What regulatory body oversees the enforcement of the SAFE Act?

The Consumer Financial Protection Bureau (CFPB) is responsible for overseeing the enforcement of the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act). This act was established to enhance consumer protection and reduce fraud by setting standards for the licensing and registration of mortgage loan originators.

The CFPB's role includes developing and maintaining the Nationwide Multistate Licensing System and Registry (NMLSR), which tracks mortgage loan originators and helps ensure that they meet required qualifications and standards. By enforcing the SAFE Act, the CFPB safeguards consumers in the mortgage market, fostering transparency and accountability among mortgage professionals.

The other regulatory bodies listed play important roles in housing and finance but do not have the primary responsibility for enforcing the SAFE Act. The Federal Reserve Board focuses more broadly on monetary policy and banking regulations, the Federal Housing Administration (FHA) is primarily concerned with government-backed mortgage insurance programs, and the Department of Housing and Urban Development (HUD) handles various housing-related programs but does not enforce the SAFE Act.