CFPB Proposes Amending Regulation B – NMP Skip to main content

CFPB Proposes Amending Regulation B

Mar 27, 2017
The Consumer Financial Protection Bureau (CFPB) charged the credit reporting agency Experian and its subsidiaries for “deceiving consumers”

The Consumer Financial Protection Bureau (CFPB) has released a proposal to amend Regulation B, stating that it seeks to “provide additional flexibility for mortgage lenders concerning the collection of consumer demographic information.”
 
Regulation B implements the Equal Credit Opportunity Act (ECOA), a federal civil rights law. Under the CFPB’s proposal, existing restrictions on collecting demographic information on mortgage applications would be relaxed to help the CFPB and other regulatory agencies ensure they are following the law.
 
“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,” said James Wylie, counsel in the CFPB’s Office of Regulations. “We believe this will help the mortgage industry as it works to adopt new application forms, including the revised Uniform Residential Loan Application.”
About the author
Published
Mar 27, 2017
West Capital LO Challenges Contractor Status, Required Fees

A former originator alleges unpaid overtime, recurring tech charges, and company restrictions that he says undermine his independent-contractor status

CFPB Closes 40% Of Investigations, Keeps Mortgage Enforcement In Focus

The federal watchdog closed thousands of supervisory and investigative matters as it narrowed oversight

Midterms Loom With Mortgage Policy Changes Already In Motion

As voters head to the polls Tuesday, Washington is weighing changes to refinancing costs, loan pricing, and lending regulations

UAD 3.6 Deadline Is Monday. Are Brokers Ready?

Wholesale lenders have adopted different rules for appraisal transfers, loan product changes, and reporting formats, adding complications for brokers and appraisers ahead of the Nov. 2 mandate

Friday Harbor Expands AI Appraisal Reviews As UAD 3.6 Deadline Nears

The new capability adds more than 350 automated checks as lenders prepare for the November 2 mandate

Oct 27, 2026
The Hidden Cost Of Appraisal Uncertainty

As home equity lending grows, lenders need a better way to resolve conflicting property evidence before it creates costly setbacks