[Federal Register Volume 78, Number 206 (Thursday, October 24, 2013)]
[Rules and Regulations]
[Pages 63379-63380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-25041]


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FARM CREDIT ADMINISTRATION

12 CFR Part 610

RIN 3052-AC78


Registration of Mortgage Loan Originators; Effective Date

AGENCY: Farm Credit Administration.

ACTION: Notice of effective date.

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SUMMARY: The Farm Credit Administration (FCA) repealed its regulations 
that govern the registration of residential mortgage loan originators 
employed by Farm Credit System (FCS or System) institutions. We 
repealed these regulations because the Bureau of Consumer Financial 
Protection (CFPB), pursuant to its authority under the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (Dodd-Frank Act), is 
consolidating and recodifying the regulations that six Federal agencies 
jointly enacted to implement the Secure and Fair Enforcement for 
Mortgage Licensing Act (S.A.F.E. Act), which require residential 
mortgage loan originators at banks, savings associations, credit 
unions, FCS institutions, and their subsidiaries to register with the 
National Mortgage Licensing System and Registry (NMLSR or Registry) and 
obtain a unique identifier. Repealing these regulations avoids 
duplication, which is likely to cause confusion at FCS institutions. 
The FCA received no comments on the interim rule, and we now adopt it 
as final. In accordance with the law, the effective date of the rule is 
30 days from the date of publication in the Federal Register during 
which either or both Houses of Congress are in session.

DATES: Effective Date: Under the authority of 12 U.S.C. 2252, the 
regulation amending 12 CFR part 610 published on August 20, 2013 (78 FR 
51046) is effective October 14, 2013.

FOR FURTHER INFORMATION CONTACT: 
Gaylon J. Dykstra, Assistant to the Director, Office of Regulatory 
Policy, Farm Credit Administration, McLean, VA 22102-5090, (703) 883-
4498, TTY (703) 883-4056;
or
Richard A. Katz, Senior Counsel, Office of General Counsel, Farm Credit 
Administration, McLean, Virginia 22102-5090, (703) 883-4020, TTY (703) 
883-4056.

SUPPLEMENTARY INFORMATION: The Farm Credit Administration repealed its 
regulations that govern the registration of residential mortgage loan 
originators employed by Farm Credit System (FCS or System) 
institutions. We repealed these regulations because the Bureau of 
Consumer Financial Protection (CFPB), pursuant to its authority under 
the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-
Frank Act), is consolidating and recodifying the regulations that six 
Federal agencies jointly enacted to implement the Secure and Fair 
Enforcement for Mortgage Licensing Act (S.A.F.E. Act), which require 
residential mortgage loan originators at banks, savings associations, 
credit unions, FCS institutions, and their subsidiaries to register 
with the National Mortgage Licensing System and Registry (NMLSR or 
Registry) and obtain a unique identifier. Repealing these regulations 
avoids duplication, which is likely to cause confusion at FCS 
institutions. The FCA received no comments on the interim rule, and we 
now adopt it as final. In accordance with 12 U.S.C. 2252, the effective 
date of the rule is 30 days from the date of publication in the Federal 
Register during which either or both Houses of Congress are in session. 
Based on the records of the sessions of Congress, the effective date of 
the regulations is October 14, 2013.

[[Page 63380]]

(Authority: 12 U.S.C. 2252(a)(9) and (10))

    Dated: October 18, 2013.
Dale L. Aultman,
Secretary, Farm Credit Administration Board.
[FR Doc. 2013-25041 Filed 10-23-13; 8:45 am]
BILLING CODE 6705-01-P