Posts Categorized: General

Illegal Kickbacks in Force-Placed Insurance

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Homeowners, government agencies and even attorneys are paying closer attention to financial institutions these days as more and more are being accused of receiving illegal kickbacks for force-placing insurance for their clients. While it is required for homeowners to have insurance coverage, and it is legal for lenders to force-place insurance if their coverage lapses… Read more »

Wells Fargo in the Hot Seat Again

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Wells Fargo just can’t seem to stay out of trouble these days. Separate from other recent settlements over the years, the latest allegations have cost them not only money, but their license in California as well. For the next 3 years, the Bank will be prohibited from selling or brokering personal insurance in the State… Read more »

Update on The Consumer Financial Protection Bureau under the Trump Administration

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The Consumer Financial Protection Bureau (CFPB) has undergone major changes this past year under the Trump Administration. The Bureau was originally created in 2008 to act as an independent agency to protect consumers from any unfair and fraudulent acts from financial institutions. Although recent attempts to dismantle the independence of the CFPB were not brought… Read more »

Fall Insurance Planning Budgets

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Fall is here and many of you are in budget planning mode for the upcoming year. While some things have remained constant this past year, it may be beneficial to take note of what has changed as you consider your insurance budget plans going forward. The most logical place to start is your current portfolio…. Read more »

Is Your Insurance Policy in Compliance with Your Lending?

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The Wells Fargo scandal last year that resulted in thousands of their customers being wrongly force-placed into auto insurance they already possessed, is still in the news, and Wells Fargo is still enduring the ramifications of their actions. A recent article on CNN Money stated that the Consumer Financial Protection Bureau and the Office of… Read more »

The Importance of Understanding Your Policy

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Let’s be honest – insurance policies are long and cumbersome, and with the mountains of paperwork on your desk and in your inbox, the thought of reading through yours is most likely not at the top of your list. However, setting aside some time to review and really understand it at a deeper level could… Read more »

Is it Time to Shop Around?

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As your risk management insurance is coming up for renewal soon, it may be time to consider the benefits of shopping around rather than automatically renewing your current policy. While letting your policy auto-renew might be the easiest solution, performing an RFP or informal RFP every few years could present several opportunities that could benefit… Read more »

Well’s Fargo to Pay $80 Million in Remediation

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In recent news, Wells Fargo has agreed to pay over $80 Million in remediation to customers who were wrongfully charged for auto insurance they did not need. In September of 2016, Wells Fargo terminated their Collateral Protection Insurance Program (CPI), when it was determined that thousands of their customers were issued insurance policies that they… Read more »