Removing Barriers Blog

CUNA Files ECOA Comments with CFPB
Posted May 05, 2017 by CUNA Advocacy

Earlier this week, CUNA’s Senior Director of Advocacy and Counsel, Andy Price, sent a comment letter to the CFPB in regards to the Bureau’s Proposed Rule on Equal Credit Opportunity Act’s (ECOA) Regulation B Ethnicity and Race Information Collection. 

The proposed amendments: 

  • Provide a creditor with additional flexibility in how it collects applicant ethnicity and race information under Regulation B to better align with the Regulation C HMDA collection.  

  • Replaces and updates the 2004 version of the Uniform Residential Loan Application (URLA) to the current version issued by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation (the Enterprises). 

  • Will allow a credit union to satisfy the Regulation B ECOA data collection by collecting monitoring information in the same-dis-aggregated format. 

CUNA greatly appreciates the CFPB’s attention on these matters.  While we support these changes and believe they can result in a reduction of the regulatory burden, the CFPB should also go further in synchronizing Regulation B and Regulation C in order to avoid duplicability.  

CUNA will continue to fight on behalf of America’s credit unions and their 110 million members by urging the CFPB to use their exemption authority for credit unions and other community financial institutions.