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Banking and Financial Matters Blog

Same Loan Application, Only Different

Authored by Ruder Ware Attorneys
Posted on August 30, 2016
Filed under Banking and Financial Matters

Last month the Bureau of Consumer Financial Protection (CFPB) quietly approved a revised and redesigned Uniform Residential Loan Application (URLA) for 2017 to allow for the collection of more information about the ethnicity and race of loan applicants.

With some exceptions, Regulation B § 1002.5(b) generally prohibits a creditor from inquiring about the race, color, religion, national origin, or sex of an applicant or any other person in connection with a credit transaction.  However, Regulation C, as amended by 2015 Home Mortgage Disclosure Act final rule, will require financial institutions to permit applicants to self-identify their race and ethnicity beginning January 1, 2018.  However, before that date, such inquiries will not be required by Regulation C or allowed under Regulation B.

The redesigned URLA and accompanying CFPB staff opinion will allow a financial institution, as of January 1, 2017, to permit applicants to self-identify their race and ethnicity without being in violation of Regulation B § 1002.5(b). 

Read the complete CFPB here.