{"bills":[{"photos":{"featured":"https://assets.causes.com/bill/photo/hr1480-114/featured_safe-act-confidentiality-and-privilege-enhancement-act-1454548672.jpg","featured_large":"https://assets.causes.com/bill/photo/hr1480-114/featured_large_safe-act-confidentiality-and-privilege-enhancement-act-1454548672.jpg","shareable":"https://n.causes.com/share-images/bills/hr1480-114.png"},"introduced_on":"2015-03-19","title_override":"Should State/Federal Regulators Have Greater Access to National Mortgage Information Systems?","summary_override":"This bill would grant state and federal \nregulatory 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\n regulatory information is shared among state and federal regulators. This \"regulatory information\" usually concerns the expanded financial services \nindustries.

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.

","official_title":"To ensure access to certain information for financial services industry regulators, and for other purposes.","short_title":"SAFE Act Confidentiality and Privilege Enhancement Act","popular_title":null,"short_summary":"(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)\n\nSAFE Act Confidentiality and Privilege Enhancement Act\n\n (Sec. 2) Amends the S.A.F.E. Mortgage Licensing Act of 2008 to extend to state and federal regulatory officials having financial services oversight authority (currently only those having mortgage oversight authority) access to any information provided to the Nationwide Mortgage Licensing System and Registry (or any system established by the Director of the Consumer Financial Protection Bureau without the loss of privilege or confidentiality protections provided by federal and state laws.","summarized":true,"cost":0,"cost_commentary":"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. ","impact":"Anyone with information in the Nationwide Mortgage Licensing System and Registry, state and federal regulators, and the Bureau of Consumer Financial Protection (CFPB). 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Should State/Federal Regulators Have Greater Access to National Mortgage Information Systems?