|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!
LEAGUE SURVEY EXTENDED TO NOV. 21 updated
11/19/14 10:57 AM
Overdraft and Courtesy Pay
The deadline for the California and Nevada Credit Union Leagues’ survey to obtain information about credit unions’ overdraft and courtesy-pay programs has been extended to Nov. 21.
CUs RECEIVE UNRIVALED SURVEY SCORE updated
11/18/14 11:10 AM
Ranked First in 'Customer Satisfaction'
Credit unions are ranked first in customer satisfaction, significantly outpacing all other financial services, according to findings released Tuesday by the American Customer Satisfaction Index (ACSI).
2015 'GAC': TIME TO START PLANNING updated
11/18/14 09:20 AM
Find Out More and Register
With the elections finished and the 114th Congress scheduled to begin Jan. 6, credit union members should look forward to the next installment in the California and Nevada Credit Union Leagues' advocacy efforts: The 2015 Governmental Affairs Conference (GAC).
CA, NV CU LENDING GROWTH CONTINUES updated
11/18/14 09:17 AM
Nevada Posts Double-Digit Gains
Nevada credit unions posted double-digit gains in the third quarter of 2014 in business lending, credit cards, and used vehicle loans, according to a report released by the Credit Union National Association (CUNA). Meanwhile, total California credit union loans are up 10.5 percent over the first nine months of the year.