May 09, 2019

Federal Reserve approves final rule to repeal regulations that incorporated the Secure and Fair Enforcement for Mortgage Licensing Act

For release at 3:00 p.m. EDT

The Federal Reserve Board on Thursday approved final amendments to its regulations to reflect the transfer of the Board's rulemaking authority for the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act) to the Bureau of Consumer Financial Protection (Bureau). Entities that were subject to the Board's rules are now subject to the Bureau's rules.

The S.A.F.E. Act mandates a nationwide licensing and registration system for residential mortgage loan originators. The Dodd-Frank Wall Street Reform and Consumer Protection Act transferred rulemaking authority for the S.A.F.E. Act to the Bureau from the Board, the other federal banking agencies, and the Farm Credit Administration. Because the Bureau has already issued a final rule that is substantially identical to the Board's regulations that incorporate the S.A.F.E. Act, the Board is repealing the applicable provisions of Regulation H (Membership of State Banking Institutions in the Federal Reserve System) and Regulation K (International Banking Operations).

The Board's notice is attached. The amendments become effective 30 days after publication in the Federal Register, which is expected shortly.

For media inquiries, call 202-452-2955

 

    Federal Register notice HTML

Last Update: May 15, 2019