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ALASKA USA FCU
08/31/15 11:25 AM
Alaska USA FCU
members donated more than $36,000 in June to Alaska USA Foundation’s first Members
Making Change donation drive, helping nonprofit organizations provide programs for children, veterans, and active duty
members of the military and their families.
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From the Editors of CU Weekly
THE CFPB'S STANCE ON 'KICKBACKS'
|Tom Wolfe of Moore Brewer Wolfe Jones Tyler & North
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!