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ABA: The American Bankers Association
Compliance News

Fed Transfers SAFE Act Rulemaking Authority to CFPB

The Federal Reserve approved final amendments transferring its rulemaking authority for the Secure and Fair Enforcement Mortgage Licensing Act—which mandates a nationwide licensing and registration system for residential mortgage loan originators—to the CFPB. Entities previously subject to Fed rules are now subject to the CFPB rules. The amendments will be effective 30 days after publication in the Federal Register.