This is a rebroadcast of a session that was originally recorded on the 30th of November 2016.
Bonus Supplement: When you register for this session, you will receive a Sample Addendum to Guaranty, which can be tailored to your financial institution's contractual needs and lending documents.
The rules for Regulation B have been updated -- a new target is flying overhead. Are you and your team prepared for the changes?
In the past 2.5 months, several events related to the Equal Credit Opportunity Act have occurred, including:
- 30 August. CFPB Director Richard Cordray's announced that the ECOA and Reg B prohibit credit discrimination based on gender identity and sexual orientation.
- 28 September. Acting on a referral from the Federal Deposit Insurance Corporation (FDIC), the Department of Justice (DOJ) pursued a case against Charter Bank, asserting the FI violated the ECOA by discriminating based on national origin when making vehicle-secured loans. To settle the suit, the bank agreed to pay $165,820 as monetary damages for affected borrowers, provide ECOA training to bank employees, and display a notice of nondiscrimination.
- 29 September. The CFPB published an Approval Action that provides a safe harborunder the ECOA and Reg B for lenders who use the revised Uniform Residential Loan Application (URLA) form issued by Fannie Mae and Freddie Mac in August 2016. The Agency states that it has “determined that the relevant language in the 2016 URLA is in compliance with” Reg B’s requirements for whether, and how, a creditor may seek information about an applicant’s race, color, religion, national origin, sex, marital status, and income sources, and information about an applicant’s spouse or former spouse.
- This Approval Action also offers flexibility for lenders who must collect and report information about mortgage applicants’ ethnicity and race under the Home Mortgage Disclosure Act (HMDA), implemented by Regulation C
This session will teach you how to hit that ECOA bullseye. Learn to fire arrows to nail the Reg B target with attorneys who have the knowledge, experience, as well as a U.S. Supreme Court affirmation on this important topic.
We will provide practical tips and tools to ensure you nail the target. Join us for engaging play-by-play information on ECOA and the latest trends in Regulation B.