On 9/25/19, the CFPB published 4 FAQs on the SAFE Act. These FAQs clarify changes as implemented by the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The FAQs are effective as of November 24, 2019. The new FAQs answer the following questions:

What are the categories of loan originators in the SAFE Act?
Where can loan originators exercise temporary authority?
What is the Bureau’s guidance regarding state transitional license availability under the SAFE Act?
Does EGRRCPA impact the status of state transitional licenses under the SAFE Act?

The SAFE Act FAQs can be found here. (NOTE: These FAQs probably won’t impact most banks and credit unions but may have an impact on certain mortgage lenders.)

Adam Witmer

Adam Witmer is a speaker, author, and founder of the Compliance Cohort. Adam has taught hundreds of seminars and training sessions to thousands of bankers throughout the United States and teaches on all areas of regulatory compliance. Adam has written five e-books that he never published, hit a grizzly bear while driving in a National Park, and is an award winning photographer and musician (though he no longer takes photos nor plays any instruments). In his spare time, Adam can be found kayaking on the lake, doing taekwondo with his kids, working on his (project) house, or spending time with his family.

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