The Federal Reserve Board ("FRB") solicited comment on proposed amendments to provisions of Regulation H and Regulation K that incorporate the Secure and Fair Enforcement for Mortgage Licensing Act ("SAFE Act"). The SAFE Act mandates a nationwide licensing and registration system for residential mortgage loan originators. The proposal concerns the rulemaking authority under the SAFE Act that has been transferred from the FRB to the Consumer Financial Protection Bureau (CFPB), which has previously adopted its own rules under the Act.
Comments must be received 60 days following publication in the Federal Register.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
