|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!
CUs ACROSS THE GLOBE HONOR ICU DAY updated
10/16/14 10:26 AM
Today Marks The 67th Celebration
Credit unions around world are coming together in honor of International Credit Union Day—a celebration that started back in 1948 to reflect upon the industry’s rich history and to promote its achievements and impact. It is also a time to honor those who have dedicated themselves to movement and show appreciation to all credit union employees and members.
ECONOMY: JOBS AND HOUSING IN FOCUS updated
10/14/14 09:55 PM
Past Performance No Guarantee of Future
Jobs and housing drive many components of the credit union business. So how are we faring in California and Nevada?
CONGRESSMAN SHERMAN ON 'REACH' PANEL updated
10/14/14 09:38 AM
Will Discuss Supplemental Capital
Rep. Brad Sherman, D-CA, will join a panel of credit union experts to discuss supplemental capital for credit unions at this year’s 2014 Annual Meeting and Convention—REACH—adding to the exciting line-up of speakers and breakout sessions.
EXCITEMENT BUILDS FOR 'REACH 2014' updated
10/14/14 09:01 AM
New Special Guest Announced
REACH 14, the California and Nevada Credit Union Leagues' highly-anticipated Annual Meeting and Convention, is quickly approaching! This year will be one for the books. After all, the one and only Earvin “Magic” Johnson will be there!