§__.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