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

Compliance > Regulation G - SAFE Act
Q:  In Regulation G, what are the registration requirements for institutions?
 
A: Covered financial institution requirement – 12 CFR 1007.103(e)(1)
 
In connection with the registration of one or more MLOs, financial institutions and certain of their subsidiaries must submit certain required information to the Registry:
  • contact information;
  • Employer Tax Identification Number;
  • Research Statistics Supervision and Discount (RSSD) number issued by theBoard;
  • primary Federalregulator;
  • primary point of contact for theRegistry;
  • individuals with authority to enter information into the Registry;and
  • if a subsidiary of a financial institution, indication of that fact and the RSSD number of the parent institution, as applicable.
     
Once registered, the institution will receive an NMLS identification number for the institution to LO employment and for other Safe Act-related purposes.
 
 
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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