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Interest Rates- US: H15 -1.18 2012-02-02 FRB Market yield on U.S. Treasury securities at 5-year constant maturity, quoted on investment basis, inflation-indexed
- US: H15 0.11 2012-02-02 FRB Federal funds effective rate
- US: H15 0.09 2012-02-02 FRB 30-Day AA Nonfinancial Commercial Paper Interest Rate
- US: H15 0.56 2012-02-02 FRB Rate paid by fixed-rate payer on an interest rate swap with maturity of three year.
- US: H15 0.12 2012-02-02 FRB 60-Day AA Nonfinancial Commercial Paper Interest Rate
- Trade (FTC)
- FTC Action Halts Telemarketers Who Sold Bogus Credit CardsAllegedly Charged Illegal Up-Front Fee, Took Consumers' Money Without Their Consent […]
- FTC Action Halts Telemarketers Who Sold Bogus Credit Cards
- Commerce News
- Commerce Spectrum Management Advisory Committee MeetingTopics: Spectrum Management CSMAC Date: February 03, 2012 The Commerce Spectrum Management Advisory Committee will meet March 1, 2012 from 9 a.m. to 12 p.m., Pacific Standard Time. The meeting will be held at the Stanford Institute for Economic Policy Research (SIEPR), Room 130, 366 Galvez Street, Stanford, CA 04305. The Committee will deliberate on the fi […]
- Commerce Spectrum Management Advisory Committee Meeting
- Small Business News
- Small Business GDP: Update 2002-2010Landing page summary: U.S. gross domestic product (GDP) is the market value of the goods and services produced by labor and property located in the United States. This research takes each component of private nonfarm GDP and estimates the proportions produced by small and large businesses. This study is another installment in the series of studies sponsored […]
- Small Business GDP: Update 2002-2010
- Monetary Policy
- Cost Estimates
- H.R. 3521, Expedited Line-Item Veto and Rescissions Act of 2011Cost estimate for the bill as ordered reported by the House Committee on Rules on January 31, 2012 […]
- S. 896, Public Lands Service Corps Act of 2011Cost estimate for the bill as ordered reported by the Senate Committee on Energy and Natural Resources on Novemaber 10, 2011 […]
- S. 2038, STOCK ActCost estimate for the bill as reported by the Senate Committee on Homeland Security and Government Affairs on January 26, 2012 […]
- H.R. 3521, Expedited Line-Item Veto and Rescissions Act of 2011
- Banking
- Office of the Comptroller of the Currency Hosts Workshop in DelawareThe Office of the Comptroller of the Currency will host a workshop for directors of nationally chartered community banks and federal savings associations in Wilmington, Delaware, at the Hotel DuPont, March 19-21, 2012. […]
- Office of the Comptroller of the Currency Hosts Workshop in Delaware
S.A.F.E. Act Requirements
Federal agencies issued final rules today requiring residential mortgage loan originators who are employees of national and state banks, savings associations, Farm Credit System institutions, credit unions, and certain of their subsidiaries (agency-regulated institutions) to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act). The final rules are being issued by the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of Thrift Supervision, Farm Credit Administration, and National Credit Union Administration (the agencies).
The S.A.F.E. Act requires residential mortgage loan originators who are employees of agency-regulated institutions to be registered with the Nationwide Mortgage Licensing System and Registry (registry). The registry is a database created by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators to support the licensing of mortgage loan originators by the states. As part of this registration process, residential mortgage loan originators must furnish to the registry information and fingerprints for background checks. The S.A.F.E. Act generally prohibits employees of agency-regulated institutions from originating residential mortgage loans unless they register with the registry.
The agencies’ final rules establish the registration requirements for residential mortgage loan originators employed by agency-regulated institutions and requirements for these institutions, including the adoption of policies and procedures to ensure compliance with the S.A.F.E. Act and final rules. As required by the S.A.F.E. Act, the final rules also require that each residential mortgage loan originator obtain a unique identifier through the registry that will remain with that residential mortgage loan originator, regardless of changes in employment. This will enable consumers to easily access employment and other background information about registered mortgage loan originators from the registry. Under the final rules, registered mortgage loan originators and agency-regulated institutions must provide these unique identifiers to consumers.
The final rules take effect on October 1, 2010. The agencies anticipate that the registry could begin accepting federal registrations as early as January 28, 2011. Employees of agency-regulated institutions must not register until the agencies instruct them to do so. The agencies will provide an advance announcement of the date when the registry will begin accepting federal registrations, and agency-regulated institutions and their applicable employees will have 180 days from that date to comply with the initial registration requirements.
The final rules appear in today’s Federal Register.
The Federal Register notice and final rules are available online at http://www.ncua.gov/Resources/RegulationsOpinionsLaws/FinalRegulations.aspx.