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Tom Wolfe of Moore Brewer Wolfe Jones Tyler & North

THE CFPB'S STANCE ON 'KICKBACKS'
updated 07/22/13 08:48 AM
CU Digest Looks at the Implications
The Consumer Financial Protection Bureau (CFPB) announced enforcement actions in April against four national mortgage insurance companies for allegedly engaging in "kickback" arrangements with mortgage lenders in violation of the Real Estate Settlement Procedures Act of 1974 (RESPA).

The CFPB alleges that, in exchange for valuable business referrals from the mortgage lenders, the mortgage insurers purchased reinsurance from subsidiaries of the mortgage lenders (also known as "captive reinsurance arrangements").

The reinsurance was "essentially worthless," according to the CFPB, resulting in millions of dollars in profits to the mortgage lenders.

Click here to continue reading about RESPA, certain enforcement actions, and the implications for credit unions within the latest Legal column on page 17 in the June/July edition of Credit Union Digest!

 
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CELEBRATE 100 MILLION MEMBERSHIPS updated 07/24/14 03:42 PM
National Awareness Campaign
The credit union movement is on pace to reach 100 million memberships this summer. To commemorate this milestone, the Credit Union National Association (CUNA) launched the “100 Million Memberships” campaign, and invites all credit unions to participate.

ECONOMY 'WELL POSITIONED AND READY' updated 07/23/14 02:06 PM
CUs Can Target Growth Areas
As the economy expands throughout the latter half of 2014, credit unions should focus particularly on the largest employment sectors and growth in these areas, according to California and Nevada Credit Union Leagues Chief Economist Dwight Johnston in his latest Credit Union Digest column.

STORY ON CONGRESSMAN ISSA CLARIFIED updated 07/22/14 11:53 AM
'Misrepresents Facts,' Dykstra Says
Some within the credit union industry may have read the recently published Credit Union Times article regarding remarks from Rep. Darrell Issa, R-CA, in relation to the credit union movement.

GIGI HYLAND TALKS PHILOSOPHY AT WCMS updated 07/21/14 04:11 PM
Foundation Leader Addresses Colloquium
The foundational philosophy of credit unions isn’t dead. But keeping true to the movement’s ideology means staying nimble in how it’s executed and harboring an open mind to change.