Best Practices for Compliantly Collecting and Reporting Consumer Data Under HMDA in 2018
Regulation B under the Equal Credit Opportunity Act prohibits a creditor from asking about a mortgage applicant’s race or ethnicity, except for collection and reporting of data on certain dwelling-secured loans. Effective January 1, 2018, an amended Regulation B will afford lenders more flexibility as to when and how they collect and report the information. The CFPB has also proposed guidance on how Home Mortgage Disclosure Act (HMDA) data will be made available to the public beginning in 2019, including changes to consumer privacy requirements.
Join this session with financial services law attorney Chrys Lemon to learn how changes to Regulation B will give lenders more flexibility in collecting and reporting on race and ethnicity beginning in 2018. You will get a review of new forms related to the Uniform Residential Loan Application (URLA). Chrys will also discuss how the mortgage industry will be able to use consistent forms and compliance practices related to collecting data on race and ethnicity. If you’re involved in consumer mortgages, learning about the CFPB’s amended Regulation B will give you more flexibility regarding how you collect and report data on race and ethnicity.
This session will also cover proposed guidance on public disclosure of HMDA data. Chrys will examine the loan-level HMDA data that the CFPB proposes to make available to the public beginning in 2019.
This session will cover:
General rules governing collection, reporting and retention of mortgage data on race and ethnicity
Specific rules regarding the collecting of race, ethnicity and sex information concerning certain types of transactions
Changes affecting the Uniform Residential Loan Application
Specific official CFPB interpretations affecting Regulation B
Public disclosure of loan-level HMDA data beginning in 2019
Who Should Attend
Consumer lenders involved in purchase or refinance transactions involving a primary residence, specifically, those who have to report HMDA information under Regulation C, those that use model forms concerning the Uniform Residential Loan Application
Those that want to see what information will have to be disclosed to the public beginning in 2019
Chrys Lemon is a partner in McIntyre & Lemon, PLLC, in Washington, D.C. He specializes in financial services law, particularly related to marketing of consumer financial products and services, privacy law, insurance law, and regulation of financial institutions by the Consumer Financial Protecti...
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