What is a firrea violation?
What Is the FIRREA Civil Penalty Provision? § 1833a, authorizes the DOJ to bring a complaint seeking civil money penalties against persons who violate one or more of 14 enumerated criminal statutes (or predicate offenses) that involve or affect financial institutions and government agencies.
What did firrea do?
FIRREA gave Freddie Mac and Fannie Mae additional responsibility and funding for making homeownership more accessible for low- and moderate-income families. It also created the Bank Insurance Fund (BIF).
Who oversees firrea?
(a) Authority. This subpart is issued by the Office of the Comptroller of the Currency under 12 U.S.C. 93a and Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act) (Pub. L.
What does firrea stand for?
Financial Institutions Reform, Recovery and
In an effort to pursue the financial institutions perceived to be at the heart of the current financial crisis, the Department of Justice has increasingly turned to civil statutes, such as the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), in lieu of criminal prosecutions.
Does firrea apply to credit unions?
Title XI of FIRREA required the NCUA Board to promulgate regulations dictating standards for real estate appraisals for all federally insured credit unions. Section 701.14, respectively) must, by FIRREA’s terms, apply to both FCUs and FISCUs.
What is a firrea compliant appraisal?
FIRREA Appraisal means an appraisal of a Financed Property that is commissioned by the Administrative Agent and satisfies the requirement of the Federal Institutions Reform, Recovery and Enforcement Act or is otherwise acceptable to the Administrative Agent in its sole discretion.
What was the primary purpose of the appraisal reforms contained in Title XI of FIRREA?
The purpose of this title is to provide that Federal financial and public policy interests in real estate related transactions will be protected by requiring that real estate appraisals utilized in connection with federally related transactions are performed in writing, in accordance with uniform standards, by …
How did FIRREA change HMDA and bring it to life?
The FIRREA amendments accomplished the following: expanded the coverage of HMDA to include mortgage lenders not affiliated with depository institutions or holding companies; required reporting of data regarding the disposition of applications for mortgage and home improvement loans in addition to data regarding loan …
What properties are exempt from the FIRREA federal appraisal guidelines?
The exemption based on a transaction value of $400,000 or less is available for residential real estate transactions, which is defined as a real estate-related financial transaction that is secured by a single 1-to-4 family residential property. The $250,000 appraisal threshold was set in 1994.
Does FIRREA apply to credit unions?
What is Fiscu credit union?
Definition. FISCU. Federally Insured State-Chartered Credit Union (National Credit Union Administration)
Are all credit unions federal?
In the United States, credit unions are not-for-profit, tax-exempt organizations that were established with the Federal Credit Union Act of 1934. All credit unions are either chartered by the federal government or a state government.