The Farm Credit Administration (FCA) issued an interim rule which repeals its regulations governing the registration of residential mortgage loan originators employed by the Farm Credit System (FCS), according to the Federal Register publication, available here.
The FCA states that it is “repealing these regulations because the Bureau of Consumer Financial Protection (CFPB), pursuant to is authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), is consolidating and recodifying the regulations that six Federal agencies jointly enacted to implement the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act), which require residential mortgage loan originators at banks, savings associations, credit unions, FCS institutions, and their subsidiaries to register with the National Mortgage Licensing System and Registry” and “obtain a unique identifier.” The FCA is repealing these regulations to avoid duplication and confusion at FCS institutions.
The interim rule becomes effective 30 days after publication in the Federal Register. The FCA will accept comments on the interim rule through Sept. 19, 2013.