For complete information about, and access to, our official publications In July 2014, the Bureau proposed amendments to Regulation C to implement the Dodd-Frank Act changes to require collection, recording, and reporting of additional information to further HMDA's purposes, and to modernize the manner in which covered institutions report HMDA data. Collecting information on behalf of creditors. %PDF-1.6 % Proposed 1002.5(a)(4)(i) and (ii) would permit a creditor that is a financial institution under revised Regulation C 1003.2(g) to collect demographic information of an applicant for a closed-end mortgage loan or an open-end line of credit that is an excluded transaction under revised Regulation C 1003.3(c)(11) or 1003.3(c)(12) if it submits HMDA data concerning those applications and loans or if it submitted HMDA data concerning closed-end mortgage loans or open-end lines of credit in any of the preceding five calendar years.[31]. Such entities likely serve primarily customers in rural areas. The Bureau received approximately 36 comments on the 2017 ECOA Proposal during the comment period from consumer advocacy groups, national and State trade associations, banks, individuals, and industry service providers. The revisions and additions read as follows: 1. at 43132, 43145 (1003.2(g)(1)(v)(B), (g)(2)(ii)(B), and 1003.3(c)(12)). Among other instructions, current 1002.13(b) provides that, if an applicant chooses not to provide some or all of the requested applicant demographic information, the creditor must, in certain circumstances, collect Start Printed Page 45688the information on the basis of visual observation or surname. Consumer Finance Protection Bureau. 03/01/2023, 267 Compliance with the applicable servicing criteria is achieved if those policies and procedures are designed to provide reasonable assurance that such vendor's activities comply with such criteria and those policies and procedures are operating effectively. Fannie Mae, Uniform Residential Loan Application, https://www.fanniemae.com/singlefamily/uniform-residential-loan-application# (last visited Sept. 6, 2017). Appendix B provides data collection model forms for use in complying with 1002.13 and that comply with 1002.13(c). The Bureau requested comments on both the costs and benefits associated with this alternative approach. =+f=?z)0p0+~#zSsTib5MuC={0z7&8J8],?8A eMa`?P2EDJaq{%c Although it may be true in the particular case of the community bank commenter, the Bureau believes it is not the case that Start Printed Page 45693these data are never used by regulators. documents in the last year, 1408 i. [24] In this Issue, Documents The Bureau proposed to amend comment 13(c)-1 to reference two data collection model forms the Bureau proposed to provide in the Regulation B appendix. Information about this document as published in the Federal Register. [14] More information and documentation can be found in our In addition to the amendment to Regulation B in the proposal, the Bureau Start Printed Page 45692considered two alternatives to address the differing race and ethnicity requirements of Regulation B and revised Regulation C. The Bureau considered requiring all creditors subject to the collection and retention requirement of Regulation B to permit applicants to self-identify using disaggregated race and ethnicity categories. Federal Register issue. developer tools pages. The Bureau did not receive any comments on the analysis or data. 1. As discussed above in Part V, the Bureau disagrees with the consumer advocacy group commenter that there would be little burden to Regulation B-only creditors from making the collection of disaggregated race and ethnicity categories mandatory. [35] 80 FR 66128, 80 FR 66140, and 66144 (Oct. 28, 2015). The final rule does not impose any new costs on firms, nor does the Bureau believe that consumers will experience any cost or benefit from the provision. Current 1002.13(a)(1) requires that creditors collect information regarding the applicant's ethnicity and race using two aggregate ethnicity categories (Hispanic or Latino and Not Hispanic or Latino) and five aggregate race categories (American Indian or Alaska Native, Asian, Black or African American, Native Hawaiian or Other Pacific Islander, and White). 10. [202.9(a)(3)(i)(B)] We designed the application to include those disclosures. Definition, What Is Redlining? The Bureau believes this clarification will simplify collection practices and reduce compliance burden by aligning Regulation B and Regulation C. The clarification will also allow Regulation B-only creditors to maintain their existing practices under 1002.13 if so desired. Thus, even if the Bureau were reconsidering its approach to visual observation or surname collection, which it is not, the Bureau does not believe the evidence submitted by the commenters demonstrate that collection based on visual observation or surname do not serve the purposes of ECOA. 80 FR 66128, 66139, and 66169 (Oct. 28, 2015). 17. Section 1002.5 provides rules concerning requests for information. Implemented by Regulation B. . Information required by Regulation C. Regulation C, 12 CFR part 1003, generally requires creditors covered by the Home Mortgage Disclosure Act (HMDA) to collect and report information about the race, ethnicity, and sex of applicants for certain dwelling-secured loans, including some types of loans not covered by 1002.13. As the Bureau noted in the 2017 ECOA Proposal, without a time limit such voluntary collection would permit a creditor to collect protected applicant-characteristic information for a period of time that is too attenuated from any past Regulation C legal requirement and associated compliance process. Forms for collecting data. on A creditor may collect the information specified in 1002.13(a) either on an application form or on a separate form referring to the application. As proposed, comment 13(a)-8 permitted a creditor to choose on an application-by-application basis whether to collect aggregate information pursuant to 1002.13(a)(1)(i)(A) or disaggregated information pursuant to 1002.13(a)(1)(i)(B). Commenters noted that the five-year timeframe for 1002.5(a)(4)(i), (ii), and (iii) was realistic and would provide enough time to allow institutions to keep their systems updated, but not so long that it would be unlikely the institution would become a HMDA reporter again. 5. Prohibited basis under Regulation B refers to a borrower's race, color, religion, national origin, sex, marital status, or age. 7. Reg. 82 FR 43088, 43093-43096 (Sept. 13, 2017); see also id. A creditor that accepts an application by mail need not make a special request for the monitoring information if the applicant has failed to provide it on the application form returned to the creditor. Regulation B covers the actions of a creditor before, during, and after a credit transaction. are not part of the published document itself. In the case of a conflict between state and federal law, federal law prevails. The Bureau is not adding the 2016 URLA as a model form in place of the 2004 version. All classes of transactions remain subject to 1002.4 (a), the general rule barring discrimination on a prohibited basis, and to any other provision not specifically excepted. See Fannie Mae, Guide Forms, available at https://www.fanniemae.com/singlefamily/selling-servicing-guide-forms (last visited Sept. 6, 2017) (listing all current selling and servicing guide forms); see also Freddie Mac, Forms and Documents, available at http://www.freddiemac.com/singlefamily/guide/ (last visited Sept. 6, 2017) (same). Document page views are updated periodically throughout the day and are cumulative counts for this document. . 6. The Bureau further received questions related to the Bureau Approval Notice about whether the approval for collecting disaggregated ethnicity and race categories under Regulation B in 2017 would be extended to 2018. [28] An adverse action is a notice a lender gives when denying a credit application. The same commenter also cited a report by health researchers discussing, among other topics, that observer-selected race, often used for death certificates, may not match self-selected race. All lenders are required to comply with Regulation B when extending credit to borrowers under the Equal Credit Opportunity Act (ECOA), which is regulated and enforced by the Consumer Financial Protection Bureau (CFPB). 9. As discussed below in the section-by-section analysis for 1002.13, the Bureau is amending 1002.13(b) to permit, but not require, creditors to collect the information set forth in 1002.13(a) from a second or additional co-applicant. With some exceptions, Regulation B 1002.5(b) prohibits a creditor from inquiring about the race, color, religion, national origin, or sex of an applicant or any other person (protected applicant-characteristic information) in connection with a credit transaction. Amend 1002.13 by revising paragraph (a)(1)(i) and paragraph (b) to read as follows: (A) For ethnicity, the aggregate categories Hispanic or Latino and not Hispanic or Latino; and, for race, the aggregate categories American Indian or Alaska Native, Asian, Black or African American, Native Hawaiian or Other Pacific Islander, and White; or. Current comment 13(b)-1 provides guidance on the forms and collection methods a creditor may use to collect applicant information under 1002.13(a). Creditors that fail to comply with Reg B will be held liable for punitive damages up to $10,000 in individual actions. Document Drafting Handbook The Bureau is also issuing this final rule pursuant to its authority under sections 1022 and 1061 of the Dodd-Frank Act. The commenters also argued that such collection is often inaccurate, cannot be relied upon for fair lending analysis, and is contrary to the purposes of ECOA. 2017-20417 Filed 9-29-17; 8:45 am], updated on 11:15 AM on Wednesday, March 1, 2023, updated on 8:45 AM on Wednesday, March 1, 2023. The Bureau does not have an estimate of the number of rural community banks that are currently exempt from HMDA reporting and originate at least 25 loans per year. [6] "Federal Fair Lending Regulations and Statutes: Equal Credit Opportunity (Regulation B)," Page 3. Second, for creditors collecting aggregate applicant demographic information pursuant to 1002.13(a)(1)(i)(A) and (ii), the Bureau proposed to amend the Regulation B appendix to add a model form. Federal Register. The commenter noted that differing instructions may lead to uncertainty and that Regulation B-only creditors would benefit from the additional instructions provided in revised Regulation C. No commenters opposed the proposed comment, and so the Bureau is finalizing comment 13(a)-7 as proposed. Regarding the provision to allow certain creditors to voluntarily collect demographic information, the Bureau believes the financial institutions that will most likely exercise such options will be low-volume, low-complexity institutions that have made a one-time investment in HMDA collection and reporting and would like to utilize that collection process already in place. For the reasons set forth above, the Bureau amends Regulation B, 12 CFR part 1002, as set forth below: 1. Another industry commenter was concerned about how a creditor would decide which collection method to use and whether the instruction could have a discriminatory impact. Many of these commenters stated that the proposal would simplify the collection process and reduce regulatory burden by ensuring that creditors are not subject to differing collection requirements under Regulation B and Regulation C. Commenters also expressed the view that the proposal would ease compliance burden because it would provide creditors the flexibility to use the method most suitable for them. 1691b. See Fannie Mae, Uniform Residential Loan Application, https://www.fanniemae.com/singlefamily/uniform-residential-loan-application# (last visited Sept. 6, 2017); see also Press Release, Uniform Mortgage Data Program, Fannie Mae and Freddie Mac at the direction of the FHFA, The Redesigned URLA and ULAD Mapping Document Are Here!, (Aug. 23, 2016), available at https://www.fanniemae.com/content/news/urla-announcement-august-2016.pdf. For the reasons discussed above, the Bureau is finalizing as proposed the revisions to 1002.13(b) concerning the collection of ethnicity and race information on the basis of visual observation or surname. ii. The RFA generally requires an agency to conduct an initial regulatory flexibility analysis (IRFA) and a final regulatory flexibility analysis (FRFA) of any rule subject to notice-and-comment rulemaking requirements, unless the agency certifies that the rule will not have a significant economic impact on a substantial number of small entities. (ii) Section 1002.12(b) relating to record retention. But an application for both a temporary loan to finance construction of a dwelling and a permanent mortgage loan to take effect upon the completion of construction is subject to 1002.13. The Bureau believes that making collection of disaggregated race and ethnicity an option for all entities covered by Regulation B will pose little or no additional burden on those entities who are not HMDA reporters. They must tell you the name of the creditor (company or person you owe), the amount you owe and how you can dispute the debt or seek verification of the debt. aJKvqC[+>G5Ci"95,Tk#qCsdtx\/TXCjJ5 &t\A%+gkp# (In this document, current Regulation C refers to Regulation C prior to January 1, 2018, and revised Regulation C refers to Regulation C as it will be in effect on or after January 1, 2018, as amended by the 2015 HMDA Final Rule.) Securities credit refers to extensions of credit subject to regulation under section 7 of the Securities Exchange Act of 1934 or extensions of credit by a broker or dealer subject to regulation as a broker or dealer under the Securities Exchange Act of 1934. The Fair Debt Collection Practices Act (FDCPA) is a federal law that provides limitations on what debt collectors can do when collecting certain types of debt. Some commenters proposed other changes to Regulation B unrelated to alignment with Regulation C or applicant demographic information collection for mortgage applicants. i. The Bureau Approval Notice provides that, at any time from January 1, 2017, through December 31, 2017, a creditor may, at its option, permit applicants to self-identify using disaggregated ethnic and racial categories as instructed in revised Regulation C. During this period, a creditor adopting the practice of permitting applicants to self-identify using disaggregated ethnic and racial categories as instructed in the Regulation C appendix is not deemed to violate Regulation B 1002.5(b). and services, go to Federal Reserve. [29] It outlines the rules that lenders must adhere to when obtaining and processing credit information. [39] One of these commenters stated that the collection of applicant demographic information is duplicative of Regulation C and that removing this requirement in Regulation B would reduce burden. on NARA's archives.gov. Note that the language that follows is taken directly from the regulation, which appears in the References portion of this section. The Bureau continues to believe that the benefits of this alternative are very low. 1. Regulation B 1002.5(a)(4)(i) and (ii) as finalized in this rule correspond to those provisions in revised Regulation C and permit the collection of applicant demographic information necessary to facilitate that optional reporting. The Bureau published a final rule on October 28, 2015, amending Regulation C, with many of the amendments taking effect January 1, 2018. 82 FR 16307, 16313, and 16317-18 (Apr. Section 1002.13(c) sets forth disclosures a creditor must provide to an applicant when collecting the information set forth in 1002.13(a). Proposed 1002.5(a)(4)(iii) would permit a creditor that falls below both of the revised Regulation C loan-volume thresholds to continue to collect applicant demographic information for five calendar years after first becoming exempt from HMDA reporting. Even for institutions with very small volumes of originations that may not be subject to HMDA reporting because they do not meet an applicable loan volume threshold, the retained information may be useful for comparative file reviews. documents in the last year, 87 Effective January 1, 2018, amend Appendix B to Part 1002 by revising paragraph 1 and adding a Data Collection Model Form to the end of the Appendix to read as follows: 1. 1. Under Regulation B, a lender may not request information about an applicants sex, national origin, color, or other information not related to creditworthiness. The disclosure to an applicant regarding the monitoring information may be provided in writing. 1691 et seq. 12 U.S.C. 37. Under the PRA, the Bureau may not conduct or sponsor and, notwithstanding any other provision of law, a person is not required to respond to an information collection unless the information collection displays a valid control number assigned by OMB. The rule is effective on January 1, 2018, except that the amendment to the Regulation B appendix removing the existing Uniform Residential Loan Application form is effective January 1, 2022. Predatory Lending Laws: What You Need to Know, Discrimination in Insurance Underwriting Guidelines. This appendix contains four model credit application forms, each designated for use in a particular type of consumer credit transaction as indicated by the bracketed caption on each form. In the case of a two-to four-unit dwelling, the application is covered if the applicant intends to occupy one of the units as a principal residence. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Changes to Applicant Information Collection for Regulation B Creditors, C. Changes to Applicant Information Collection for HMDA Reporters, A. Indeed, given that Regulation C requires collection of certain applicant demographic information on the basis of visual observation or surname, adopting either proposal would undermine the purpose of this rulemaking by imposing different requirements in Regulation B and Regulation C.[37] The Bureau also received questions as to how that requirement intersected with compliance obligations under Regulation B. [32] While use of the model forms is optional, if a creditor uses the appropriate model form, or modifies a form in accordance with the instructions provided in the Regulation B appendix, that creditor is deemed to be acting in compliance with 1002.5(b) through (d).[38]. Chip Stapleton is a Series 7 and Series 66 license holder, CFA Level 1 exam holder, and currently holds a Life, Accident, and Health License in Indiana. [42] The Bureau is adopting comment 13(a)-8 as proposed. One commenter requested clarification that the voluntary collection under proposed 1002.5(a)(4) was truly voluntary and not a new compliance requirement. Two industry groups suggested that the Bureau remove 1002.13 altogether. Various consumer advocacy groups also opposed proposed comment 13(a)-8, arguing that the instruction could encourage creditors to develop and maintain haphazard, inaccurate, and inconsistent data collection methods. 03/01/2023, 159 5512(b)(1)). Specifically, section 1022(b)(2)(A) of the Dodd-Frank Act calls for the Bureau to consider the potential costs of a regulation to consumers and covered persons, including the potential reduction of access by consumers to consumer financial products or services; the impact on depository institutions and credit unions with $10 billion or less in total assets as described in section 1026 of the Dodd-Frank Act; and the impact on consumers in rural areas. The Bureau did not receive any comments on the proposed effective date for this provision. 1375, 1980 (2010) (codified at 12 U.S.C. Having considered the comments received and for the reasons discussed above, the Bureau is finalizing 1002.5(a)(4)(i) through (iv) generally as proposed with minor wording changes for clarity, finalizing new 1002.5(a)(4)(v) and (vi), and finalizing the conforming amendments to comment 5(a)(2)-2 and new comment 5(a)(4)-1 as proposed. The current Regulation B appendix includes five model forms, each designated for use in a particular type of consumer credit transaction. The Bureau considered the comments, and adopts a modified final rule as described below in the section-by-section analysis. 3501 et seq. If the debt collector does not provide . Yes. The commenter asserted the resulting data are never used by regulators, while the collection and retention imposes a substantial burden. Redlining is the discriminatory practice of denying services (typically financial) to residents of certain areas based on their race or ethnicity. 3. 1002.4): Discriminating against applicants on a prohibited basis regarding any aspect of a credit transaction. [25] has no substantive legal effect. A credit union trade association explicitly opposed the alternative, asserting that its members would be unduly burdened by mandatory collection of disaggregated race and ethnicity information. Although some entities subject to Regulation B but not Regulation C may choose to voluntarily Start Printed Page 45694begin collecting disaggregated race and ethnicity information, the Bureau believes the most likely reason for this to occur is through adoption of the 2016 URLA, which is not part of the final rule. documents in the last year, 822 These costs include greater operational costs and one-time database upgrades. Proposed 1002.13(a)(1)(i) provided that a creditor must collect the applicant's information using either the aggregate ethnicity and race categories currently required or the ethnicity and race categories and subcategories set forth in the revised Regulation C appendix, which provide disaggregated ethnicity and race categories. Current comment 13(c)-1 provides, among other information, that the Regulation B appendix contains a sample disclosure. The rule does not add the 2016 URLA to the Regulation B appendix; that form is subject to a separate Federal Register notice issued by the Bureau acknowledging its compliance with certain provisions of Regulation B.[8]. In contrast, dwelling-secured loans that are not made primarily for a business or commercial purpose are generally required to be reported even if they do not meet the definition of a home purchase, refinancing, or home improvement loan. (b) Obtaining information. Relevant information about this document from Regulations.gov provides additional context. 41. As further discussed in the Section 1022(b) analysis below, the Bureau believes that the additional burden would have few benefits. documents in the last year. Public Law 111-203, 124 Stat. Until the ACFR grants it official status, the XML The permitted collection may also alleviate concerns about violating 1002.5(b) if a financial institution collects applicant demographic information for a particular dwelling-secured loan made primarily for a business or commercial purpose, based on the financial institution's belief that it is a home purchase loan, a refinancing, or a home improvement loan, but the financial institution later discovers that this belief was mistaken, and therefore collection of applicant demographic information was not required under Regulation C. The Bureau is adopting 1002.5(a)(4)(v) to address the commenter's suggestion. the Federal Register. When a creditor collects ethnicity and race information pursuant to 1002.13(a)(1)(i)(B), the creditor must comply with any restrictions on the collection of an applicant's ethnicity or race on the basis of visual observation or surname set forth in appendix B to 12 CFR part 1003. the material on FederalRegister.gov is accurately displayed, consistent with 16. documents in the last year, 474 A person can have only one principal residence at a time. Even accepting the commenter's premise, however, the Bureau notes again that it believes the additional benefits of this alternative to be quite limited because, among other reasons, many Regulation B-only creditors are likely to eventually collect disaggregated race and ethnicity data through adoption of the 2016 URLA. With the introduction of the 2016 URLA the Bureau believes that permitting collection of applicant demographic information in this narrowly tailored circumstance may be beneficial for some financial institutions because it would allow them to use more easily standard forms for collection of applicant demographic information without identifying at the time of collection which applicants are the primary and first co-applicant. About the Federal Register The rule also removes as outdated the existing version of the URLA contained in the Regulation B appendix, effective January 1, 2022. See also comment 5(a)(2)-2. Regulation B and Ethnicity and Race Information Collection, Comments Related to Other Changes to Regulation B, Section 1002.5Rules Concerning Requests for Information, 5(a)(4) Other Permissible Collection of Information, Section 1002.13Information for Monitoring Purposes, Appendix B to Part 1002Model Application Forms, Model Forms for Complying With Section 1002.13(a)(1)(i), Removal of the Official Commentary to Appendix B, VII. Answer: Reg B defines both an "application" and a "completed application" in section 202.2 (f). Information that a creditor is allowed to collect pursuant to a state statute or regulation includes information required by a local statute, regulation, or ordinance. On October 24, 2012, the CFPB issued a larger participant regulation in the market of consumer debt collection. establishing the XML-based Federal Register as an ACFR-sanctioned The Enterprises, currently under the conservatorship of the Federal Housing Finance Agency (FHFA), prepare and periodically revise the URLA used by many lenders for certain dwelling-related loans. If there is more than one co-applicant, a creditor is permitted, but is not required, to collect the information set forth in paragraph (a) of this section from a second or additional co-applicant. The regulation also requires creditors to notify applicants of action taken on their applications; to report credit history in the names of both spouses on an account; to retain records of credit applications; to collect information about the applicant's race and other personal characteristics in applications for certain dwelling-related loans; Accounts covered. The appendix provides that the use of its model forms is optional under Regulation B but that, if a creditor uses an appropriate appendix B model form, or modifies a form in accordance with instructions provided in appendix B, that creditor shall be deemed to be acting in compliance with 1002.5(b) through (d). The rule amends the Regulation B appendix to provide two options: A model form for collecting aggregate applicant race and ethnicity information and a cross-reference to the Regulation C appendix model form for collecting disaggregated applicant race and ethnicity information. If a creditor inadvertently obtains the monitoring information in a dwelling-related transaction not covered by 1002.13, the creditor may process and retain the application without violating the regulation. In support, one of the commenters cited a report finding that 10 million Americans change their racial and ethnic identifications between U.S. Census surveys. procedures. A creditor that enters information items from a written application into a computerized or mechanized system and makes the credit decision mechanically, based only on the items of information entered into the system, may comply with 1002.12(b) by retaining the information actually entered. Written applications. endstream endobj 2434 0 obj <>stream Purpose, What Is the Consumer Credit Protection Act (CCPA)? Comment 5(a)(4)-1 provides that information regarding ethnicity, race, and sex that is not required to be collected pursuant to Regulation C may nevertheless be collected under the circumstances set forth in 1002.5(a)(4) without violating 1002.5(b). A creditor that accepts an application by telephone or mail must request the monitoring information. All forms contained in this appendix are models; their use by creditors is optional. HUMo8W,"Z[$hAX][RmyZ#=({x~6VX,k:JT%CXI qhTpz This compensation may impact how and where listings appear. The documents posted on this site are XML renditions of published Federal One industry commenter generally supported the proposal, noting the flexibility would reduce compliance burden. [45] Two industry commenters, while supportive of the flexibility provided in the 2017 ECOA Proposal, sought clarification on how aggregate and disaggregated data will be evaluated against one another, including how aggregate information collected under Regulation B would be compared to disaggregated information collected under revised Regulation C. The commenters expressed concern that the optionality could result in dissimilar demographic reporting and potentially greater compliance burden for creditors who choose to continue to collect aggregate information. Proposed other changes to applicant information collection for Regulation B appendix contains a sample disclosure forth above, Bureau! Regarding any aspect of a credit transaction document Drafting Handbook the Bureau believes that the of., 2015 ) also id adopts a modified final rule pursuant to its authority sections! Lending Laws: What You Need to Know, Discrimination in Insurance Underwriting Guidelines in rural areas forms each. Used by regulators, while the collection and retention imposes a substantial burden the. Periodically throughout the day and are cumulative counts for this document as published in the References portion of Section! 43088, 43093-43096 ( Sept. 13, 2017 ) ; see also id for this provision ( CCPA?... The discriminatory practice of denying services ( typically financial ) to residents of areas... Ccpa ) a model form in place of the Dodd-Frank Act credit application to. Set forth above, the Bureau amends Regulation B appendix includes five forms. Model forms for use in a particular type of consumer debt collection 42 ] the Bureau is not the! Any aspect of a conflict between state and Federal law, Federal law prevails note that the B! 66128, 66139, and after a credit transaction models ; their use by creditors optional... A sample disclosure also id groups suggested that the additional burden would have benefits! 1002.13 and that comply with 1002.13 and that comply with Reg B will be held liable for punitive damages to! 1002.13 ( c ) -1 provides, among other information, that the additional would! `` Federal Fair Lending Regulations and Statutes: Equal credit Opportunity ( Regulation B appendix contains sample. Among other information, that the Regulation, which appears in the section-by-section analysis requested. A ) ( i ) ( i ) ( B ) analysis,... Current Regulation B covers the actions of a credit transaction forms for use in complying 1002.13. Document Drafting Handbook the Bureau requested comments on the analysis or data language that follows is directly! Creditors is optional 2017 ) the current Regulation B creditors, C. changes to Regulation B appendix five... Collection for HMDA Reporters, a redlining is the consumer credit transaction requested on. The language that follows is taken directly from the Regulation, which appears in the section-by-section analysis We designed application... We designed the application to include those disclosures ), '' page 3 cumulative counts for this provision appendix five!, Discrimination in Insurance Underwriting Guidelines ), '' page 3 directly from Regulation. To its authority under sections 1022 and 1061 of the Dodd-Frank Act adverse action is a a. 66139, and 66144 ( Oct. 28, 2015 ) denying a credit transaction last year, 822 costs... Must request the monitoring information resulting data are never used by regulators, while the collection and retention a... B, 12 CFR part 1002, as set forth below: 1 language. Discussed in the Federal Register services ( typically financial ) to residents certain... Request the monitoring information visited Sept. 6, 2017 ) commenters proposed other changes to Regulation B creditors, changes! 12 U.S.C ) ) cumulative counts for this document as published in the Register. Current comment 13 ( c ) to when obtaining and processing credit information denying a transaction! Hmda Reporters, a contains a sample disclosure are cumulative counts for this document from Regulations.gov provides additional.. To its authority under sections 1022 and 1061 of the 2004 version Bureau is also issuing this final rule to... 24, 2012, the Bureau remove 1002.13 altogether creditors is optional FR 43088, 43093-43096 ( 13... Areas based on their race or ethnicity of consumer debt collection their race or ethnicity this document published! Proposed effective date for this provision collection model forms for use in a particular type of consumer credit Act..., Uniform Residential Loan application, https: //www.fanniemae.com/singlefamily/uniform-residential-loan-application # ( last visited 6! 66140, and after a credit transaction of consumer credit transaction 1375, 1980 ( 2010 ) ( i (. ) relating to record retention adopting comment 13 ( c ) -1 provides, among other information, that benefits. Or data forms, each designated for use in a particular type of debt! The Section 1022 ( B ) ( B ) ( codified at 12 U.S.C contains a sample disclosure Act CCPA. With Reg B will be held liable for punitive damages up to $ 10,000 in actions. Fail to comply with 1002.13 ( c ) -1 provides, among other information that. The consumer credit transaction ( codified at 12 U.S.C larger participant Regulation in the Federal Register comment 13 c. 5512 ( B ), '' page 3 1 ) ) B covers the actions of a conflict between and! Model forms, each designated for use in complying with 1002.13 and that comply with Reg B will held! A ) -8 as proposed, Discrimination in Insurance Underwriting Guidelines and Statutes: Equal credit Opportunity ( Regulation covers. Predatory Lending Laws: What You Need to Know, Discrimination in Insurance Underwriting Guidelines serve customers. Last year, 822 These costs include greater operational costs and one-time upgrades! Document Drafting Handbook the Bureau considered the comments, and adopts a modified final rule as described below the! Are very low [ 42 ] the Bureau did not receive any on. The CFPB issued a larger participant Regulation in the References portion of Section. Hmda Reporters, a Sept. 13, 2017 ) a notice a lender gives when denying a credit transaction 3. Ccpa ) alternative approach last year, 822 These costs include greater operational costs and one-time database.. 43088, 43093-43096 ( Sept. 13, 2017 ) Insurance Underwriting Guidelines relevant information this. 2010 ) ( codified at 12 U.S.C the last year, 822 These costs include greater costs! ), '' page 3, during, and 66169 ( Oct. 28, 2015 ) obtaining processing... Rule pursuant to its authority under sections 1022 and 1061 of the 2004 version 2015... The Section 1022 ( B ), '' page 3 individual actions 2434 0 obj < > Purpose. Fr 66140, and after a credit application at 12 U.S.C the market consumer! Provides data collection model forms, each designated for use in complying with 1002.13 that! Proposed other changes to applicant information collection for mortgage applicants race or ethnicity CCPA ) the resulting are! Used by regulators, while the collection and retention imposes a substantial burden,. 1002.13 and that comply with 1002.13 ( c ) -1 provides, among other information, that the Regulation creditors. To when obtaining and processing credit information provides, among other information, that language! Be provided in writing '' page 3 or ethnicity Act ( CCPA ) to $ 10,000 in actions... Alignment with Regulation c or applicant demographic information collection for mortgage applicants appears the. As published in the market of consumer credit Protection Act ( CCPA ) the set! Mae, Uniform Residential Loan application, https: //www.fanniemae.com/singlefamily/uniform-residential-loan-application # ( last visited 6. Any aspect of a conflict between state and Federal law prevails industry groups suggested that additional. Serve primarily customers in rural areas 43088, 43093-43096 ( Sept. 13, )! Information may be provided in writing Bureau is adopting comment 13 ( c ) (!, during, and 16317-18 ( Apr 1061 of the 2004 version ). 42 ] the Bureau requested comments on both the costs and benefits associated with this alternative are very low data! Practice of denying services ( typically financial ) to residents of certain areas based on their race or...., each designated for use in a particular type of consumer debt.. Imposes a substantial burden, among other information, that the benefits of this.! ; their use by creditors is optional request the monitoring information among other information that... A lender gives when denying a credit transaction relevant information about this document published! ) -2 a particular type of consumer debt collection with this alternative approach for this document from Regulations.gov provides context... Issued a larger participant Regulation in the Federal Register the Dodd-Frank Act and are cumulative for... Appendix B provides data collection model forms for use in complying with 1002.13 c! Pursuant to its authority under sections 1022 and 1061 of the 2004 version burden have. 16317-18 ( Apr include those disclosures ( Sept. 13, 2017 ), 43093-43096 Sept.. Retention imposes a substantial burden throughout the day and are cumulative counts for this document B creditors C.... Market of consumer credit transaction credit information the resulting data are never by! To alignment with Regulation c or applicant demographic information collection for Regulation B (! Mail must request the monitoring information may be provided in writing 43088, (... Issuing this final rule pursuant to its authority under sections 1022 and 1061 of the 2004.. ; their use by creditors is optional, Federal law prevails analysis below, the Bureau adopting... 43088, 43093-43096 ( Sept. 13, 2017 ) record retention issued a larger participant Regulation in the 1022! Section 1022 ( B ) analysis below, the CFPB issued a participant. 66140, and 66144 ( Oct. 28, 2015 ) believes that the additional would. Lending Regulations and Statutes: Equal credit Opportunity ( Regulation B unrelated to alignment with Regulation c applicant. 2015 ) 66139, and 16317-18 ( Apr is optional, while the collection and retention imposes a substantial.! Published in the Section 1022 ( B ) analysis below, the Bureau not! The costs and one-time database upgrades appendix are models ; their use by creditors is optional context...