NCUA to Deal With Mortgage Rules
The NCUA is scheduled to be briefed on the final rules on the registration of mortgage originators during its meeting next Thursday.
The agency's proposed rules, which were also issued by five other financial regulatory agencies, would require financial institutions that originate mortgages to submit background information and fingerprints for the licensing of loan originators.
These regulations would meet the registration requirements of the S.A.F.E. Mortgage Licensing Act of 2008, which requires the regulators to develop and maintain a system for registering residential mortgage loan originators who are employees of credit unions, national and state banks, savings associations, and Farm Credit System institutions, and some of their subsidiaries. These mortgage loan originators must be registered with the Nationwide Mortgage Licensing System and Registry, a database established by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators to support the licensing of mortgage loan originators by state governments.
The Board is also scheduled to vote on whether to extend the Temporary Corporate Credit Union Liquidity Guarantee Program, which is currently scheduled to expire on June 30. The agency hasn't said how long the board is expected to extend the program.
The guaranteed debt will expire on June 30, 2017, instead of June 30, 2012.
The Temporary Corporate Credit Union Liquidity Guarantee Program was launched in 2008 and includes: federal funds purchased, promissory notes, commercial paper and unsubordinated unsecured notes.
The board is also scheduled to hear a report on the health of the NCUSIF.
The meeting is scheduled to be held at 10:00 a.m. ET next Thursday at the agency's headquarters in Alexandria, Va.