Federal Reserve Board Finalizes Transfer of SAFE Act Authority to CFPB

The Federal Reserve Board ("FRB") finalized the process of transferring its rulemaking authority for the Secure and Fair Enforcement for Mortgage Licensing Act ("S.A.F.E. Act") to the CFPB. Accordingly, the FRB will repeal its regulations that incorporated the S.A.F.E. Act.

The amendments will become effective 30 days following publication in the Federal Register.