other · OCC · Rule · Published 2010-07-28 · Effective 2010-10-01 · 75 FR 44656
Document
Document number
2010-18148
Federal Register citation
75 FR 44656
CFR reference
12 CFR 34
Type
Rule
Action
Final rule.
Category
other
Sub-agency
OCC
Publication date
2010-07-28
Effective date
2010-10-01
Treasury docket
Docket ID OCC-2010-0007
Abstract
The OCC, Board, FDIC, OTS, FCA, and NCUA (collectively, the Agencies) are adopting final rules to implement the Secure and Fair Enforcement for Mortgage Licensing Act (the S.A.F.E. Act). The S.A.F.E. Act requires an employee of a bank, savings association, credit union or Farm Credit System (FCS) institution and certain of their subsidiaries that are regulated by a Federal banking agency or the FCA (collectively, Agency-regulated institutions) who acts as a residential mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry, obtain a unique identifier, and maintain this registration. The final rule further provides that Agency- regulated institutions must: require their employees who act as residential mortgage loan originators to comply with the S.A.F.E. Act's requirements to register and obtain a unique identifier, and adopt and follow written policies and procedures designed to assure compliance with these requirements.