H.R. 4626, SAFE Act Confidentiality and Privilege Enhancement Act

H.R. 4626

SAFE Act Confidentiality and Privilege Enhancement Act

Date
July 29, 2014 (113th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

On Tuesday, July 29, 2014, the House will consider H.R. 4626, the SAFE Act Confidentiality and Privilege Enhancement Act, under a suspension of the rules.  H.R. 4626 was introduced on May 9, 2014 by Rep. Shelley Moore Capito (R-WV) and referred to the Committee on Financial Services. 

Bill Summary

H.R. 4626 amends the Secure and Fair Enforcement of Mortgage Licensing Act of 2008 (S.A.F.E. Act) to allow state and federal financial regulators  to share information regarding consumer financial services businesses that are licensed at the state level in the Nationwide Mortgage Licensing System and Registry without the loss of privilege or confidentiality protections provided by state and federal law.

Background

Under current law, only mortgage regulators are permitted access to information provided by the Nationwide Mortgage Licensing System and Registry.  State regulators have begun using the NMLS as a licensing platform for regulating other non-depository financial service providers beyond residential mortgage providers to increase uniformity, reduce regulatory burden, enhance consumer protection and reduce fraud  while ensuring privacy protections are maintained.

Cost

A CBO cost estimate is currently unavailable, but no cost is expected.

Additional Information

For questions or further information contact the GOP Conference at 5-5107.