InfoSight Spotlight: Review of RESPA’s anti-kickback provision

Section 8 of RESPA prohibits anyone from giving or accepting a fee, kickback, or anything of value in exchange for referrals of settlement services in connection with any loan covered by RESPA. The Act also prohibits fee splitting and receiving unearned fees for services not actually performed. These restrictions apply in any situation where settlement […]

InfoSight Spotlight: CURE offering assistance for chartering, low-income designation

The NCUA’s Office of Credit Union Resources and Expansion (CURE) will offer more resources for credit unions to identify low-income areas they might serve and to assist people organizing credit unions with the chartering process. The NCUA has a new online low-income designation area workbook that organizing groups and existing credit unions can use to research low-income […]

InfoSight Spotlight: FinCEN reissues real estate Geographic Targeting Orders for 12 metropolitan areas

The Financial Crimes Enforcement Network (FinCEN) recently announced the renewal of its Geographic Targeting Orders (GTOs) that requires U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate. The purchase amount threshold remains $300,000 for each covered metropolitan area. GTOs continue to provide valuable data on […]

NCUA questions on CECL readiness

Though changes in the accounting and reporting of credit risk have been anticipated for years, with the time drawing closer, it’s time to take a close look at readiness.  NCUA has previously said assessing a credit union’s preparedness for the current expected credit loss (CECL) is a supervisory priority in 2019. Now an AIRES examination […]

InfoSight Spotlight: FinCEN virtual currencies guidance and advisory

FinCEN has issued guidance document FIN-2019-G001, Application of FinCEN’s Regulation to Certain Business Models Involving Convertible Virtual Currencies (CVCs). The guidance is in response to questions raised by financial institutions, law enforcement, and regulators concerning the regulatory treatment of multiple variations of businesses dealing in CVCs. FinCEN also issued an Advisory on Illicit Activity Involving Convertible Virtual […]

CFPB reviews ODP programs and more

Yesterday, the CFPB released two items of interest to credit unions. Most importantly, the CFPB has decided to evaluate Overdraft Protection. That regulation, which caps the fees that a financial institution can impose on ODP programs, was written by the Fed in 2009 and transferred to CFPB when the organization originated.  There is a 45-day […]