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NCUA cautions CUs on home equity schemes
ALEXANDRIA, Va. (7/19/10)--The National Credit Union Administration (NCUA) in a regulatory alert warned credit unions of potential red flags for home equity fraud schemes. The NCUA release, which mirrors a recent advisory from the Financial Crimes Enforcement Network (FinCEN), advises credit unions to specifically include the well-defined Home Equity Conversion Mortgage (HECM) program in the narrative portions of any relevant Suspicious Activity Reports (SARs) that are forwarded to authorities. According to the NCUA, potential criminals may use credit unions to receive, deposit or move funds as part of a HECM fraud scheme. Credit unions may be made aware of these scams through discussions with members who have become victims. If members become victims of these scams, credit unions should “include all information available for each party suspected of engaging in this fraudulent activity.” “This information should include the individual or company name, address, phone number, and any other identifying information,” the NCUA added. This type of extensive background information should also be provided by victims of the fraud schemes. Homeowners may be listed as suspects in the fraud if there is evidence that they participated in the fraud. For the full NCUA release, use the resource link.
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