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NCUA plans to scrutinize SAFE Act rule today
WASHINGTON (5/20/10)—The National Credit Union Administration (NCUA) later today will discuss a final rule that implements the Secure and Fair Enforcement (SAFE) for Mortgage Licensing Act. While the NCUA Board has already approved the final regulation, this is an interagency rule that has yet to be signed off by all the agencies charged with writing the regulations to implement the SAFE Act. Under the SAFE Act, credit union staffers that are involved in originating mortgage loans, including home equity loans, will be required to register with a new nationwide mortgage registry within six months after the registering procedures are established. Registering will require staff to provide finger prints and information for background checks and to obtain a unique identifying number, according to the Credit Union National Association (CUNA). While the NCUA board had hinted that the final rule would be made publicly available ahead of the NCUA meeting, that document was not made available at press time. The NCUA will also discuss an extension of its Temporary Corporate Credit Union Liquidity Guarantee Program and will have its monthly report on the status of its National Credit Union Share Insurance Fund during the meeting. The agency earlier this week removed a Member Business Loan Waiver Appeal from the schedule for the closed portion of today’s meeting, and will only address some supervisory activities during that session.
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