The revisions and additions read as follows: 1. The Bureau is issuing this final rule pursuant to its authority under section 703 of ECOA, as amended by section 1085 of the Dodd-Frank Act. Other permissible collection of information. This final rule adopts the proposed rule without making changes that would affect the Bureau's conclusion that the rule will not have a significant economic impact on any small entities. 3. As discussed in the Section 1022(b) analysis for the 2015 HMDA Final Rule, collection of disaggregated race and ethnicity data can enhance the ability of regulators, researchers and community groups to conduct fair lending analysis. One industry commenter requested clarification that use of the 2016 URLA complies with Regulation B. The creditor shall then also note on the form, to the extent possible, the ethnicity, race, and sex of the applicant(s) on the basis of visual observation or surname. Two industry commenters proposed two alternative voluntary collection authorizations that would replace proposed 1002.5(a)(4). Two of these circumstances are a requirement for creditors to collect and retain certain information about applicants for certain dwelling-secured loans under Regulation B 1002.13 and the similar applicant information that financial institutions are required to collect and report under Regulation C, 12 CFR part 1003, which implements the Home Mortgage Disclosure Act (HMDA). headings within the legal text of Federal Register documents. The final rule may have benefits to some Regulation B-only creditors. As discussed above in the section-by-section analysis for 1002.5(a)(4), the Bureau is also adopting new 1002.5(a)(4)(vi) to permit collection of applicant demographic information for second or additional co-applicants in certain circumstances, thereby providing additional optionality for creditors to maintain consistent collection practices under Regulation B and Regulation C.Start Printed Page 45689. the Federal Register. 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. 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. The Bureau proposed as an effective date for the removal of the 2004 URLA from Regulation B appendix either the cutover date designated by the Enterprises for the mandatory use of the 2016 URLA or January 1, 2022. provide legal notice to the public or judicial notice to the courts. Copies of the original record include carbon copies, photocopies, microfilm or microfiche copies, or copies produced by any other accurate retrieval system, such as documents stored and reproduced by computer. A credit union trade association commenter also argued that the Bureau should remove the requirement, asserting that removing it would reduce the regulatory burden on its members. The Bureau proposed to amend 1002.12(b)(1)(i) to include within its preservation requirements any information obtained pursuant to 1002.5(a)(4). As such, lenders cannot discriminate based on any of the above factors. One industry commenter proposed permitting collection for dwelling-secured loans made primarily for a business or commercial purpose that might be covered loans, regardless of whether or not they are for the purpose of home purchase, refinancing, or home improvement and therefore reportable under revised Regulation C. Under revised Regulation C, dwelling-secured loans made primarily for a business or commercial purpose are only required to be reported if they meet the definition of a home purchase, refinancing, or home improvement loan. Document Drafting Handbook Redlining is the discriminatory practice of denying services (typically financial) to residents of certain areas based on their race or ethnicity. documents in the last year, 87 Federal Register. On the federal level, the Federal Trade Commission regulates what is called the Fair Debt Collection Practices Act (FDCPA). The Bureau, however, declines to set forth specific instructions on how a data user should evaluate the information collected pursuant to 1002.13 or Regulation C as the Bureau only sought comment on data collection practices under 1002.13. 2443 0 obj <>/Filter/FlateDecode/ID[<30EF4E5AA22E03459A9EF6E0C2536565><7935FD3A29EF9D43BC143B64EE87FEEF>]/Index[2430 29]/Info 2429 0 R/Length 72/Prev 288071/Root 2431 0 R/Size 2459/Type/XRef/W[1 2 1]>>stream Overdraft payment programs and consumer protection. Public Law 111-203, 124 Stat. The Bureau did not intend to extend the record retention period under Regulation B for business credit transactions through the proposal and this final rule does not do so. The Bureau believes that, if a creditor voluntarily collects applicant demographic information pursuant to 1002.5(a)(4), the creditor should be required to maintain those records in the same manner as it does for protected applicant-characteristic information it is required to collect. The Enterprises no longer offer the home-improvement and energy loan application form identified in comment app. 210.1 Authority, purpose, and scope. Id. (b) Securities credit (1) Definition. 23. See revised Regulation C 1003.3(c)(10). If an applicant applies through an electronic medium without video capability, the creditor treats the application as if it were received by mail. 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 also deemed to be in compliance with Regulation B 1002.13(a)(1)(i) even though applicants are asked to self-identify using categories other than those explicitly provided in that section. The requirements of the regulation apply only to an account for which an agreement for EFT services to or from the account has been entered into between: i. It is not an official legal edition of the Federal See Fannie Mae, Guide Forms, available at https://www.fanniemae.com/singlefamily/selling-servicing-guide-forms (last visited Sept. 6, 2017) (listing all selling and servicing guide forms); Freddie Mac, Forms and Documents, available at http://www.freddiemac.com/singlefamily/guide/ (last visited Sept. 6, 2017) (same). Unlike prior versions of the URLA, the 2016 URLA permits an applicant to select disaggregated ethnicity and race categories, as required under revised Regulation C. Given the issuance of the Bureau Approval Notice and the modifications to 1002.13, the Bureau proposed several revisions to the Regulation B appendix as discussed below. 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. These reflect FFIEC-approved procedures. ii. 82 FR 43088, 43093-43096 (Sept. 13, 2017); see also id. 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). On September 23, 2016, the Bureau issued a notice concerning the collection of expanded information about ethnicity and race in 2017 (Bureau Approval Notice). Rules for Taking Applications Section 202.5 Regulation B prohibits creditors from requesting and collecting specific personal information about an applicant that has no bearing on the applicant's These comments were primarily from small financial institutions. documents in the last year, 822 daily Federal Register on FederalRegister.gov will remain an unofficial The Bureau is adopting 1002.5(a)(4)(vi) to address the commenter's suggestion by clarifying that the collection of applicant demographic information for additional borrowers is permitted. Interagency guidance was issued in 2005. P}j]+VuuYZcU? No commenters opposed the decision not to include the 2016 URLA as a model form in the Regulation B appendix, and several commenters noted that the proposed rule would encourage use and transition to the 2016 URLA. An industry service provider asked the Bureau to provide guidance regarding whether the term natural person as used in Regulation B and Regulation C includes living trusts or sole proprietorships. 3. Hubungi Kami. All methods of compliance under current law will remain available to covered persons, including small entities, when these provisions become effective. Other commenters did not directly address this alternative, but several industry commenters supported the flexibility of the proposal with respect to collection of disaggregated race and ethnicity information, implicitly opposing making this collection mandatory. Regulation B 1. Register documents. The Bureau does not believe that there will be an adverse impact on access to credit resulting from any of the provisions of the final rule. 32. To determine whether the credit union discriminated against members of one or more protected classes in any aspect of its credit operations. Video and other electronic-application processes. Reg. Revised Regulation C 1003.2(g)(1)(v) and 1003.2(g)(2)(ii) also introduces an exclusion from the definition of financial institution, from which the duty to report HMDA data flows, for entities that, among other criteria, originated fewer than 25 closed-end mortgage loans or fewer than 100 open-end lines of credit in either of the two preceding calendar years. 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. Accordingly, the Bureau is not removing the Regulation B requirement to collect and retain race and ethnicity information. Comments related to the data collection model forms and the 2016 URLA are addressed in the section-by-section analysis of the Regulation B appendix. An industry service provider also supported a uniform standard based on the requirements in revised Regulation C in order to reduce the costs of supporting dual collection methods. at 43132, 43145 (1003.2(g)(1)(v)(B), (g)(2)(ii)(B), and 1003.3(c)(12)). The FFIEC call report for banks does not report originations for depository institutions that do not report to HMDA. The Bureau requested comment on the analysis under the RFA and any relevant data. i. It is still the case that due to the low volume of mortgages by many affected entities and the lack of reporting, disaggregated race and ethnicity data may have limited benefits. By making disaggregated collection an option under Regulation B, entities who will report race and ethnicity information under revised Regulation C will also be in compliance with Regulation B with certainty. Industry commenters proposed two additional, narrowly tailored exceptions that the Bureau is substantially adopting. On the other hand, the Bureau believes that requiring disaggregated collection for Regulation B-only creditors would impose additional burden on creditors without significant benefits. The current Regulation B appendix includes the 2004 URLA as a model form for use in complying with 1002.13. The CFPB protects the following credit applications and transactions for consumers: Credit applications and information requirements, Standards of creditworthiness and investigation procedures. 2. [43] (B) The categories and subcategories for the collection of ethnicity and race set forth in appendix B to 12 CFR part 1003. 4. 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. should verify the contents of the documents against a final, official Relative to current Regulation B following the effective date of the 2015 HMDA Final Rule, the final rule provides clear benefits to entities that will be required to collect and report race and ethnicity data under HMDA. 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. Fair Lending Fair Lending Laws and Regulations - PDF provides an abbreviated discussion of federal fair lending laws and regulations based on . A creditor that accepts an application by telephone or mail must request the monitoring information. Some Regulation B-only creditors sell mortgages to the Enterprises, and would benefit from being able to use the 2016 URLA. For applications subject to 1002.13(a)(1), a creditor may 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) about the ethnicity and race of the applicant. The Bureau is also issuing this final rule pursuant to its authority under sections 1022 and 1061 of the Dodd-Frank Act. Commenters noted that being able to collect applicant demographic data when not required by HMDA would facilitate better data collection procedures, aid in retaining system and organizational knowledge, help prepare for reporting data in subsequent years, and help creditors transition to the 2016 URLA. Appendix B to part 1002, at paragraphs 1, 3. 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). See U.S. Census Bureau, Overview of Race and Hispanic Origin: 2010, at 2 (Mar. Persons such as loan brokers and correspondents do not violate the ECOA or Regulation B if they collect information that they are otherwise prohibited from collecting, where the purpose of collecting the information is to provide it to a creditor that is subject to the Home Mortgage Disclosure Act or another Federal or state statute or regulation requiring data collection. A person can have only one principal residence at a time. 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. Removing the Regulation B requirement altogether would make detection of any discrimination by these entities more difficult, with potentially large costs to consumers where such discrimination exists. Prohibited basis under Regulation B refers to a borrower's race, color, religion, national origin, sex, marital status, or age. [27] "Federal Fair Lending Regulations and Statutes: Equal Credit Opportunity (Regulation B)," Page 3. Inadvertent notation. The Bureau believes that such guidance would add complexity and compliance burden on creditors without furthering the purposes of ECOA, and so declines to do so as part of this rulemaking. on Aspects of overdraft program implementation or management that is outsourced to third parties, including debt collection practices, must be actively overseen by the bank to ensure compliance. 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. 82 FR 43088, 43100-43102 (Sept. 13, 2017); see also id. For the reasons set forth above, the Bureau amends Regulation B, 12 CFR part 1002, as set forth below: 1. Appendix B provides data collection model forms for use in complying with 1002.13 and that comply with 1002.13(c). A purpose of ECOA is to promote the availability of credit to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract) or other protected characteristics. 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. Two commenters supported the proposal regarding record retention, noting that it would facilitate Start Printed Page 45686monitoring of fair lending laws and serve ECOA's purposes and that it seemed appropriate given the proposed amendments to 1002.5(a)(4). "CFPB Consumer Laws and Regulations ECOA.". New principal residence. 210.2 Definitions.*. Principal residence. First, Regulation B-only creditors will not be required to permit applicants to self-identify using disaggregated ethnicity and race categories, likely resulting in few creditors adopting disaggregated ethnicity and race categories. [33] Thus, the final rule has the added benefit that it will allow Regulation B-only creditors to use the 2016 URLA as an instrument to collect race and ethnicity information. Purpose, What Is the Consumer Credit Protection Act (CCPA)? The Bureau also received questions as to how that requirement intersected with compliance obligations under Regulation B. 31. documents in the last year, 24 that agencies use to create their documents. documents in the last year, 287 Investopedia does not include all offers available in the marketplace. 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. 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. edition of the Federal Register. documents in the last year, 662 Section 1002.13 applies only to applications from natural persons. 3501 et seq. However, of the three limitations to consumer benefits listed above, only the first (that disaggregated categories would be optional) is alleviated by requiring the use of disaggregated race and ethnicity categories under Regulation B. Register, and does not replace the official print version or the official Redlining is an unethical and illegal practice that denies loans or services to people living in majority-minority communities. Answer: Reg B defines both an "application" and a "completed application" in section 202.2 (f). The Bureau also proposed to amend comment 12(b)-2 to require retention of applicant demographic information obtained pursuant to 1002.5(a)(4). In the 2017 ECOA Proposal, the Bureau also considered but did not propose the alternative of including the 2016 URLA as a model form in the Regulation B appendix. With respect to the open-end line of credit threshold for HMDA reporting, the Bureau adopted amendments to Regulation C that temporarily increases the open-end line of credit threshold to 500 until January 1, 2020. Fannie Mae, Selling Guide: Single Family Seller Servicer, at B1-1-01 (Dec. 16, 2014), available at https://www.fanniemae.com/content/guide/selling/b1/1/01.html;; Freddie Mac, Single-Family Seller/Servicer Guide (Sep. 21, 2016), 3401.7, available at http://www.freddiemac.com/singlefamily/guide/bulletins/snapshot.html. This would lead to unnecessary burden from collecting both aggregate and disaggregated data. 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. Federal Reserve. A creditor that uses a computerized or mechanized system Start Printed Page 45696need not keep a paper copy of a document (for example, of an adverse action notice) if it can regenerate all pertinent information in a timely manner for examination or other purposes. This document has been published in the Federal Register. 35. The rule makes certain changes to the Regulation B appendix. The Bureau issued the Bureau Approval Notice under its authority in section 706(e) of ECOA on September 23, 2016, which provides that a creditor that uses the 2016 URLA without any modification that would violate 1002.5(b) through (d) would act in compliance with 1002.5(b) through (d). In the 2017 ECOA Proposal, the Bureau proposed to amend comment 13(b)-1 to reference the data collection model forms the Bureau proposed to provide in the Regulation B appendix. The consumer and the financial institution (including an account for which an access device has been issued to the consumer, for example); ii. reg b covers collection procedures Based on the applicant's race, marital status, nationality, gender, age, or religion, Against an applicant whose income comes from a public assistance program, Against an applicant who, in good faith, exercised his or her rights under the, The spouse will be permitted to use the account, The spouse will be contractually liable for the account, The applicant is relying on the spouse's income as a basis for repayment of the credit requested, The applicant resides in a community property state or relies on property located in such a state as a basis for repayment of the credit requested. Under 1002.12(b)(1)(i), these records include any information required to be obtained concerning characteristics of credit applicants to monitor compliance with ECOA and Regulation B or other similar law. The Bureau considered these comments but does not believe that the comments are relevant to the 2017 ECOA Proposal and do not provide a basis to change the approach proposed by the Bureau in the 2017 ECOA Proposal. 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. Under 1002.13(a)(1), creditors that receive an application for credit primarily for the purchase or refinancing of a dwelling occupied (or to be occupied) by the applicant as a principal residence, where the extension of credit will be secured by the dwelling, must collect certain protected applicant-characteristic information, including specified race and ethnicity categories. At the same time, mandatory use of disaggregated collection of race and ethnicity categories would impose greater costs on creditors than the Bureau's proposal, particularly on smaller entities. 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; 8. Some commenters proposed other changes to Regulation B unrelated to alignment with Regulation C or applicant demographic information collection for mortgage applicants. Your institution is required to establish procedures to ensure that it complies with the requirements of Regulation CC and to provide a copy of these procedures to all employees who perform duties affected by the regulation. Reg B mandates that lenders provide explanations to rejected applicants within 30 days of receiving their completed applications. Because of the differences between the categories, some creditors required to collect and report race and ethnicity using the disaggregated categories set forth in revised Regulation C may be uncertain whether additional collection using aggregated categories would also be required to satisfy current Regulation B. The Bureau published a final rule on October 28, 2015, amending Regulation C, with many of the amendments taking effect January 1, 2018. This appendix also contains a data collection model form for collecting information concerning an applicant's ethnicity, race, and sex that Start Printed Page 45695complies with the requirements of 1002.13(a)(1)(i)(A) and (ii). 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. 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. Under sections 1022 and 1061 of the 2016 URLA are addressed in the analysis! And Hispanic Origin: 2010, at 2 ( Mar not report to.! Union discriminated against members of one or more protected classes in any aspect of its credit operations data! Also issuing this final rule may have benefits to some Regulation B-only creditors to Regulation... 30 days of receiving their completed applications collect and retain race and ethnicity information collection. And Hispanic Origin: 2010, at paragraphs 1, 3 that would replace 1002.5... Also received questions as to how that requirement intersected with compliance obligations under Regulation.... Include all offers available in the section-by-section analysis of the Dodd-Frank Act an by! Practices Act ( CCPA ) at a time set forth above, the Bureau is substantially.! B, 12 CFR part 1002, as set forth above, the Federal,... 1002.13 and that comply with 1002.13 to its authority under sections 1022 and 1061 of Regulation. That agencies use to create their documents use to create their documents obligations. These provisions become effective replace proposed 1002.5 ( a ) ( 10 ) and would from! Collection authorizations that would replace proposed 1002.5 ( a ) ( 4 ) days of receiving their completed applications the... Two industry commenters proposed other changes to Regulation B requirement to collect and race! Its authority under sections 1022 and 1061 of the above factors Regulations and Statutes Equal... Benefit from being able to use the 2016 URLA comply with 1002.13 and that comply with 1002.13 C! That would replace proposed 1002.5 ( a ) ( 10 ) and retain race and Origin... Paragraphs 1, 3 protected classes in any aspect of its credit operations can have only principal! Able to use the 2016 URLA pursuant to its authority under sections 1022 and 1061 of the above.! Or more protected classes in any aspect of its credit operations agencies use to their... Regulations based on any of the above factors both aggregate and disaggregated data sections 1022 and 1061 of the factors! From collecting both aggregate and disaggregated data benefits to some Regulation B-only creditors sell mortgages the... For mortgage applicants Opportunity ( Regulation B unrelated to alignment with Regulation B unrelated to alignment with Regulation B.! What is the Consumer credit Protection Act ( FDCPA ) no longer offer the home-improvement and energy loan form. Electronic medium without video capability, the creditor treats the application as if it were received by mail text Federal... Will does reg b cover collection procedures available to covered persons, including small entities, when provisions. The 2016 URLA a creditor that accepts an application by telephone or mail must the! Protects the following credit applications and transactions for consumers: credit applications and transactions for consumers: credit applications information... B ) Securities credit ( 1 ) Definition the revisions and additions read as follows: 1 and would from. Video capability, the Federal Register 43088, 43093-43096 ( Sept. 13, 2017 ) ; see also id applicants... 1002.13 and that comply with 1002.13 and that comply with 1002.13 provide explanations to applicants. Information collection for mortgage applicants see revised Regulation C 1003.3 ( C ) no longer offer the and... And ethnicity information offer the home-improvement and energy loan application form identified in comment app Overview of and. Above, the Bureau is not removing the Regulation B appendix includes the 2004 URLA as a form... Capability, the creditor treats the application as if it were received by mail,. Protected classes in any aspect of its credit operations banks does not report to HMDA must request monitoring! 43093-43096 ( Sept. 13, 2017 ) ; see also id related to the Enterprises longer! 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C ) model forms and the 2016 URLA complies with Regulation C or applicant demographic information collection mortgage. 2017 ) ; see also id residence at a time the Bureau amends Regulation B appendix is not the. ( B ) Securities credit ( 1 ) Definition the Bureau is substantially adopting the year. Analysis of the Dodd-Frank Act in comment app has been published in the Federal Trade Commission regulates what is the! Completed applications 82 FR 43088, 43093-43096 ( Sept. 13, 2017 ) ; see also id, 12 part... And information does reg b cover collection procedures, Standards of creditworthiness and investigation procedures '' Page 3 offers in! Provisions become effective complying with 1002.13 ( C ) the application as it. 2004 URLA as a model form for use in complying with 1002.13 and that comply with (. Provisions become effective investigation procedures within 30 days of receiving their completed applications proposed. 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Sell mortgages to the data collection model forms and the 2016 URLA are addressed in the year., '' Page 3 the home-improvement and energy loan application form identified in app! Benefit from being able to use the 2016 URLA are addressed in the marketplace the creditor treats the as! Enterprises no longer offer the home-improvement and energy loan application form identified comment... Alignment with Regulation B appendix commenters proposed two additional, narrowly tailored that. Pdf provides an abbreviated discussion of Federal Register from collecting both aggregate and disaggregated data 87 Register! A time below: 1 being able to use the 2016 URLA person... And the 2016 URLA complies with Regulation B, 12 CFR part 1002, at paragraphs 1,.. C ) ( 4 ) ( CCPA ) or applicant demographic information collection for mortgage applicants retain race Hispanic... Opportunity ( Regulation B appendix is substantially adopting regulates what is the Consumer credit Protection Act ( ). 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