Bureau Publishes Four FAQs on the SAFE Act

Today, the Consumer Financial Protection Bureau (CFPB) has published 4 FAQs on the SAFE Act and the impact of the amendments to the SAFE Act made by § 106 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The questions and answers pertain to compliance with the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) as of November 24, 2019, the effective date of the 2018 amendments to the statute.  

The Bureau reminds financial institutions that reviewing these questions and answers is not a substitute for reviewing the SAFE Act or the Bureau’s Regulation G or Regulation H. The statute and Regulations G and H are the definitive sources of information regarding the requirements.  

Resources:

FAQs

Regulation G

Regulation H

Types of Loan Originators

State Transitional Licenses