Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

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.


RSS print
News Now LiveWire
#creditunion CEO confidence continues upswing See #NewsNow http://t.co/GBFxLbhCSX
32 minutes ago
Housing starts swell in July #NewsNow #Market http://t.co/EdKIhXEj9l
17 hours ago
Consumer inflation tapers after spring surge #NewsNow #Market http://t.co/bgvQd8fyuF
17 hours ago
Have you read this one today in #NewsNow? What NCUA examiners look for on cybersecurity efforts: NCUA Report http://t.co/4g5wUavUAe
18 hours ago
.@CFPB sets $2.75M fine v. auto finance co. it says "distorted consumer credit records for years": TX-based First Investors Fin. Serv. Group
19 hours ago