Government Monitoring Information: The Rules and the Issues – ON-DEMAND WEBINARS

Date Recorded: August 26, 2021

Presenter: Anetria Cohen, Vice President and Senior Consultant, FORVIS

A two-hour webinar that examines the GMI rules under ECOA/Regulation B and HMDA/Regulation C and the problems that we have!

The Equal Credit Opportunity Act (Regulation B) regulates if and when a financial institution can request information about an individual’s ethnicity, race, sex, marital status, and age. Similarly, the Home Mortgage Disclosure Act (Regulation C) requires, in certain circumstances, that institutions obtain and report ethnicity, race, sex, and age. These rules are generally referred to as either “Government Monitoring Information” or “Demographic Information.” Although these rules are comparable, there are key differences between the two.

In addition to understanding the basic rules, the requirement to collect GMI creates numerous practical issues that lenders have to grapple with, which causes numerous violations. GMI is an area that is often cited by examiners. Since this is a fair lending issue, lenders should ensure their procedures are creating a process by which loan officers are collecting this information when required to – and only when required to.

This webinar will discuss the ins-and-outs of the complicated world of GMI. Much of GMI compliance comes down to how good loan officers and loan processors are trained, and the clarity and structure of procedures.

HERE IS WHAT YOU WILL LEARN:

ECOA/Regulation B:

• When to collect – which transactions are subject to GMI collection/reporting
• What information to collect
• How to collect – allowing the applicant to provide this information and when we’re required to complete it for them
• Allowances for HMDA concerns

HMDA/Regulation C:

• When to collect – which transactions are subject to GMI collection/reporting
• What information to collect
  • Collecting disaggregated information
• How to collect – allowing the applicant to provide this information and when we’re required to complete it for them
• How to report this information on the Loan Application Register – Coding