BOSTON—The Massachusetts Division of Banks is alleging that a CUSO, myCUmortgage in Beavercreek, Ohio, engaged in unlicensed mortgage lending activity prior to obtaining the appropriate
license from the state. myCUmortgage is a wholly owned subsidiary of Wright-Patt Credit Union.
According to the July 18 consent order, myCUmortgage:
- Will pay an administrative penalty of $60,000
- Shall establish, implement and maintain policies and procedures to ensure that the company refrains from engaging in any business activity that requires approval or licensure from the Division unless and until it obtains the appropriate license or approval from the Commissioner of Banks
- Must establish, implement, and maintain policies and procedures to ensure that all applicable personnel receive adequate instruction and ongoing, periodic training to ensure proper implementation and execution of the revised policies and procedures implemented pursuant to this Consent Order
- Will implement all corrective actions identified in the Oct. 12, 2017 Report of Examination
The order states that if myCUmortgage fails to comply with the terms of the consent order, the CUSO could see the suspension and/or revocation of its license, or other formal regulatory approval.
This consent order was originally reported by Keith Leggett, the former senior vice president and senior economist at the ABA.