The FDIC, the Federal Reserve Board, the OCC and the National Credit Union Administration issued an exemption from customer identification program requirements for banks extending loans to facilitate a borrower's purchase of property and casualty insurance policies.
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GAO recommended that FinCEN undertake additional procedures to implement and evaluate the effectiveness of geographic targeting orders for certain real estate transactions between 2016 and 2020.
The Office of the Comptroller of the Currency, the Federal Reserve Board, the FDIC and the National Credit Union Administration, with the concurrence of FinCEN, granted banks and bank subsidiaries an exemption from the requirements of the customer identification program ("CIP") rules for premium finance lending. Premium finance loans provide short-term financing to businesses to help facilitate purchases of property and casualty insurance policies. The CIP rules require a bank to implement "risk-based verification procedures" to ensure that it can "form a reasonable belief" that it knows the