Safe Act Confidentiality and Privilege Enhancement Act

Floor Speech

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Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 1480) to ensure access to certain information for financial services industry regulators, and for other purposes.

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Mr. Speaker, I yield myself as much time as I may consume.

The SAFE Act is a simple, bipartisan bill that encourages information-sharing between Federal and State regulators.

Ensuring the confidentiality of information provided to the National Mortgage Licensing System encourages its uses, which better protects consumers from bad actors who switch States for licensing purposes to evade scrutiny.

This legislation provides assurance for financial institutions that privileged information shared between Federal banking regulators and State regulatory agencies will be protected and remain confidential.

This will encourage a greater amount of sharing between institutions and their regulators, and will allow our Nation's financial regulators to do their jobs to ensure that our financial institutions are operating lawfully, while, at the same time, able to offer consumer credit products that are critical to Americans to finance their everyday purchases and start small businesses.

The NMLS is used by regulators in all 50 States, and it is supported by the Conference of State Bank Supervisors.

This bill passed the House on suspension last Congress, and it passed the Senate by unanimous consent.

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