ABA Supports CFPB Harmonization of Regs B, C

The American Bankers Association today expressed its support for the Consumer Financial Protection Bureau’s proposal to harmonize borrower application data reporting requirements of the Equal Credit Opportunity Act (Regulation B) with new requirements under the Home Mortgage Disclosure Act (Regulation C).

However, ABA offered a “simpler and more efficient approach” that would recognize compliance with the ethnicity collection requirements of Reg C as compliant with Reg B, which ABA said “would simplify compliance for the industry, and reduce the overall regulatory burden.” For more information, contact ABA’s Rob Rowe.