Mortgage Registration A proposal by federal banking and thrift regulators that would require all mortgage originators to register with a national licensing database.The plan would carry out a part of the Secure and Fair Enforcement for Mortgage Licensing Act, which was passed last year. The law says any originator, including employees of a bank, other depository institution or nonbank lenders, should register with the Nationwide Mortgage Licensing System and Registry. Each originator would be assigned a unique identification number that would remain unchanged for the duration of his or her career. Published June 9 in the Federal Register, with comments due Aug. 10.
MSB Definition A proposal by the Financial Crimes Enforcement Network that would attempt to clarify which companies qualify as money-services businesses. The proposal would revise the definition of "money-services businesses" by describing with more clarity the types of financial activities subject to Bank Secrecy Act rules. Published May 12. Comments due Sept. 9.