Learn More - Click Here!

Page 2 of 2 1 2
Thread Options
#1443638 - 09/15/10 10:04 PM Re: SAFE Act villenbe
kw004h Offline
100 Club
Joined: Nov 2009
Posts: 219
Chicagoland, IL
Irishguy, here's the FIL from the FDIC dated July 30th. http://www.fdic.gov/news/news/financial/2010/fil10043.html
"The rule takes effect on October 1, 2010, and institutions will be expected to implement appropriate policies, procedures and management systems to ensure compliance."

It would have been clearer if the phrase "by October 1, 2010" followed, but it does not. What do you think, is that what is implied here? It sure seems like it.

Return to Top
#1443647 - 09/15/10 10:36 PM Re: SAFE Act Dan Persfull
Cats Offline
100 Club
Cats
Joined: Jan 2010
Posts: 192
Florida
Originally Posted By: Dan Persfull
Where? The above quote was taken from the July 28, 2010 release of the final rule and in my search I found no such requirements. The only place I found October 1, 2010 mentioned was

DATES: This final rule is effective on
October 1, 2010. Compliance with
§ __.103 (registration requirement) of the
final rule is required by the end of the
180-day period for initial registrations
beginning on the date the Agencies
provide in a public notice that the
Registry is accepting initial
registrations.

I also located the following in the July 28 release;

This in effect
provides institutions with an
implementation period longer than 180
days as institutions and their employees
can begin to implement the final rule’s
requirements before the Registry is
operational, i.e., develop policies and
procedures, train employees, gather
information needed for registration, and
program and implement system controls
before registration is required.

But no where did I find reference to October 1, 2010 as being the deadline for the policy and procedures to be in place, nor did I find any other "effective" date for policies and procedures other than what I quoted above. I'm not saying they're not there just that I didn't find any such requrement in my search, so if you have the citation please post it for the rest of us.


Our internal auditors agree with you, Dan.
_________________________
"There should be a critical duration time after which it is perfectly acceptable to bite someone like a raptor." D. Shepherd

Return to Top
#1443660 - 09/16/10 12:11 AM Re: SAFE Act MB Guy
Sewanee, CRCM Offline
Gold Star
Joined: Dec 2006
Posts: 435
TN
Per the regulation:

[i][i]DATES: b]This final rule is effective on
October 1, 2010.[/b] Compliance with
§ __.103 (registration requirement) of the
final rule is required by the end of the
180-day period
for initial registrations
beginning on the date the Agencies
provide in a public notice that the
Registry is accepting initial
registrations.
[/i][/i]

The way I interpret it, everything except the registration is effective October 1st. The policy goes to our Board tomorrow for approval, and we'll have draft procedures in place by then, which I'm sure will be revised once more information about the Registry is available.
_________________________
____________________________________
Keep Calm and Carry On
CRCM

Return to Top
#1443699 - 09/16/10 11:52 AM Re: SAFE Act Sewanee, CRCM
Deena Offline
Power Poster
Deena
Joined: Nov 2000
Posts: 2,701
PA
That's the way I interpret it, too, sewanee. We will have our policy and draft procedures approved by our board prior to 10/1. While I think it's important to read the supplementary material that is published when a reg is issued, the reg is the reg and this one says it's effective 10/1 (except the registration piece).
_________________________
Opinions expressed are mine and not necessarily those of my employer.

Return to Top
#1443716 - 09/16/10 12:31 PM Re: SAFE Act Deena
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,417
Bloomington, IN
The effective date of the Reg is 10/1/10 however the section I quoted above from the Reg indicates you only have to have the policies and procedures in place prior to your registration process, which that process is not yet in place.

If your regulator issued a statement as shown above then by all means you should have your policies and procedures in place, but, depending on your interpretation, the FDIC did not state that as fact. At least now I know I wasn't going crazy and where everyone else was getting the idea they had to be ready by 10/1/10.

BTW, our HR person should be taking ours to the board on 9/16.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top
#1444613 - 09/17/10 02:19 PM Re: SAFE Act Random
Soccer Offline
Diamond Poster
Joined: Jan 2010
Posts: 1,005
Utopia
Can anyone clarify for me whether the procedures also need to go to the board. I thought I read that they both had to be approved; then I have seen where some of you are only having the policy approved? I just want to make sure I am doing this correctly.
_________________________
Everything happens for a reason

Return to Top
#1446518 - 09/22/10 03:28 PM Re: SAFE Act Soccer
elcinoca Offline
Platinum Poster
Joined: Jan 2002
Posts: 537
Elizabeth City, NC
FWIW, I am also on the team that thinks the policies and procedures are to be in place by October 1. That being said, if examiners walked in my shop on December 1, would I be too worried if they are not in place? No. I think I will have a whole lot more to worry about than SAFE (TILA, RESPA, FACTA, etc).

I searched the final rule again, and I don't see where the procedures must be approved by the Board (as is the case with CIP). §____.104 says "A bank .... must adopt and follow written policies and procedures designed to assure compliance..."

MarkB

Return to Top
#1447441 - 09/23/10 04:49 PM Re: SAFE Act Soccer
Sinatra Fan Offline
Power Poster
Sinatra Fan
Joined: Jul 2002
Posts: 5,568
New Jersey
Originally Posted By: soccer
Can anyone clarify for me whether the procedures also need to go to the board. I thought I read that they both had to be approved; then I have seen where some of you are only having the policy approved? I just want to make sure I am doing this correctly.


The first sentence of section _____.104 of the final rule read thus:

"A [financial institutuion] that employs one or more mortgage loan originators must adopt and follow written policies and procedures designed to assure compliance with this subpart." {emphasis mine}
_________________________
Management is doing things right; leadership is doing the right things. Peter Drucker

Return to Top
#1447466 - 09/23/10 04:57 PM Re: SAFE Act Sinatra Fan
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,333
Cape Cod
There's nothing in the regulation that specifically requires that the SAFE Act compliance policy be approved by your board. Some banks, however, take all policies there for approval. There's definitely no reason, however, to walk your procedures through the boardroom.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top
#1447474 - 09/23/10 05:05 PM Re: SAFE Act John Burnett
Sinatra Fan Offline
Power Poster
Sinatra Fan
Joined: Jul 2002
Posts: 5,568
New Jersey
Good point, John.
_________________________
Management is doing things right; leadership is doing the right things. Peter Drucker

Return to Top
#1448324 - 09/24/10 08:10 PM Re: SAFE Act villenbe
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,353
On the Net
Pretty much policies are board approved, procedures are from management. Who else is approving your bank policies, and what is that doing to them under Reg O?
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#1453199 - 10/07/10 08:02 PM Re: SAFE Act Irishguy
Southern gal Offline
Platinum Poster
Joined: Mar 2008
Posts: 504
TN
My policy is going to the board for approval on Oct 20th. I hope that's soon enough. Have the procedures ready to go for training.

Return to Top
#1453205 - 10/07/10 08:04 PM Re: SAFE Act Dan Persfull
Southern gal Offline
Platinum Poster
Joined: Mar 2008
Posts: 504
TN
Thanks Dan, I've been sweating a 10/1 deadline too, but my poicy is going to the board for approval 10/20. I feel so much better now...you made my weekend.

Return to Top
#1453245 - 10/07/10 08:35 PM Re: SAFE Act Southern gal
RR Joker Offline
10K Club
RR Joker
Joined: Nov 2002
Posts: 20,644
The Swamp
I posted this in another SAFE Act thread, but if you read the commentary within the final rule, it states, as Dan said on page 1 of this thread that the P&Ps must be in place before you begin registering. It does not say 10-1.
_________________________
My opinion only. Not legal advice.

Say you'll haunt me - Stone Sour

Return to Top
Page 2 of 2 1 2

Moderator:  Andy_Z