Federal Reserve Finalizes Rule to Repeal Regulations that Incorporated SAFE Act

Weiner Brodsky Kider PC
Contact

Weiner Brodsky Kider PC

The Federal Reserve Board issued final amendments to its regulations to reflect the transfer of the Board’s rulemaking authority for the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) to the CFPB – the CFPB incorporated the SAFE Act into its Regulations G and H.  Entities that are currently covered by the SAFE Act are subject to the CFPB’s rules, as applicable.

The SAFE Act orders a nationwide licensing and registration system for residential mortgage loan originators, generally requiring, among other things, registration with the NMLSR for residential mortgage loan originators that are employed by depository institutions, subsidiaries that are owned or controlled by a depository institution and regulated by a federal banking agency, and institutions regulated by the Farm Credit Administration (FCA).  Effective July 21, 2011, the Dodd-Frank Act transferred rulemaking authority for the SAFE Act to the CFPB from the Board, the other federal banking agencies, and the FCA.  The CFPB has already issued a final rule that is substantially identical to the Board’s regulations that incorporate the SAFE Act, and the Board now is repealing the relevant provisions of Regulation H (Membership of State Banking Institutions in the Federal Reserve System) and Regulation K (International Banking Operations).

The final rule is effective June 14, 2019.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Weiner Brodsky Kider PC | Attorney Advertising

Written by:

Weiner Brodsky Kider PC
Contact
more
less

Weiner Brodsky Kider PC on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.