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Washington
Inside Washington (08/19/2011)
* WASHINGTON (8/22/11)--The Credit Union National Association (CUNA) has issued a final rule analysis for a rule adopted by the U.S. Department of Housing and Urban Development (HUD) that establishes minimum mortgage loan originator licensing standards states must follow in implementing the Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act. Currently, all states’ SAFE Act rules meet or exceed these minimum standards. The final rule also establishes federal oversight of state SAFE Act standards, and sets forth enforcement options that could apply if a state’s SAFE Act standards ceased to comply with this rule. Jurisdiction over this regulation transferred to the Consumer Financial Protection Bureau July 21 under the Dodd-Frank Wall Street Reform and Consumer Protection Act. This final rule does not apply to credit unions or, to date, any other mortgage originators; rather, the rule sets minimum standards for states’ SAFE Act standards. CUNA’s offers members e-Guide compliance resources. … * WASHINGTON (8/22/11)--National Futures Association (NFA) is likely to have a larger influence in overseeing the role of major banks in the swaps and futures markets as regulators continue to implement the Dodd-Frank Act and determine funding for the Commodity Futures Trading Commission (CFTC) (American Banker Aug 19). The CFTC has requested $308 million for its 2012 budget. But Republican budget-cutting efforts may limit funding. The CFTC’s responsibilities will increase with the implementation of Dodd-Frank while resources may be limited, said NFA President Daniel Roth. The less allocations the agency receives, the more responsibility it may try to shift toward self-regulation, increasing the NFA’s role, Roth said. The NFA recently hired two employees to design data tracking and surveillance systems, develop industry for trading and plan registrations … * WASHINGTON (8/22/11)--Elizabeth Warren, the former Obama administration official who shaped the formation of the Consumer Protection Financial Bureau, announced that she’s starting an exploratory committee for a potential U.S. Senate run in Massachusetts (American Banker Aug 19). Warren, a Democrat, filed papers Thursday and launched a website where visitors can make donations and sign up for updates. Warren has been traveling around Massachusetts last week on a “listening tour.” She said she will make her final decision on running around Labor Day (WBUR.orgAug. 15). If Warren runs, her opponent will be Sen. Scott Brown (R-Mass.), who won his seat in a special election last year to succeed the late Sen. Edward Kennedy …


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