Federal regulators exempted loans for property and casualty insurance policies from Customer Identification Program rules. Banks engaging in insurance premium finance lending must continue to comply with all other regulatory requirements implementing the Bank Secrecy Act, including the requirement to file suspicious activity reports.
October 01, 2018 / By ICBA
Federal regulators exempted loans for property and casualty insurance policies from Customer Identification Program rules. Banks engaging in insurance premium finance lending must continue to comply with all other regulatory requirements implementing the Bank Secrecy Act, including the requirement to file suspicious activity reports.
Read More from FDIC
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
