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SAFE Act TCCULGP on NCUA meeting agenda
ALEXANDRIA, Va. (5/14/10)—The National Credit Union Administration (NCUA), at its upcoming board meeting at 10 a.m. ET next Thursday, will be briefed on a final rule related to the implementation of the Secure and Fair Enforcement (SAFE) for Mortgage Licensing Act. The SAFE Act will require all credit union staff involved in originating mortgage loans, including home equity loans, 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 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. CUNA staff said that changes are still possible because the Office of Management and Budget, which has had the regulation under review since the end of 2009, has yet to approve the final regulation. CUNA understands that the NCUA plans to make the final regulation publicly available before the board meeting next week. “What credit unions will really care about are the actual registration procedures, which are not part of the final SAFE regulations. These are still being developed, and CUNA anticipates that NCUA staff will provide some information about the registration timetable during the briefing next week,” CUNA Senior Vice President for Compliance Kathy Thompson said. CUNA will discuss the SAFE Act at a June 24 audio conference. NCUA also will 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. During the closed portion of the meeting, NCUA will discuss a member business loan waiver appeal and address some supervisory activities. NCUA on Thursday also announced that it has scheduled another in a series of webinars aimed at interacting with and answering questions for the credit union public. The webinar will take place on June 28 between 3 p.m. and 4:30 p.m. ET, and will be open to all who wish to sign up. There is no set agenda for the webinar at this time. For more on the upcoming board meeting, the CUNA audio conference, and the NCUA webinar, use the resource links.
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