This story appeared in Bank Digest.
The Consumer Financial Protection Bureau is issuing a final rule that amends Reg. B, which implements the Equal Credit Opportunity Act, to permit creditors additional flexibility in complying with Reg. B in order to facilitate compliance with Reg. C, which implements the Home Mortgage Disclosure Act. The final rule also adds certain model forms and removes others from Reg. B and makes various other amendments to Reg. B and its commentary to facilitate the collection and retention of information about the ethnicity, sex, and race of certain mortgage applicants.
The rule takes effect Jan. 1, 2018, except that an amendment to Appendix B to Part 1002 (Model Application Forms) revising one paragraph and removing the existing "Uniform Residential Loan Application" form is effective Jan. 1, 2022.