Tag Archives: Consumer Financial Protection Bureau

The big news coming out of Washington today -- President Obama will hold a special press briefing Friday to name Elizabeth Warren to set up the new Consumer Financial Protection Bureau. She won't be nominated to fill the role of the bureau's chief, as has been widely expected, at least not yet. Instead, she'll be appointed assistant to the president and special advisor to the secretary of the Treasury. She'll head a steering committee responsible for getting the new agency, which will oversee mortgage lending, up and running.

The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) stipulates that residential loan officers at banks, credit unions, and other federally regulated financial institutions must register their names and fingerprints with a national database. Financial institutions must establish procedures for compliance by October 1, 2010, but the deadline by which employees must be registered is unknown, ""because the necessary modifications to the registry have not been completed,"" according to federal officials.