Removing Barriers Blog

CFPB Releases CUNA-Supported ECOA Regulation Changes
Posted September 21, 2017 by CUNA Advocacy

The Consumer Financial Protection Bureau (CFPB) finalized CUNA-supported changes to its Equal Credit Opportunity Act (ECOA) regulations, while issuing a separate proposal seeking input on proposed Home Mortgage Disclosure Act (HMDA) policy guidance. CUNA supported the ECOA changes in its comment letter sent in May, saying the changes would provide a measure of regulatory relief. 

Specifically, the ECOA final rule makes changes to Regulation B (which implements ECOA) to provide compliance flexibility for mortgage lenders. Lenders will not be required to maintain different practices depending on their loan volume or other characteristics. 

This allows more mortgage lenders to adopt application forms that include expanded requests for information regarding a consumer’s ethnicity and race, including the revised Uniform Residential Loan Application. 

CUNA is reviewing the final rule and will provide more information about how it impacts credit unions on the COMPblog.