Well I'll be darned. Never heard of that, but apparently that is what my 8 year old Lab is. Her name is Penny, and she is a fantastic dog. Her mom was yellow and her dad waas black. They had twelve puppies, blacks, browns and yellows in the litter.
Your Penny got a yellow (e) gene and a chocolate (b) gene from each parent, so she is a chocolate Lab with a yellow coat!
Whatever those show folks say, she is still a purebred, still a Lab, and can do anything performance-wise that any other Lab can do (except go in the show ring, but I've never had the slightest desire to go there and I don't think most people do. It's like watching paint dry, compared to running an agility course or hunting test or even the obedience ring).
And she's a cutie!