The National Reverse Mortgage Lenders Association (NRMLA) is urging the Consumer Financial Protection Bureau (CFPB) to revise proposed changes to federal fair lending rules, warning that the agency’s approach could undermine reverse mortgages by restricting the permissible use of age in credit programs.

In a comment letter submitted to the CFPB on Dec. 15, the trade group said proposed amendments to Regulation B, which implements the Equal Credit Opportunity Act (ECOA), would impose new evidentiary requirements on special-purpose credit programs (SPCPs) that rely on otherwise prohibited factors, including age.

“We are concerned that the proposed two-pronged evidentiary requirement—specifically, requiring a details ⇒

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