CFPB: April Roundup

Edited by Suzanne Fay Garwood

Last month the CFPB focused its efforts largely on issuing some key guidance relating to the operations of mortgage lenders – from providing guidance on transitional mortgage originator licenses under the SAFE Act, to its position on disparate impact and loan originator compensation.

The Bureau also made time to recognize April as financial literacy month, and announced a new Director of the Office of Diversity and Women Inclusion.

GUIDANCE DOCUMENTS

Transitional Licensing Under the SAFE Act

CFPB Bulletin No. 2012-05 addresses transitional licensing issues for state- licensed and federally registered loan originators.

The SAFE Act and Regulation H allow a state, if it chooses, to provide a transitional loan originator license to an individual who holds a valid loan originator license from another state. The Regulation does not limit the extent to which a state may take into consideration or rely upon the findings made by