§ 5106. System of registration administration by Federal agencies
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(a)Development
(1)In general The Bureau shall develop and maintain a system for registering employees of a depository institution, employees of a subsidiary that is owned and controlled by a depository institution and regulated by a Federal banking agency, or employees of an institution regulated by the Farm Credit Administration, as registered loan originators with the Nationwide Mortgage Licensing System and Registry. The system shall be implemented before the end of the 1-year period beginning on July 21, 2010.
(2)Registration requirements In connection with the registration of any loan originator under this subsection, the Bureau shall, at a minimum, furnish or cause to be furnished to the Nationwide Mortgage Licensing System and Registry information concerning the identity of the employee, including—
(A)fingerprints for submission to the Federal Bureau of Investigation, and any governmental agency or entity authorized to receive such information for a State and national criminal history background check; and
(B)personal history and experience, including authorization for the Nationwide Mortgage Licensing System and Registry to obtain information related to any administrative, civil or criminal findings by any governmental jurisdiction.
(b)Coordination
(1)Unique identifier The Bureau,1 and the Bureau of Consumer Financial Protection shall coordinate with the Nationwide Mortgage Licensing System and Registry to establish protocols for assigning a unique identifier to each registered loan originator that will facilitate electronic tracking and uniform identification of, and public access to, the employment history of and publicly adjudicated disciplinary and enforcement actions against loan originators.
(2)Nationwide Mortgage Licensing System and Registry development To facilitate the transfer of information required by subsection (a)(2), the Nationwide Mortgage Licensing System and Registry shall coordinate with the Bureau,1 and the Bureau of Consumer Financial Protection concerning the development and operation, by such System and Registry, of the registration functionality and data requirements for loan originators.
(c)Consideration of factors and procedures In establishing the registration procedures under subsection
(a)and the protocols for assigning a unique identifier to a registered loan originator, the Bureau shall make such de minimis exceptions as may be appropriate to paragraphs (1)(A) and
(2)of section 5103(a) of this title, shall make reasonable efforts to utilize existing information to minimize the burden of registering loan originators, and shall consider methods for automating the process to the greatest extent practicable consistent with the purposes of this chapter.
(Pub. L. 110–289, div. A, title V, § 1507, July 30, 2008, 122 Stat. 2817; Pub. L. 111–203, title X, § 1100(2), (5), July 21, 2010, 124 Stat. 2106.)
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register
- UnknownInterpretive rule
- NoticesBoard of Governors of the Federal Reserve System
- Rules and RegulationsFinal rule
- NoticesBoard of Governors of the Federal Reserve System
- NoticesFinal rule
- Rules and RegulationsInterim final rule with request for public comment
- NoticesNotice of New Privacy Act System of Records
- NoticesNotice of New and Altered Systems of Records
- NoticesNotice of a modified system of records
- NoticesNotice for comment regarding the Federal Reserve proposal to extend without revision, the clearance under the Paperwork Reduction Act for the following information collection activity
- NoticesBoard of Governors of the Federal Reserve System
- NoticesNotice of establishment of a new system of records maintained on individuals; request for comment
- NoticesFinal rule; official interpretations
- Proposed RulesNotice of proposed rulemaking
- NoticesNotice of proposed Privacy Act System of Records
statute-compilations
statutes-at-large
- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
- Public Law 110–289To provide needed housing reform and for other purposes
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11 references not yet in our index
- 1
- Pub. L. 110–289, div. A, title V, § 1507
- 122 Stat. 2817
- Pub. L. 111–203, title X, § 1100(2)
- 124 Stat. 2106
- Pub. L. 111–203, § 1100(5)(A)(i)
- Pub. L. 111–203, § 1100(5)(A)(ii)
- Pub. L. 111–203, § 1100(5)(B)
- Pub. L. 111–203, § 1100(2)
- Pub. L. 111–203
- section 1100H of Pub. L. 111–203
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§ 5106
System of registration administration by Federal agencies
Fed. Reg.×46
Stat.×2
Stat. Comp.×1
U.S.C.×1
Cite1
Pub. L.Pub. L. 110–289, div. A, title V, § 1507
Stat.122 Stat. 2817
Pub. L.Pub. L. 111–203, title X, § 1100(2)
Stat.124 Stat. 2106
Cites 13 · showing 7Cited by 50 across 4 sources