Agencies Provide CIP Relief for Premium Finance Loans

On September 28, 2018, 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 and Credit Unions and their subsidiaries to commercial customers to facilitate purchases of property and casualty insurance policies (premium finance loans or premium finance lending).