Department of the Treasury, Office of the Comptroller of the Currency: Registration of Mortgage Loan Originators
GAO-10-996R: Aug 13, 2010
GAO reviewed the Department of the Treasury, Office of the Comptroller of the Currency's (OCC) new rule on registration of mortgage loan originators. GAO found that (1) the final rule implements provisions of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008, Pub. L. No. 110-289, 122 Stat. 2654, codified at 12 U.S.C. 5101-5116, requiring mortgage loan originators employed by national banks to register with the Nationwide Mortgage Licensing System and Registry and maintain their registration. The final rule is being issued as joint rulemaking with the Board of Governors of the Federal Reserve System (Board); the Federal Deposit Insurance Corporation (FDIC), Office of Thrift Supervision (OTS), Farm Credit Administration (FCA); and the National Credit Administration (NCUA) (collectively, the Agencies); and (2) the Agencies complied with the applicable requirements in promulgating the rule.