September 21, 2018

Federal Reserve Board seeks public comment on proposal to amend Regulation H and Regulation K

For release at 12:00 p.m. EDT

The Federal Reserve Board on Friday requested public comment on a proposal to amend Regulation H (Membership of State Banking Institutions in the Federal Reserve System) and Regulation K (International Banking Operations) to repeal provisions that incorporate the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act). The proposal reflects the transferal of the Board's rulemaking authority for the 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 proposing to repeal its versions of those regulations.

Comments on the attached proposal must be submitted within 60 days from the date of publication in the Federal Register, which is expected shortly.

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Last Update: September 21, 2018