The Farm Credit Administration (FCA)
issued an interim rule which repeals its regulations governing the registration
of residential mortgage loan originators employed by the Farm Credit System
(FCS), according to the Federal Register publication, available here.
The FCA states that it is “repealing
these regulations because the Bureau of Consumer Financial Protection (CFPB),
pursuant to is 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” and “obtain a unique identifier.” The FCA is repealing these regulations to
avoid duplication and confusion at FCS institutions.
The interim rule becomes effective 30
days after publication in the Federal Register.
The FCA will accept comments on the interim rule through Sept. 19, 2013. 
