On behalf of its members, NRMLA submitted comments to the Consumer Financial Protection Bureau concerning the CFPB’s proposed amendments to Regulation B, which implements the Equal Credit Opportunity Act (ECOA).
The big picture: The CFPB issued a proposed rule for public comment on November 13 that amends provisions related to disparate impact, discouragement of applicants or prospective applicants, and special purpose credit programs (SPCPs) under Regulation B.
What they’re saying: “We urge the CFPB to recognize the uniquely age-dependent nature of reverse mortgages and maintain a permissive standard for age-based eligibility in this context, consistent with both the legislative intent of ECOA and the established structure of the reverse mortgage market,” says NRMLA.
- NRMLA seeks clarification stating that credit products that favorably consider age, such as reverse mortgage programs, need not comply with the current or proposed SPCP requirements.
- Read the full comment letter at NRMLAonline.org.
