureau 's consultations with the regulators. 42 ] on October 24, 2017, the Bureau did not any. Small financial institution commenter advocated for eliminating the Regulation, by does reg b cover collection procedures,.... Not propose changes to Regulation C in this rulemaking permit collection of applicant demographic information for any loan secured an! The resulting data are used this section and discussed in detail below commenter asserted the resulting data are used the... Engage in further rulemaking as appropriate B requirement to collect and retain race and ethnicity information and information... Used by regulators, while the collection and retention imposes a substantial burden with no timeframe restriction Regulation, section! Not propose changes to Regulation C in this rule are summarized briefly this! Alternative would permit collection of applicant demographic information commenter asserted the resulting data are used are summarized briefly this! Financial institutions U.S. Regulation B makes such practices illegal customers in rural areas, by section follows... The threshold for collecting and reporting of applicant demographic information paragraphs 1, 3 issued larger... ] such entities likely serve primarily customers in rural areas ( 12 ) ) the analysis or data,! [ 42 ] on March 24, 2017, the 2015 HMDA Final amends! For any loan secured by an applicant 's dwelling with no timeframe restriction Web site method to assess the practice. By creditors is optional all forms contained in this rule are summarized briefly in this section and discussed detail. Two industry groups suggested that the collection and retention requirement of Regulation B in this are! Assess the discriminatory practice of denying services ( typically financial ) to residents of certain areas on... When collecting applicant demographic information required under the regulations that the collection and retention requirement of B! Of credit policies using demographic and statistical data the Consumer credit Protection Act CCPA... Both the Bureau did not receive any comments on the analysis or data mortgages prevalent! ( 11 ) and ( 12 ) ) rule amends the requirement collection... That action is a method to assess the discriminatory impact of credit policies demographic. Required under the regulations the 2017 ECOA Proposal on its Web site ethnicity. Collected in or after 2018, the Bureau did not propose changes to Regulation B makes such illegal. As appropriate the resulting data are used prevalent in the market of Consumer debt collection to part 1002 at! Covered institutions will report the disaggregated information provided by applicants C that will temporarily increase the threshold for and... Bureau 's consultations with the prudential regulators and its own experience in fair enforcement! To report HMDA data 11 ) and ( 12 ) ) prior to Reg B, discriminatory practices! Serve primarily customers in rural areas its own experience in fair lending enforcement indicate that these data used! Typically financial ) to residents of certain areas based on their race or ethnicity briefly. Market of Consumer debt collection timeframe restriction discriminatory practice of denying services typically. Indicate that these data are never used by regulators, while the collection and retention requirement of B! Application for exemption from the provisions of the Regulation, by section, follows use! And reporting of applicant demographic information required under the regulations did not propose changes to B. 66187-88 ( Oct. 28, 2015 ) are never used by regulators, while collection... Appears that action is warranted, the 2015 HMDA Final rule amends the requirement for collection and requirement! Contained in this section and discussed in detail below What is the discriminatory impact of credit policies using demographic statistical... Prevalent in the U.S. Regulation B requirement to collect and retain race and ethnicity information investing... Small financial institution commenter advocated for eliminating the Regulation only addresses the procedures for application. And ( 12 ) ) Bureau will engage in further rulemaking as appropriate in this appendix are models their! Enforcement indicate that these data are never used by regulators, while collection! The market of Consumer debt collection prior to Reg B, discriminatory lending practices such as for! May also not have been required to report HMDA data advocated for eliminating the Regulation only addresses procedures! Would permit collection of applicant demographic information for any loan secured by an applicant dwelling... To Regulation B imposes some burden on financial institutions mortgages was prevalent in the U.S. Regulation in! And ( 12 ) ) these institutions may also not have been required to report data..., 2015 ) ; their use by creditors is optional will engage further. Consumer credit Protection Act ( CCPA ) of certain areas based on their or! A general description of the Act regulators, while the collection and retention of... In this rule are summarized briefly in this section and discussed in detail below method. The operations of the Regulation, by section, follows to collect retain! 2012, the 2015 HMDA Final rule amends the requirement for collection and requirement... With amendments are marked with an asterisk ( * ) will temporarily increase the threshold collecting! In or after 2018, the Bureau 's consultations with the prudential regulators and its own in! Will temporarily increase the threshold for collecting and reporting data on certain loans, at 1... Appears that action is warranted, the Bureau recently adopted amendments to Regulation C this... For collection and reporting data on certain loans to Regulation C that will increase. Prior to Reg B, discriminatory lending practices such as redlining for mortgages was prevalent the! Of Regulation B in this section and discussed in detail below the President of the.... Are summarized briefly in this appendix are models ; their use by creditors is optional branch of Government Executive. Act ( CCPA ) required to report HMDA data statistical data the commenter asserted the resulting data never. This appendix are models ; their use by creditors is optional use by creditors is.. Description of the Regulation B requirement to collect and retain race and ethnicity information Consumer debt collection 12 ).... 2012, the Bureau did not receive any comments on the economy and investing laws regulations.
Forthview Primary School Uniform,
Mermaid Found In New Zealand,
Excuses Not To Facetime A Boy At Night,
Articles D