Final Rules to Implement S.A.F.E. Act Requirements
for Registration of Mortgage Loan Originators Issued
Federal agencies have issued final rules requiring residential mortgage loan originators who are employees of national and state banks, savings associations, Farm Credit System institutions, credit unions, and certain of their subsidiaries (agency-regulated institutions) to meet the registration requirements of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (S.A.F.E. Act). As required by the S.A.F.E. Act, the final rules require that each residential mortgage loan originator obtain a unique identifier through the registry that will remain with that residential mortgage loan originator, regardless of changes in employment. This will enable consumers to easily access employment and other background information about registered mortgage loan originators from the registry. Under the final rules, registered mortgage loan originators and agency-regulated institutions must provide these unique identifiers to consumers.  Read more. u

Walsh to Become Acting Comptroller of the Currency
John Walsh, chief of staff at the Office of the Comptroller of the Currency, will become the acting head of the agency when current Comptroller John Dugan leaves on Aug. 14, the Treasury Department announced last Friday. Since October 2005, Walsh has served as the OCC’s chief of staff and head of public affairs. He joined the agency after serving as executive director of the Group of 30, a consulting group that focuses on international economic and monetary affairs. Walsh also worked on the Senate Banking Committee staff from 1986 to 1992 and served as an international economist for the Treasury from 1984 to 1986. Read more. u

ABA: Proposal to Use CRA
to Support HUD Program Too Restrictive
ABA opposes the banking agencies’ proposed change in the Community Reinvestment Act regulations that would expand the definition of “community development” to encourage depository institutions to support the Department of Housing and Urban Development’s Neighborhood Stabilization Program, the association said last Friday in a comment letter. The proposal’s intent is to use CRA on a short-term basis to supplement existing federal grants in neighborhoods affected by foreclosures. ABA emphasized that it supports stabilizing and revitalizing neighborhoods affected by foreclosures and agrees that such activity merits favorable CRA consideration. “However, we object to using the CRA as a mechanism for endorsing particular federal programs to the exclusion of alternative private-sector initiatives that serve similar goals,” ABA said. “Instead, we recommend a more flexible standard that recognizes stabilization and revitalization activities can receive CRA credit independent of HUD NSP eligibility criteria.” If the agencies provide guidance that grants favorable CRA consideration for such activities “that are not restricted to a single federal grant program or to a single type of geography, [they] will take a step forward toward flexibility consistent with the goals of CRA,” the association said. Read the letter. Read the proposal. u

House Passes and President Signs
Bill to Extend Unemployment Benefits
The House last week passed by a 272-152 vote -- and President Obama signed into law -- a bill (H.R. 4213) that would extend unemployment benefits through November for about 2.5 million Americans who have been out of work for six months. The payments are retroactive to late May. The legislation originally included one-year extensions for about 50 popular tax cuts and also an extension through the end of the fiscal year for the 90-percent guarantee on the Small Business Administration’s 7(a) loan program. But the bill was modified and scaled-down by a Senate substitute amendment that removed the tax-credit extenders and the SBA provision. u

FDIC Updates Official Deposit Insurance Sign
The FDIC has updated its official sign for advertising deposit insurance coverage because the Dodd-Frank Act permanently raised the standard maximum deposit insurance amount to $250,000, the agency said last week. Banks may order the new sign from the FDIC for free, and the agency is encouraging them to quickly acquire and post it to increase depositor awareness of the permanent increase in deposit insurance coverage. Read more. u

Fed Seeking Nominations
for Consumer Advisory Council
The Federal Reserve is seeking nominations for up to 10 new members to serve on its Consumer Advisory Council, the Fed said this week. The council, which meets three times a year in Washington, D.C., advises the Fed on its responsibilities under various consumer financial services laws and other matters. Read more. u