The Consumer Financial Protection Bureau yesterday officially approved the final redesigned Uniform Residential Loan Application, confirming that the revised form is in compliance with Regulation B, which implements the Equal Credit Opportunity Act. The revised application includes a question asking borrowers to specify their language preference. Lenders may begin using the new URLA in July 2019, and it will be mandatory for loans eligible for purchase by Fannie Mae and Freddie Mac beginning in February 2020.
ABA offers fixes for small-business lending data collection rule
In a letter, ABA said it is pleased with the CFPB's proposal to revise its small-business lending data rule and offered several recommendations to reduce the compliance burden for banks.