A federally registered bank MLO is convicted of an offense involving dishonesty, making the criminal-history information in the registration inaccurate. When must the registration be updated under Regulation G?
Correct Answer
D) Within 30 days of the change
D. Update the registration within thirty days of the change. The conviction makes reportable criminal-history information inaccurate. Regulation G links this category of changed information to the thirty-day update requirement, independently of annual renewal. Scope and exceptions: This is a federally registered MLO and a dishonesty conviction. Do not generalize to every misdemeanor or all information changes; separate employment and banking-law consequences are not decided here. Source: Section 1007.103(b)(1)(ii)(C), (d)(1)(iii); contrast (a)(4)(ii) — https://www.consumerfinance.gov/rules-policy/regulations/1007/103/
Why This Is the Correct Answer
D. Update the registration within thirty days of the change. The conviction makes reportable criminal-history information inaccurate. Regulation G links this category of changed information to the thirty-day update requirement, independently of annual renewal. Scope and exceptions: This is a federally registered MLO and a dishonesty conviction. Do not generalize to every misdemeanor or all information changes; separate employment and banking-law consequences are not decided here.
Why the Other Options Are Wrong
Option A: Within 90 days, after any appeal period has elapsed
The cited rule supplies neither ninety days nor the stated appeal-period delay.
Option B: At annual renewal, provided the employer knows about the conviction
Employer awareness does not replace updating the registration.
Option C: Within 60 days, using the merger-registration transition period
The sixty-day merger provision addresses a different event.
Exam Tip
Match the changed information to the applicable update rule.
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