When many compliance officers think of the SAFE Act, they envision the complicated registration process. For federally-insured credit unions, there's no requirement to register mortgage underwriters yet. So we sit and wait, right?Not quite.
There's a SAFE Act deadline of October 1, 2010 to keep in mind. By that date, credit unions must have written policies in place that provide a basic framework for complying with the SAFE Act. Yesterday, NCUA released Letter to Credit Union 10-CU-13 to remind us of that fact.
In addition, the NCUA guidance draws attention to a FAQ page related to the SAFE Act. These FAQs should be useful in crafting your policies. NCUA indicated in the letter that it expects credit unions to refine their policies once more "definitive details" about the registration process become available.
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