§__.42(c)(1)(iv) CRA Reportable Income Requirements for Consumer Loans

§__.42(c)(1)(iv) – 1

Q: If an institution does not consider income when making an underwriting decision in connection with a consumer loan, must it collect income information?

A1. No. Further, if the institution routinely collects, but does not verify, a borrower’s income when making a credit decision, it need not verify the income for purposes of data maintenance.

 

Source: Interagency Questions & Answers Regarding Community Reinvestment | July 2016

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