Q: In Regulation G, what are the MLO registration requirements for employees?
A: Each MLO employee of a covered financial institution must register with the Registry, obtain a “unique identifier,” maintain the registration by updating certain information within 30 days of specified changes, and annually renew the registration during the annual renewal period.
Initial Registration – 12 CFR 1007.103(a)
Each employee of a federally regulated institution who is an MLO must submit to the Registry the following:
identifying information, including name, home address, social security number, gender, date of birth, and principal business location;
financial-services-related employment history for the prior 10 years;
disclosure of specified criminal, civil, judicial, or state, federal, or foreign financial authority regulatory actions against the employee; and
fingerprints, for purposes of a Federal Bureau of Investigation background check.
The employee must attest to the correctness of the information submitted to the Registry; must authorize the Registry and the institution to obtain information related to any administrative, civil, or criminal action to which the employee is a party; and must authorize the Registry to make certain information available to the public.