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SARs Regarding Foreclosure Rescue Scams Increase
Suspicious activity reports (SARs) regarding foreclosure rescue scams continued to grow in the first half of 2012, even as the total number of SARs indicating mortgage loan fraud declined, the Financial Crimes Enforcement Network (FinCEN) announced today in its latest Mortgage Loan Fraud Update. This update to FinCEN’s prior reports looks at SAR filings from April through June 2012 (2012 Q2).  For more information see links below:

• News Release
• Mortgage Fraud SAR Datasets 
• Mortgage Loan Fraud Update
International cyber crooks are working together and planning a major malware attack to steal money from online accounts of consumers at 30 or more major U.S. banks as part of a large-scale orchestrated crimewave campaign, warned security firm RSA Thursday.  Read More
While many credit unions may be avoiding undertaking a full review of the Consumer Financial Protection Bureau's extensive mortgage lending regulation proposal, thinking the regulations only apply to first mortgage loans, CUNA has warned that portions of the regulations do apply to subordinate liens.  Read More
A series of regulatory relief proposals that could potentially benefit credit unions were approved by the National Credit Union Administration on Thursday, including proposals that would expand definitions of small credit unions and rural areas, and give credit unions greater investment authority.  Read More
FinCEN will host a roundtable discussion to continue gathering information on the Advance Notice of Proposed Rulemaking (ANPRM) on customer due diligence (CDD) requirements for financial institutions, published in the Federal Register on March 5, 2012. The meeting will be held Friday, Sept. 28 at the U.S. Commodity Futures Trading Commission in Chicago. The meeting will consist of two sessions – a morning session for futures commission merchants and introducing brokers and an afternoon session for all other interested financial institutions.  More information is available Here .
Credit unions can detail the compliance costs and regulatory burdens associated with the Consumer Financial Protection Bureau's pending proposal on mortgage servicing, and the efforts it will take to implement these changes, in a new CUNA Comment Call.  Read More
UBS Securities on Thursday joined the list of Wall Street firms that have been sued by the National Credit Union Administration. The agency alleged that UBS violated federal and state securities laws when it sold securities to U.S. Central Corporate FCU and Western Corporate FCU that caused losses.  Read More
In a letter from its national headquarters to CUNA, the U.S. Internal Revenue Service has spelled out the steps that state- and federally chartered credit unions whose tax exemptions have erroneously been revoked should take to regain their exempt status.  Read More
The Treasury Department's Office of Foreign Assets Control ("OFAC'') removed the name of one (1) individual whose property and interests in property are blocked pursuant to Executive Order 13573 of May 18, 2011, "Blocking Property of Senior Officials of the Government of Syria'' from the list of Specially Designated Nationals and Blocked Persons ("SDN List'').  Read more