Compliance Blog

Yesterday, FinCEN released an updated version of its mortgage fraud report.  You can access the FinCEN press release here, which contains a link to the 56-page report.

The previous study examined a statistical sample of SARs reporting mortgage fraud filed between April 1996 and March 2006. This updated study continues the analysis for reports filed through March 2007. As compared to the previous ten years of SAR reporting, data analysis for the most recently studied time period indicates a 50 percent increase in the number of SARs that reported intercepting the suspected fraud prior to funding a mortgage. This indicates growing vigilance and awareness in the financial community.

“FinCEN’s analysis indicates that the financial community is becoming increasingly adept at spotting and reporting suspicious activities that may indicate mortgage fraud,” said FinCEN Director James H. Freis, Jr. “This exemplifies how compliance with Bank Secrecy Act regulations is consistent with a financial institution’s commercial concerns.”

For credit unions who do mortgage lending, this is a good read.

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On Sunday, the Compliance Guy will attempt to "run" the Cherry Blossom 10-miler.  Is there one word that means all of the following: feeling of fear, anticipation of pain, guilt over lack of preparation, and fear of embarrassment?  There should be.