Notices FR Registration of Mortgage Loan Originators by MikeJenny


									                                                                           Federal Register / Vol. 76, No. 23 / Thursday, February 3, 2011 / Notices                                                    6185

                                              DEPARTMENT OF THE TREASURY                              (202) 874–5090, and Nan Goulet, Senior                requires: (1) All States to provide for a
                                                                                                      Advisor, Large Bank Supervision, (202)                licensing and registration regime for
                                              Office of the Comptroller of the                        874–5224, Office of the Comptroller of                State-regulated mortgage loan
                                              Currency                                                the Currency, 250 E Street, SW.,                      originators; and (2) the Agencies to
                                              [Docket ID OCC–2011–0005]                               Washington, DC 20219.                                 develop and maintain a system for
                                                                                                        Board: Anne Zorc, Counsel, Legal                    registering mortgage loan originators
                                              FEDERAL RESERVE SYSTEM                                  Division, (202) 452–3876; or Stanley                  employed by Agency-regulated
                                                                                                      Rediger, Supervisory Financial Analyst,               institutions (Federal registration). The
                                              [Docket No. R–1357]                                                                                           S.A.F.E. Act specifically prohibits an
                                                                                                      (202) 452–2629; or Frank P. Mongiello,
                                                                                                      Technology Delivery and Support                       individual from engaging in the
                                              FEDERAL DEPOSIT INSURANCE
                                                                                                      Manager, (202) 452–6448, Division of                  business of residential mortgage loan
                                                                                                      Banking Supervision & Regulation,                     origination without first obtaining and
                                                                                                      Board of Governors of the Federal                     maintaining annually a State license or
                                              DEPARTMENT OF THE TREASURY
                                                                                                      Reserve System, 20th and C Streets,                   a Federal registration and a unique
                                                                                                      NW., Washington, DC 20551.                            identifier. The S.A.F.E. Act requires that
                                              Office of Thrift Supervision
                                                                                                        FDIC: Thomas F. Lyons, Examination                  State licensing and Federal registration
                                              [Docket ID OTS–2011–0001]                               Specialist, (202) 898–6850, Victoria                  must be accomplished through the
                                                                                                      Pawelski, Acting Section Chief,                       Nationwide Mortgage Licensing System
                                              FARM CREDIT ADMINISTRATION                              Compliance Policy, (202) 898–3571,                    and Registry (Registry).
                                                                                                      Sharmae Gambrel, Review Examiner                         The Agencies published a final rule
                                              NATIONAL CREDIT UNION                                   (Compliance), (413) 731–6457, x4541, or               on July 28, 2010, to implement the
                                              ADMINISTRATION                                          John P. Kotsiras, Financial Analyst,                  S.A.F.E. Act.2 Specifically, the final rule
                                                                                                      (202) 898–6620, Division of Supervision               requires mortgage loan originators
                                              Registration of Mortgage Loan                                                                                 employed by Agency-regulated
                                              Originators                                             and Consumer Protection; or Richard
                                                                                                      Foley, Counsel, (202) 898–3784, Legal                 institutions to register with the Registry
                                              AGENCY:  Office of the Comptroller of the               Division, Federal Deposit Insurance                   and maintain their registration.
                                              Currency, Treasury (OCC); Board of                      Corporation, 550 17th Street, NW.,                    Pursuant to the S.A.F.E. Act, a mortgage
                                              Governors of the Federal Reserve                        Washington, DC 20429.                                 loan originator also is required to obtain
                                              System (Board); Federal Deposit                           OTS: Charlotte M. Bahin, Special                    a unique identifier through the Registry
                                              Insurance Corporation (FDIC); Office of                 Counsel (Special Projects), (202) 906–                that will remain with that originator,
                                              Thrift Supervision, Treasury (OTS);                     6452, Vicki Hawkins-Jones, Acting                     regardless of changes in employment.
                                              Farm Credit Administration (FCA); and                   Deputy Chief Counsel, Regulations and                 Furthermore, the final rule requires
                                              National Credit Union Administration                    Legislation Division, (202) 906–7034,                 mortgage loan originators (and their
                                              (NCUA).                                                 Richard Bennett, Senior Compliance                    employing Agency-regulated
                                                                                                      Counsel, (202) 906–7409, and Rhonda                   institutions) to provide these unique
                                              ACTION: Notice.
                                                                                                      Daniels, Director, Consumer                           identifiers to consumers in certain
                                              SUMMARY:    The OCC, Board, FDIC, OTS,                  Regulations, (202) 906–7158, Office of                circumstances. The rule provides an
                                              FCA, and NCUA (collectively, the                        Thrift Supervision, 1700 G Street, NW.,               exception to these requirements for
                                              Agencies) are issuing a notice                          Washington, DC 20552.                                 originators who originate a de minimis
                                              announcing that the initial registration                  FCA: Gary K. Van Meter, Acting                      number of residential mortgage loans.
                                              period for Federal registrations required                                                                        In addition, the final rule provides
                                                                                                      Director, Office of Regulatory Policy,
                                              by the Secure and Fair Enforcement for                                                                        that an Agency-regulated institution
                                                                                                      (703) 883–4414, TTY (703) 883–4434, or
                                              Mortgage Licensing Act (the S.A.F.E.                                                                          must require its employees who are
                                                                                                      Richard A. Katz, Senior Counsel, or
                                              Act) and the Agencies’ implementing                                                                           mortgage loan originators to comply
                                                                                                      Jennifer Cohn, Senior Counsel, Office of
                                              rules issued July 28, 2010, will run from                                                                     with these requirements and specifically
                                                                                                      General Counsel, (703) 883–4020, TTY
                                              January 31, 2011, through July 29, 2011.                                                                      prohibits the institution from permitting
                                                                                                      (703) 883–4020, Farm Credit
                                              The S.A.F.E. Act and the Agencies’ final                                                                      its employees to act as mortgage loan
                                                                                                      Administration, 1501 Farm Credit Drive,
                                              rules require employees of banks,                                                                             originators unless registered with the
                                                                                                      McLean, VA 22102–5090.
                                              savings associations, credit unions, or                                                                       Registry pursuant to the final rule and
                                                                                                        NCUA: Regina Metz, Staff Attorney,
                                              Farm Credit System (FCS) institutions                                                                         the S.A.F.E. Act. The rule requires
                                                                                                      Office of General Counsel, 703–518–
                                              as well as certain of their subsidiaries                                                                      Agency-regulated institutions to adopt
                                                                                                      6561, or Lisa Dolin, Program Officer,
                                              that are regulated by a Federal banking                                                                       and follow written policies and
                                                                                                      Division of Supervision, Office of
                                              agency or the FCA (collectively,                                                                              procedures to assure compliance with
                                                                                                      Examination and Insurance, 703–518–
                                              Agency-regulated institutions) who act                                                                        the registration requirements.
                                                                                                      6360, National Credit Union
                                              as a residential mortgage loan originator                                                                        The final rule was effective on
                                                                                                      Administration, 1775 Duke Street,
                                              to register with the Nationwide                                                                               October 1, 2010. However, because the
                                                                                                      Alexandria, VA 22314–3428.
                                              Mortgage Licensing System and Registry                                                                        necessary modifications to the Registry
                                                                                                      SUPPLEMENTARY INFORMATION:                            were not to be completed by that date,
                                              (Registry), obtain a unique identifier
                                              from the Registry, and maintain this                    Background                                            the final rule provided that Agency-
                                              registration.                                                                                                 regulated institutions and their
                                                                                                        The S.A.F.E. Act,1 enacted on July 30,              employees were not required to comply
                                              DATES: The initial registration period                  2008, mandates a nationwide licensing                 with the final rule’s registration
jdjones on DSK8KYBLC1PROD with NOTICES

                                              began on January 31, 2011, and will end                 and registration system for mortgage
                                              on July 29, 2011.                                       loan originators. Specifically, the Act                  2 75 FR 44656. The Agencies’ rules are codified

                                              FOR FURTHER INFORMATION CONTACT:                                                                              at 12 CFR part 34 (OCC), 12 CFR parts 208 and 211
                                                                                                        1 The S.A.F.E. Act was enacted as part of the       (Board), 12 CFR part 365 (FDIC), 12 CFR part 563
                                                OCC: Michele Meyer, Assistant
                                                                                                      Housing and Economic Recovery Act of 2008,            (OTS), 12 CFR part 610 (FCA), and 12 CFR parts
                                              Director, Heidi Thomas, Special                         Public Law 110–289, Division A, Title V, sections     741 and 761 (NCUA). Because the Agencies’ rules
                                              Counsel, or Patrick T. Tierney, Counsel,                1501–1517, 122 Stat. 2654, 2810–2824 (July 30,        use consistent section numbering, relevant sections
                                              Legislative and Regulatory Activities,                  2008), codified at 12 U.S.C. 5101–5116.               are cited, for example, as ‘‘section _.103.’’

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                                              6186                         Federal Register / Vol. 76, No. 23 / Thursday, February 3, 2011 / Notices

                                              requirements until notified to do so by                   By the Office of Thrift Supervision.                membership diversity, selection is based
                                              the Agencies.                                           John E. Bowman,                                       on the applicant’s qualifications and
                                                 Specifically, § l.103(a)(3) of the final             Acting Director.                                      expertise.
                                              rule provides that the 180-day                            Dated: January 13, 2011.                            DATES: Complete application packages
                                              implementation period for initial                       Dale Aultman,                                         must be received by March 28, 2011.
                                              registrations will begin on the date the                                                                      ADDRESSES: Application packages
                                              Agencies provide in a public notice that                                                                      should include: a letter of nomination,
                                                                                                      Farm Credit Administration Board.
                                              the Registry is accepting initial                                                                             application, short statement, and
                                              registrations. The Agencies jointly                       Dated: January 28, 2011.
                                                                                                      Mary F. Rupp,
                                                                                                                                                            resume. Submit the application package
                                              announced on January 31st, 2011 that                                                                          using one of the following methods:
                                              the initial registration period will run                Secretary to the Board, National Credit Union
                                                                                                                                                               • E-Mail: Send to
                                              from January 31, 2011 through July 29,                                                                           • Fax: Send via facsimile to (202)
                                              2011.3 After this 180-day period expires,               [FR Doc. 2011–2378 Filed 2–2–11; 8:45 am]             283–2845 (not a toll-free number).
                                              any existing employee or newly hired                    BILLING CODE 4810–33–P; 6210–01–P; 6714–01–P;
                                                                                                                                                            FOR FURTHER INFORMATION CONTACT: Ms.
                                                                                                      6720–01–P; 7535–01–P
                                              employee of an Agency-regulated                                                                               Cassandra Daniels, (202) 283–2178 (not
                                              institution who is subject to the                                                                             a toll-free number).
                                              registration requirements will be                                                                             SUPPLEMENTARY INFORMATION: ETAAC
                                                                                                      DEPARTMENT OF THE TREASURY
                                              prohibited from originating residential                                                                       was authorized under the Federal
                                              mortgage loans without first meeting                    Internal Revenue Service                              Advisory Committee Act, Public Law
                                              such requirements.                                                                                            and was established as required by the
                                                 Section 1504 of the S.A.F.E. Act (12                 Applications for Membership on the                    Internal Revenue Service Restructuring
                                              U.S.C. 5103) requires that mortgage loan                Electronic Tax Administration                         and Reform Act of 1998, Title II, Section
                                              originators maintain their registration                 Advisory Committee (ETAAC)                            2001(b)(2). The ETAAC will research,
                                              annually. To implement this                                                                                   analyze, consider, and make
                                                                                                      AGENCY:  Internal Revenue Service (IRS),
                                              requirement, section l.103(b)(1)(i) of                                                                        recommendations on a wide range of
                                              the final rule requires that a registered                                                                     electronic tax administration issues and
                                              mortgage loan originator must renew his                 ACTION: Request for Applications.
                                                                                                                                                            will provide input into the development
                                              or her registration with the Registry                   SUMMARY:    The Internal Revenue Service              of the strategic plan for electronic tax
                                              during the annual renewal period,                       (IRS) requests applications of                        administration. The ETAAC will meet
                                              November 1 through December 31 of                       individuals to be considered for                      approximately four times in
                                              each year. However, § l.103(b)(3) of the                membership on the Electronic Tax                      Washington, DC and provide an Annual
                                              final rule provides that a mortgage loan                Administration Advisory Committee                     report to Congress each June on IRS
                                              originator is not required to renew his                 (ETAAC). Nominations of qualified                     progress in meeting the Restructuring
                                              or her registration during this annual                  individuals may come from associations                and Reform Act of 1998 goals for
                                              renewal period if registration was                      and should describe and document the                  electronic filing of tax returns.
                                              completed less than six months prior to                 applicant’s qualifications for ETAAC                     Receipt of applications will be
                                              the end of the renewal period.                          membership. An application and                        acknowledged. Only the best qualified
                                                 Further information regarding the                    resume are required. Submit a short                   applicants will undergo tax checks and
                                              Registry and the registration process is                statement as required in Part II of the               background investigations. Interviews
                                              available at the Registry’s Web site:                   application and include recent                        will be scheduled for those who pass
                                                                  examples of specific expertise in e-file              these checks.
                                                           security, tax software and accuracy. See                 Members will serve a three-year term
                                              default.aspx.                                           the ETAAC application, Form 13768 for                 on the ETAAC to allow for a rotation in
                                                Dated: January 24, 2011.                              more details.                                         membership which ensures that
                                              John Walsh,                                                The ETAAC provides continued input                 different perspectives are represented.
                                              Acting Comptroller of the Currency.                     into the development and                              All travel expenses within government
                                                                                                      implementation of the IRS’ strategy for               guidelines will be reimbursed such as
                                                By Order of the Board of Governors of the             electronic tax administration. The                    airfare, per diem, and transportation to
                                              Federal Reserve System, January 28, 2011.
                                                                                                      ETAAC also provides an organized                      and from airports, train stations, etc.
                                              Jennifer J. Johnson,                                    public forum for discussion of                        Members may not be Federally
                                              Secretary of the Board.                                 electronic tax administration issues in               registered lobbyists and must pass an
                                                Dated at Washington, DC on January 26,                support of the overriding goal that                   IRS tax compliance check and Federal
                                              2011.                                                   paperless filing should be the preferred              Bureau of Investigation (FBI)
                                                By order of the Board of Directors.                   and most convenient method of filing                  background investigation.
                                                Federal Deposit Insurance Corporation.                tax and information returns. ETAAC                       Equal opportunity practices will be
                                              Robert E. Feldman,                                      members convey the public’s perception                followed in all appointments to the
                                              Executive Secretary.                                    of IRS electronic tax administration                  Committee. To ensure that the
                                                                                                      activities, offer constructive                        recommendations of the Committee
                                                 Dated: January 19, 2011.                             observations about current or proposed                have taken into account the needs of the
                                                                                                      policies, programs, and procedures, and               diverse groups served by the
                                                3 See joint press release issued on January 31,
                                                                                                      suggest improvements.                                 Department, membership will include,
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                                              2011 at
                                                                                                         The Director, Electronic Tax                       to the extent practicable, individuals,
                                                   Administration (ETA) and Refundable                   with demonstrated ability to represent
                                              default.htm;       Credits will assure that the size and                 minorities, women, and persons with
                                              2011/index.html;              organizational representation of the                  disabilities. The Secretary of Treasury
                                                                                                      committee is balanced to include                      will review the recommended
                                              NewsPublications/News/PressRelease.aspx; and            industry representatives from various                 candidates and approve the final
                                                 groups. Accordingly, to maintain                      selections.

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