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Washington
CUNA releases SAFE Act Analysis
WASHINGTON (6/16/10)--The Credit Union National Association (CUNA) on Tuesday released a final rule analysis on the final rules for implementing the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act. The SAFE Act requires residential loan originators that work for financial institutions that are regulated by the National Credit Union Administration (NCUA) and other federal financial institution agencies to register with the Nationwide Mortgage Licensing System and Registry. These employees will also be required to maintain this registration. Financial institutions that are covered under the Act will also be required to adopt and implement written policies and procedures to ensure compliance with these requirements. The SAFE Act also requires lenders to tailor these policies to best meet the nature, size, complexity, and scope of their mortgage lending activities. Federally-insured credit unions will be covered by these rules, but credit union service organizations (CUSOs) will not. The rules will also apply to privately insured credit unions when certain conditions are met and agreements reached between NCUA and the state regulator. Otherwise, these privately insured credit unions will need to be registered and licensed under state law. The new rules will come into effect on the first day of the calendar quarter 60 days following the SAFE Act’s publication in the Federal Register. However, full compliance dates will be staggered over a 180-day implementation period. For the full CUNA Final Rule Analysis, use the resource link.


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