Wednesday, August 1, 2018

myCUmortgage Consent Order

The Massachusetts Division of Banks alleged that myCUmortgage (Beavercreek, OH), a credit union service organization (CUSO), had engaged in unlicensed mortgage lending activity prior to obtaining the appropriate license from the state.

According to the July 18 consent order, myCUmortgage
  • will pay an administrative penalty of $60,000;
  • shall establish, implement and maintain policies and procedures to ensure that the Company refrains from engaging in any business activity that requires approval or licensure from the Division unless and until it obtains the appropriate license or approval from the Commissioner of Banks;
  • must establish, implement, and maintain policies and procedures to ensure that all applicable personnel receive adequate instruction and ongoing, periodic training to ensure proper implementation and execution of the revised policies and procedures implemented pursuant to this Consent Order; and
  • will implement all corrective actions identified in the October 12, 2017 Report of Examination.
The order states that if myCUmortgage fails to comply with the terms of the consent order, the CUSO could see the suspension and/or revocation of its license, or other formal regulatory approval.

Read the consent order.

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