Order Exempting Premium Financing from CIP
Friday, October 5, 2018 8:50 AM

FinCEN and the Federal Reserve Board, FDIC, NCUA, and OCC have jointly issued an Order granting an exemption from customer identification program requirements for premium finance loans. The exempted transactions are extended by banks (which, by definition, includes credit unions subject to the jurisdiction of the NCUA) and their subsidiaries to commercial customers to facilitate purchases of property and casualty insurance policies (premium finance loans or premium finance lending).

Source:  NCUA