Agencies hand off mortgage duties to consumer watchdog

Under the terms of the law, which also created the CFPB, the consumer agency is responsible for carrying out the Safe and Fair Enforcement for Mortgage Licensing (SAFE) Act. That act, signed in 2008, created a nationwide licensing and registration system for mortgage lenders.

After Dodd-Frank, the CFPB created a rule of its own, which has been on the books since December 2011.

"Repealing these regulations avoids duplication, which is likely to cause confusion at [Farm Credit Service] institutions," the farm administration said in its notice.

The Farm Credit Administration and other agencies were consulted while the CFPB crafted its own regulations.

In its notice, the credit agency said that the CFPB “has gone to great lengths to ensure that the consolidated and recodified rule does not inadvertently conflict with provisions of the Farm Credit Act of 1971,” which give authority to the agency, and “does not impose any new substantive obligations” on institutions it oversees.