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house Bill H.R. 1480

Should State/Federal Regulators Have Greater Access to National Mortgage Information Systems?

Argument in favor

Financial service regulators at the state level need to be able to do their jobs, and accessing the NMLS Registry while staying in line with confidentiality law will help.

Gregory's Opinion
How can you regulate something without access to it ? If it's a clean business, there is nothing to hide.
Like (2)
I feel like this could perhaps make things easier for people to buy houses which would really help the economy right now.
Taret's Opinion
Existing confidentiality of the date will continue but will make the process easier on the state level.

Argument opposed

We should be wary of opening up the information guarded in national mortgage information systems — especially to federal regulators.

Curmudgeon's Opinion
The government encouraged the mortgage bubble in support of a social engineering scheme society could not afford and we want to give them another opportunity to meddle in commerce?
Like (2)
ShellyInTX's Opinion
Stay out of my business. This government intrusion must stop!
Like (1)
Burnetta's Opinion
Don't give any government agency control anything. All they know to do is raise taxes and have meetings All of which are a waste of time and money. Just my opinion

What is House Bill H.R. 1480?

This bill would grant state and federal regulatory officials access to national mortgage information systems while staying in line with privacy laws. By amending the S.A.F.E. Mortgage Licensing Act of 2008, regulators would have access to the Nationwide Mortgage Licensing System and Registry (NMLSR), and the government would no longer consider it a loss of confidentiality.

Basically, this bill is opening up who can see the NMLSR. As the CBO notes in it's cost estimate of this bill: 

"Under current law, the confidentiality of information submitted to the NMLSR, a system ... to register all originators of mortgage loans, is protected by state and federal privacy laws. [This bill] would extend those protections to information that is shared with state or federal officials that oversee the mortgage industry."

Even with the new privacy protections, this bill would not create any privilege, new licensing, or registration requirements through NMLS. It would allow for existing confidentiality or privilege to continue when regulatory information is shared among state and federal regulators. This "regulatory information" usually concerns the expanded financial services industries.

This legislation ensures that as the NLMS expands to contain non-bank financial services companies, the SAFE Act’s privacy protections would cover information from those sources as well.


Anyone with information in the Nationwide Mortgage Licensing System and Registry, state and federal regulators, and the Bureau of Consumer Financial Protection (CFPB).

Cost of House Bill H.R. 1480

While this bill would increase direct spending and the work load on the Bureau of Consumer Financial Protection (CFPB), the CBO estimates that those extra costs would be insignificant.

More Information


Competing versions of this legislation passed in the 113th Congress, but after the Senate version passed, and the House passed its version, it didn’t receive the necessary vote on its return to the Senate.


The Hill (Previous Bill Version)

Insurance News Net (Previous Bill Version)

The Conference of State Bank Supervisors (In Favor)

National Association of State Credit Union Supervisors (In Favor)

CU Today (In Favor)

National Association of Federal Credit Unions (In Favor)

Summary by Eric Revell 
(Photo Credit: Flickr user katie curran taylor)


SAFE Act Confidentiality and Privilege Enhancement Act

Official Title

To ensure access to certain information for financial services industry regulators, and for other purposes.

bill Progress

  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed April 13th, 2015
    Roll Call Vote 401 Yea / 0 Nay
      house Committees
      Committee on Financial Services
    IntroducedMarch 19th, 2015

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