National Credit Union Administration July 2010 – Federal Register Recent Federal Regulation Documents

The OCC, Board, FDIC, OTS, FCA, and NCUA (collectively, the Agencies) are adopting final 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 Farm Credit System (FCS) institution and certain of their subsidiaries that are regulated by a Federal banking agency or the FCA (collectively, Agency-regulated institutions) who acts as a residential mortgage loan originator to register with the Nationwide Mortgage Licensing System and Registry, obtain a unique identifier, and maintain this registration. The final rule further 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 adopt and follow written policies and procedures designed to assure compliance with these requirements.

Pursuant to the Privacy Act of 1974, notice is given that the National Credit Union Administration (NCUA) is revising its Privacy Act Systems of Records (SOR) Notice. As part of its periodic review of agency systems of records, NCUA proposes to update and revise its SOR Notice. The review identified several changes requiring revision to the SOR Notice including: Changes in recordkeeping practices, agency organizational changes, a system name change, and minor changes to routine uses. No new exemptions from provisions of the Privacy Act of 1974 were required. The revisions reflect the changes, clarify, and update the SOR Notice.