Which agency is responsible for overseeing compliance with the SAFE Act?

The Consumer Financial Protection Bureau (CFPB) is the agency tasked with overseeing compliance with the SAFE (Secure and Fair Enforcement for Mortgage Licensing) Act. This legislation was enacted in 2008 to enhance consumer protection by establishing a national system for mortgage licensing and registration. The CFPB's role includes ensuring that mortgage loan originators comply with applicable laws and regulations, monitoring industry practices, and enforcing standards aimed at improving the professionalism of the mortgage origination process.

By overseeing adherence to the SAFE Act, the CFPB helps maintain the integrity of the mortgage lending environment and protects consumers from fraud and abusive practices. Their authority also extends to implementing regulations and providing guidance to the industry, ensuring that all mortgage loan originators operate within a framework that promotes ethical lending and consumer protection.

The other agencies listed have different roles within the financial and housing sectors. For instance, the Federal Reserve primarily focuses on monetary policy and regulating banks, while the Department of Housing and Urban Development (HUD) oversees federal housing programs and policies but does not specifically handle compliance with the SAFE Act. Similarly, the Office of the Comptroller of the Currency (OCC) regulates national banks but does not oversee mortgage loan originator compliance under the SAFE Act.