Which federal legislation requires that race information be included on loan applications?

The Home Mortgage Disclosure Act is the federal legislation that requires lenders to collect and report information about the race, ethnicity, and gender of loan applicants. This requirement is part of the Act's goal to provide transparency in mortgage lending practices and ensure that banks and lenders are serving the needs of their communities fairly and equitably. By gathering this data, the Home Mortgage Disclosure Act helps to identify potential patterns of discrimination in lending practices, thereby promoting fair lending.

This data collection is necessary for compliance with regulatory provisions and helps in assessing whether lenders are providing equal access to loans for all applicants, regardless of their racial or ethnic background. The Act is instrumental in promoting fair housing and preventing discriminatory lending practices, making the inclusion of race information a vital component of loan applications under this legislation.