District Circular Letters
December 19, 2014
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CFPB Guidance on Social Security Disability Income Verification
On November 18, 2014, the Consumer Financial Protection (CFPB) issued CFPB Bulletin 2014-03 to remind creditors of: (1) their obligations under the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, with respect to consideration of public assistance income; and (2) relevant standards and guidelines regarding verification of Social Security Disability Insurance (SSDI) and Supplemental Social Security Income (SSI) (collectively, Social Security disability income) received by mortgage applicants.
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