CFPB Releases SAFE Act Exam Procedures

The Consumer Financial Protection Bureau (CFPB) has issued exam procedures for the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act).

Because the CFPB does not directly examine any credit unions in Oregon or Washington, this document may seem to be of little importance. However, credit unions would be wise to review the procedures, simply because the National Credit Union Administration (NCUA), the Oregon Department of Consumer and Business Services (DCBS) and the Washington State Department of Financial Institutions (DFI) will likely be using the CFPB procedures to inform their examinations.

“Using the CFPB document to prepare for your SAFE Act exam will certainly not guarantee that your credit union is prepared for its exam,” said Mary Sroufe, director of compliance services for the Northwest Credit Union Association (NWCUA), “but it will probably go a long way to help.”

 

Questions? Contact the Compliance Hotline: 1.800.546.4465, compliance@nwcua.org.

Posted in Compliance, NCUA.