Tuesday,
June 9, 2009
Part II
Department of the Treasury
Office of the Comptroller of the
Currency
Federal Reserve System
Federal Deposit Insurance
Corporation
Department of the Treasury
Office of Thrift Supervision
Farm Credit Administration
National Credit Union
Administration
12 CFR Parts 34, 208, 365, et al.
Registration of Mortgage Loan
Originators; Proposed Rule
VerDate Nov<24>2008 14:48 Jun 08, 2009 Jkt 217001 PO 00000 Frm 00001 Fmt 4737 Sfmt 4737 E:\FR\FM\09JNP2.SGM 09JNP2
June 9, 2009
Part II
Department of the Treasury
Office of the Comptroller of the
Currency
Federal Reserve System
Federal Deposit Insurance
Corporation
Department of the Treasury
Office of Thrift Supervision
Farm Credit Administration
National Credit Union
Administration
12 CFR Parts 34, 208, 365, et al.
Registration of Mortgage Loan
Originators; Proposed Rule
VerDate Nov<24>2008 14:48 Jun 08, 2009 Jkt 217001 PO 00000 Frm 00001 Fmt 4737 Sfmt 4737 E:\FR\FM\09JNP2.SGM 09JNP2
27386 Federal Register / Vol. 74, No. 109 / Tuesday, June 9, 2009 / Proposed Rules
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 34
[Docket ID OCC–2009–0005]
RIN 1557–AD23
FEDERAL RESERVE SYSTEM
12 CFR Part 208
[Docket No. R–1357]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 365
RIN 3064–AD43
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Part 563
[Docket No. 2009–0004]
RIN 1550–AC33
FARM CREDIT ADMINISTRATION
12 CFR Part 610
RIN 3052–AC52
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Part 761
RIN 3133–AD59
Registration of Mortgage Loan
Originators
AGENCIES: Office of the Comptroller of
the Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); Office of
Thrift Supervision, Treasury (OTS);
Farm Credit Administration (FCA); and
National Credit Union Administration
(NCUA).
ACTION: Joint notice of proposed
rulemaking.
SUMMARY: The OCC, Board, FDIC, OTS,
FCA, and NCUA (collectively, the
Agencies) are proposing amendments to
their rules to implement the Secure and
Fair Enforcement for Mortgage
Licensing Act (the S.A.F.E. Act). The
S.A.F.E. Act requires an employee of a
bank, savings association, credit union
or other depository institution and their
subsidiaries regulated by a Federal
banking agency or an employee of an
institution regulated by the FCA
(collectively, Agency-regulated
institutions) who acts as a residential
mortgage loan originator to register with
the Nationwide Mortgage Licensing
System and Registry (Registry), obtain a
unique identifier, and maintain this
registration. This proposal implements
these requirements. It also provides that
Agency-regulated institutions must
require their employees who act as
residential mortgage loan originators to
comply with the S.A.F.E. Act’s
requirements to register and obtain a
unique identifier and must adopt and
follow written policies and procedures
designed to assure compliance with
these requirements.
DATES: Comments must be received on
or before July 9, 2009. Comments on the
Paperwork Reduction Act analysis set
forth in Part II of the Regulatory
Analysis Section of this Federal
Register notice must be received on or
before August 10, 2009.
ADDRESSES: Commenters that direct
comments to more than one Agency
may send comments to any of the
Agencies and need not send copies of
the same comment letter to all of the
Agencies. Commenters are encouraged
to use the title ‘‘Registration of Mortgage
Loan Originators’’ to facilitate the
organization and distribution of
comments among the Agencies.
Interested parties are invited to submit
written comments to:
Office of the Comptroller of the
Currency: Because paper mail in the
Washington, DC area and at the OCC is
subject to delay, commenters are
encouraged to submit comments by the
Federal eRulemaking Portal or e-mail, if
possible. Please use the title
‘‘Registration of Mortgage Loan
Originators’’ to facilitate the
organization and distribution of the
comments. You may submit comments
by any of the following methods:
• Federal eRulemaking Portal—
‘‘Regulations.gov’’: Go to http://
www.regulations.gov, under the ‘‘More
Search Options’’ tab click next to the
‘‘Advanced Docket Search’’ option
where indicated, select ‘‘Comptroller of
the Currency’’ from the agency drop-
down menu, then click ‘‘Submit.’’ In the
‘‘Docket ID’’ column, select ‘‘OCC–
2009–0005’’ to submit or view public
comments and to view supporting and
related materials for this proposal. The
‘‘How to Use This Site’’ link on the
Regulations.gov home page provides
information on using Regulations.gov,
including instructions for submitting or
viewing public comments, viewing
other supporting and related materials,
and viewing the docket after the close
of the comment period.
• E-mail:
regs.comments@occ.treas.gov.
• Mail: Office of the Comptroller of
the Currency, 250 E Street, SW., Mail
Stop 2–3, Washington, DC 20219.
• Fax: (202) 874–5274.
• Hand Delivery/Courier: 250 E
Street, SW., Mail Stop 2–3, Washington,
DC 20219.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘Docket
Number OCC–2009–0005’’ in your
comment. In general, OCC will enter all
comments received into the docket and
publish them on the Regulations.gov
Web site without change, including any
business or personal information that
you provide such as name and address
information, e-mail addresses, or phone
numbers. Comments received, including
attachments and other supporting
materials, are part of the public record
and subject to public disclosure. Do not
enclose any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
You may review comments and other
related materials that pertain to this
proposal by any of the following
methods:
• Viewing Comments Electronically:
Go to http://www.regulations.gov, under
the ‘‘More Search Options’’ tab click
next to the ‘‘Advanced Document
Search’’ option where indicated, select
‘‘Comptroller of the Currency’’ from the
agency drop-down menu, then click
‘‘Submit.’’ In the ‘‘Docket ID’’ column,
select ‘‘OCC–2009–0005’’ to view public
comments for this rulemaking action.
• Viewing Comments Personally: You
may personally inspect and photocopy
comments at the OCC, 250 E Street,
SW., Washington, DC. For security
reasons, the OCC requires that visitors
make an appointment to inspect
comments. You may do so by calling
(202) 874–4700. Upon arrival, visitors
will be required to present valid
government-issued photo identification
and submit to security screening in
order to inspect and photocopy
comments.
• Docket: You may also view or
request available background
documents and project summaries using
the methods described above.
Board of Governors of the Federal
Reserve System: You may submit
comments, identified by Docket No. R–
1357, by any of the following methods:
• Agency Web Site: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
VerDate Nov<24>2008 14:48 Jun 08, 2009 Jkt 217001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4702 E:\FR\FM\09JNP2.SGM 09JNP2
DEPARTMENT OF THE TREASURY
Office of the Comptroller of the
Currency
12 CFR Part 34
[Docket ID OCC–2009–0005]
RIN 1557–AD23
FEDERAL RESERVE SYSTEM
12 CFR Part 208
[Docket No. R–1357]
FEDERAL DEPOSIT INSURANCE
CORPORATION
12 CFR Part 365
RIN 3064–AD43
DEPARTMENT OF THE TREASURY
Office of Thrift Supervision
12 CFR Part 563
[Docket No. 2009–0004]
RIN 1550–AC33
FARM CREDIT ADMINISTRATION
12 CFR Part 610
RIN 3052–AC52
NATIONAL CREDIT UNION
ADMINISTRATION
12 CFR Part 761
RIN 3133–AD59
Registration of Mortgage Loan
Originators
AGENCIES: Office of the Comptroller of
the Currency, Treasury (OCC); Board of
Governors of the Federal Reserve
System (Board); Federal Deposit
Insurance Corporation (FDIC); Office of
Thrift Supervision, Treasury (OTS);
Farm Credit Administration (FCA); and
National Credit Union Administration
(NCUA).
ACTION: Joint notice of proposed
rulemaking.
SUMMARY: The OCC, Board, FDIC, OTS,
FCA, and NCUA (collectively, the
Agencies) are proposing amendments to
their rules to implement the Secure and
Fair Enforcement for Mortgage
Licensing Act (the S.A.F.E. Act). The
S.A.F.E. Act requires an employee of a
bank, savings association, credit union
or other depository institution and their
subsidiaries regulated by a Federal
banking agency or an employee of an
institution regulated by the FCA
(collectively, Agency-regulated
institutions) who acts as a residential
mortgage loan originator to register with
the Nationwide Mortgage Licensing
System and Registry (Registry), obtain a
unique identifier, and maintain this
registration. This proposal implements
these requirements. It also provides that
Agency-regulated institutions must
require their employees who act as
residential mortgage loan originators to
comply with the S.A.F.E. Act’s
requirements to register and obtain a
unique identifier and must adopt and
follow written policies and procedures
designed to assure compliance with
these requirements.
DATES: Comments must be received on
or before July 9, 2009. Comments on the
Paperwork Reduction Act analysis set
forth in Part II of the Regulatory
Analysis Section of this Federal
Register notice must be received on or
before August 10, 2009.
ADDRESSES: Commenters that direct
comments to more than one Agency
may send comments to any of the
Agencies and need not send copies of
the same comment letter to all of the
Agencies. Commenters are encouraged
to use the title ‘‘Registration of Mortgage
Loan Originators’’ to facilitate the
organization and distribution of
comments among the Agencies.
Interested parties are invited to submit
written comments to:
Office of the Comptroller of the
Currency: Because paper mail in the
Washington, DC area and at the OCC is
subject to delay, commenters are
encouraged to submit comments by the
Federal eRulemaking Portal or e-mail, if
possible. Please use the title
‘‘Registration of Mortgage Loan
Originators’’ to facilitate the
organization and distribution of the
comments. You may submit comments
by any of the following methods:
• Federal eRulemaking Portal—
‘‘Regulations.gov’’: Go to http://
www.regulations.gov, under the ‘‘More
Search Options’’ tab click next to the
‘‘Advanced Docket Search’’ option
where indicated, select ‘‘Comptroller of
the Currency’’ from the agency drop-
down menu, then click ‘‘Submit.’’ In the
‘‘Docket ID’’ column, select ‘‘OCC–
2009–0005’’ to submit or view public
comments and to view supporting and
related materials for this proposal. The
‘‘How to Use This Site’’ link on the
Regulations.gov home page provides
information on using Regulations.gov,
including instructions for submitting or
viewing public comments, viewing
other supporting and related materials,
and viewing the docket after the close
of the comment period.
• E-mail:
regs.comments@occ.treas.gov.
• Mail: Office of the Comptroller of
the Currency, 250 E Street, SW., Mail
Stop 2–3, Washington, DC 20219.
• Fax: (202) 874–5274.
• Hand Delivery/Courier: 250 E
Street, SW., Mail Stop 2–3, Washington,
DC 20219.
Instructions: You must include
‘‘OCC’’ as the agency name and ‘‘Docket
Number OCC–2009–0005’’ in your
comment. In general, OCC will enter all
comments received into the docket and
publish them on the Regulations.gov
Web site without change, including any
business or personal information that
you provide such as name and address
information, e-mail addresses, or phone
numbers. Comments received, including
attachments and other supporting
materials, are part of the public record
and subject to public disclosure. Do not
enclose any information in your
comment or supporting materials that
you consider confidential or
inappropriate for public disclosure.
You may review comments and other
related materials that pertain to this
proposal by any of the following
methods:
• Viewing Comments Electronically:
Go to http://www.regulations.gov, under
the ‘‘More Search Options’’ tab click
next to the ‘‘Advanced Document
Search’’ option where indicated, select
‘‘Comptroller of the Currency’’ from the
agency drop-down menu, then click
‘‘Submit.’’ In the ‘‘Docket ID’’ column,
select ‘‘OCC–2009–0005’’ to view public
comments for this rulemaking action.
• Viewing Comments Personally: You
may personally inspect and photocopy
comments at the OCC, 250 E Street,
SW., Washington, DC. For security
reasons, the OCC requires that visitors
make an appointment to inspect
comments. You may do so by calling
(202) 874–4700. Upon arrival, visitors
will be required to present valid
government-issued photo identification
and submit to security screening in
order to inspect and photocopy
comments.
• Docket: You may also view or
request available background
documents and project summaries using
the methods described above.
Board of Governors of the Federal
Reserve System: You may submit
comments, identified by Docket No. R–
1357, by any of the following methods:
• Agency Web Site: http://
www.federalreserve.gov. Follow the
instructions for submitting comments at
http://www.federalreserve.gov/
generalinfo/foia/ProposedRegs.cfm.
VerDate Nov<24>2008 14:48 Jun 08, 2009 Jkt 217001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4702 E:\FR\FM\09JNP2.SGM 09JNP2