Do people that are employees of credit union subsidiaries and take part in domestic home loan lending have to have a permit from SML?

<u>Do people that are employees of credit union subsidiaries and take part in domestic home loan lending have to have a permit from SML? </u>

The SECURE Act treats workers of depository organization subsidiaries exactly like workers of this depository organization as long as the subsidiary is owned by the depository organization and controlled by way of a banking agency that is federal. The National Credit Union Administration (NCUA) has issued an opinion letter stating that it does not have direct oversight or enforcement authority over these entities in the case of credit union subsidiaries. Consequently, people used by a credit union subsidiary that partcipates in domestic loan origination tasks, whether or not the subsidiary is owned by circumstances or even a federal credit union, will have to be certified relative to Texas demands. Continue reading “Do people that are employees of credit union subsidiaries and take part in domestic home loan lending have to have a permit from SML?”