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VOLUNTEERISM, FUNDRAISERS, AND MORE
updated 08/05/14 10:54 AM
CUs Make a Local Impact
Scroll down to view the latest on how credit unions and industry affiliates across California and Nevada are donating time and money to help the communities they serve, implementing new operational strategies for members, and advocating for the credit union movement!

Click to view the latest Member News

 
From the Editors of CU Weekly

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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