Fed proposes repealing S.A.F.E. Act provisions

This story appeared in Bank Digest.     

The Federal Reserve Board is proposing to amend Regulation H (Membership of State Banking Institutions in the Federal Reserve System) and Regulation K (International Banking Operations) to repeal provisions that incorporate the Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act). According to a press release, the proposal reflects the transferal of the Fed's rulemaking authority for the S.A.F.E. Act to the Consumer Financial Protection Bureau by the Dodd-Frank Act. Comments on the proposed rule must be received by Nov. 26, 2018.