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.
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.
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.
A CBO cost estimate is currently unavailable, but no cost is expected.
For questions or further information contact the GOP Conference at 5-5107.
