The House Financial Services Committee intends to conduct a hearing to examine the impact of the Federal Reserve’s recent regulation governing compensation to mortgage loan originators. In its oversight plan for the 112th Congress, the HFSC expressed concern that the Fed’s LO pay rules, which take effect April 1, may have an adverse impact on...

The Small Business Administration has joined other stakeholders in asking the Federal Reserve Board to postpone the April 1 implementation date of its final rule on mortgage loan originator compensation. In a recent letter, the SBA’s Office of Advocacy said the compliance guidance for small businesses it had requested...

Most mortgage industry groups have expressed support for a proposal by the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) to require non-bank residential mortgage lenders and loan originators to establish anti-money laundering (AML) plans and report suspicious financial transactions. The groups, which represent...

House Republicans are vowing to place financial regulators under tight scrutiny to ensure that the objectives of the new finance reform bill are being met without harmful, unintended consequences. The House Financial Services Committee placed the Dodd-Frank Wall Street Reform and Consumer Protection Act under a stringent oversight plan that takes...

The Department of the Treasury is testing a new website for the Bureau of Consumer Financial Protection through which the new agency can communicate and solicit opinions and recommendations from the public on any new rulemaking or initiative in the weeks and months ahead. The site will also be a valuable tool in recruiting...

CSBS. Registration of mortgage loan originators (MLOs) employed by federally supervised financial institutions is now in full swing. On Jan. 31, the Conference of State Bank Supervisors announced the opening of the Nationwide Mortgage Licensing System and Registry to registration applications from...

Department of Housing and Urban Development Final SAFE Act Rule to OMB. On Feb. 8, HUD sent a final rule under the Secure and Fair Enforcement for Mortgage Licensing Act to the Office of Management and Budget for review. The final rule would clarify and interpret...

The Financial Services Roundtable has circulated a draft letter commenting on the Securities and Exchange Commission’s study on the possible standardization of credit ratings terminology. The Roundtable said it believes the SEC should continue to allow credit rating agencies to use...

As the implementation date of the Federal Reserve’s final rule on mortgage loan originator (LO) compensation nears, creditors, loan officers, mortgage brokers and loan correspondents are concerned about how the rule will affect their business and their wallets. They realize...