SAFE Act – In Regulation G, what are the MLO registration requirements for employees?

Compliance > Regulation G - SAFE Act
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.
 
 
This can be found in the Bureau of Consumer Financial Protection’s Regulation G, 12 CFR 1007, which may be found here:   https://www.ecfr.gov/cgi-bin/text-idx?SID=1b79f32f7881a1ba9f373f9eefbc84e8&mc=true&node=se12.8.1007_1101&rgn=div8
 

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