The Consumer Financial Protection Bureau issued a proposal on Friday to provide flexibility for lenders around the collection of applicants’ demographic data under the Home Mortgage Disclosure Act (Regulation C) and the Equal Credit Opportunity Act (Regulation B).
When Do I Need to Provide an Updated Closing Disclosure? The TILA-RESPA integrated disclosures regulation set forth instances when a corrected closing disclosure and a restart of the three-business-day waiting period are required. Is re-disclosure required when there is a change to the loan amount that does not change the loan product, add a prepayment
The Consumer Financial Protection Bureau today issued a notice to creditors that the recently redesigned Uniform Residential Loan Application form — while not required under the Equal Credit Opportunity Act and Regulation B — is compliant with Reg B.
With a 4-4 split vote following the death of Justice Antonin Scalia, the U.S. Supreme Court let stand an Eighth Circuit Court of Appeals decision finding that the Equal Credit Opportunity Act’s protections apply only to loan applicants, not to those who guarantee the loans.