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H. Rept. 114-62 1 (2015-04-13)

handle is hein.congrecreports/crptxrqa0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-62 SAFE ACT CONFIDENTIALITY AND PRIVILEGE ENHANCEMENT ACT APRIL 13, 2015.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT [To accompany H.R. 1480] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 1480) to ensure access to certain information for financial services industry regulators, and for other purposes, having consid- ered the same, report favorably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY H.R. 1480, the SAFE Act Confidentiality and Privilege Enhance- ment Act, amends the Secure and Fair Enforcement of Mortgage Licensing Act of 2008 (SAFE Act) to allow state and federal finan- cial regulators to share information regarding consumer financial services businesses that are licensed at the state level in the Na- tionwide Mortgage Licensing System and Registry (NMLS or the System) without waiving any applicable privilege or confidentiality protections provided by state and federal law. BACKGROUND AND NEED FOR LEGISLATION The NMLS was developed by state regulators in 2006 in order to help increase uniformity, reduce regulatory burden, enhance con- sumer protection, and reduce fraud by providing a single system for the licensing and registration of the nation's mortgage industry. The System was originally created to allow states to track mort- gage loan originators from state-to-state on a nationwide basis while keeping licensing and oversight authority at the state level. 49-006

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