The Office of the Comptroller of the Currency (OCC) published a joint final rule with other federal banking agencies last week informing national banks that loan origination employees are not required to comply with the SAFE Act registration requirements by Oct. 1.
‘Because the necessary modifications to the registry have not been completed, national banks and their employees are not required to comply with the final rule's registration requirements at this time,’ the Aug. 25 memo states. The agencies said they expect that the registry will be capable of accepting federal registrations in January 2011, at the earliest.
However, banks still must establish policies and procedures to assure compliance with the SAFE Act registration requirements, as required by the agencies' July 28 final rule.
The agencies additionally noted that their responsibilities under the SAFE Act will be transferred to the Consumer Financial Protection Bureau – a provision included in the Dodd-Frank Act. The transfer date is supposed to occur between January 2011 and January 2012.
The OCC says that if it has jurisdiction to administer the SAFE Act when the registry goes live, it will announce the date in advance and notify national banks and their mortgage originator employees that they have 180 days to comply with the final rule's initial registration requirements.