Regulatory AlertsTransfer of SAFE Act Supervisory Responsibilities and Publication of SAFE Act Examination Procedures
The Board of Governors of the Federal Reserve System transferred responsibility for examining SAFE Act compliance from safety-and-soundness examiners to consumer compliance examiners for eligible institutions effective October 1, 2015. This administrative shift aligns supervisory duties with the appropriate business line without imposing new requirements on supervised entities. The letter also publishes the interagency SAFE Act examination procedures to guide consumer compliance examiners in reviewing mortgage loan originator registration policies and independent testing.
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