CUNA CompBlog: CFPB Proposes Amendments to the Regulation B Data Collection Requirements

On March 24th, the Consumer Financial Protection Bureau ("CFPB") issued a proposed rule to amend the monitoring information data collection requirements found in Sections 1002.5 and 1002.13 of Regulation B ("ECOA"). The primary purpose of the proposal is to better align the data collection requirements of ECOA with the previously amended data collection requirements of Regulation C ("HMDA").  

In October 2015, the CFPB finalized amendments to HMDA pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Among these is a requirement that applicants be permitted to provide monitoring information in a dis-aggregated format instead of the current aggregated format.  

There is a similar data collection requirement under ECOA. It requires the collection of monitoring information on applications for the purchase or refinance of a principal residence.  

The proposed rule attempts to provide clarification of and consistency between the separate data collection requirements of HMDA and ECOA. 

Click here to read the blog post in its entirety.


in Compliance & Regulatory News