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CFPB files new captive reinsurance enforcement action
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Fraud Watch, Industry News, Operations
Wednesday, November 20, 2013
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The Consumer Financial Protection Bureau (CFPB) took action against Republic Mortgage Insurance Corporation (RMIC), for allegedly paying illegal kickbacks to mortgage lenders in exchange for business. The CFPB filed a complaint and proposed consent order against RMIC to stop these practices. The proposed order will require RMIC to pay a $100,000 penalty to the CFPB, and follows four similar actions announced earlier this year.
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