The Consumer Financial Protection Bureau is seeking changes to rules implementing the Equal Opportunity Credit Act. The updates are designed to provide additional flexibility to lenders to collect consumer race and ethnicity information that will be required by new Home Mortgage Disclosure Act requirements and the revised Uniform Residential Loan Application.
The CFPB said the proposed amendments will provide greater clarity to lenders regarding their obligations under the law, while promoting compliance with rules intended to ensure consumers are treated fairly. Comments on the proposal will be due 30 days after it is published in the Federal Register.
Read the full proposal.