The CFPB issued guidance concerning the use of the newly redesigned Uniform Residential Loan Application (URLA) for purposes of the Equal Credit Opportunity Act (ECOA) and Regulation B. Under the guidance, the CFPB has determined that the relevant language in the newly redesigned URLA is in compliance with ECOA’s rules. A creditor’s use of the newly redesigned URLA is not required under ECOA. However, a creditor that uses the newly redesigned URLA without any modification that would violate ECOA is deemed in compliance with ECOA.
Click here to view the CFPB Guidance Concerning Use of Newly Redesigned URLA for ECOA Purposes
