Bankers Compliance Group


Today is: April 20, 2024	Monthly Newsletter	Calendar of Events	Important Updates

Bankers' Compliance Group^® (BCG) is an organization of dozens of banks, credit unions, and savings associations that have associated for the purpose of retaining and sharing legal counsel for group legal services.

BCG members pay a monthly membership fee for monthly briefings, newsletters, all-day seminars, Standard Procedures Manuals, telephone access to legal counsel, and special projects that are of common interest to members.

The law firm of Aldrich & Bonnefin, PLC* acts as legal counsel for BCG and provides expertise in all areas of banking operations, consumer, mortgage and commercial lending, regulatory compliance, corporate governance, negotiable instruments, legal processes, new accounts, and much, much more.

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It's More Than Just Compliance!

Bankers' Compliance Group^® is known throughout California for advising, teaching and keeping its members informed about developments in legal and regulatory compliance matters.

Also available to BCG members and non-members alike is a full range of legal services for financial institutions.

Aldrich & Bonnefin* (counsel to Bankers' Compliance Group^®) is available to assist financial institutions with all aspects of loan structuring and documentation, as well as loan workouts and collections. Our experienced attorneys assist clients with questions about various issues regarding both consumer, mortgage, and commercial loans ranging from regulatory compliance to due diligence and structuring. We offer assistance in all aspects of documentation, from providing sample language for a specialized provision, to providing customized documentation for all or a portion of a loan transaction.

In addition, we offer a series of generic forms that will supplement most computer-generated documentation systems. Our form documents are designed to provide flexibility, that may not be available from an automated system, often needed in order to customize a document for special terms and conditions required for a specific transaction. We also offer assistance with setup and training for automated documentation systems.

Aldrich & Bonnefin* also provides legal and regulatory support in connection with all areas of banking operations and financial technology (fintech) services. We advise clients regarding regulatory compliance issues involving banking operations, including Regulations DD, CC and E, and prepare customer-facing account disclosures, account agreements and other documentation related to banking operations. The firm's unique involvement in “on-the-spot” telephone support to clients for immediate preventive advice provides reduced risk and promotes early resolution of operations claims and disputes.

CFPB Finalizes $8 Credit Card Late Fee Cap; Lawsuit Filed in Opposition*

Currently, Regulation Z provides a safe harbor for credit card issuers, permitting penalty fees such as late payment fees that do not exceed certain dollar limits. The CFPB annually adjusts these dollar limits based on inflation. Since 2022, these limits have stood at $30 and, in cases where the card issuer has previously imposed a fee for the first violation of the same type within the same billing cycle and the subsequent six billing cycles, $41. 12 CFR 1026.52(b)(1)(ii)(A) and (B). Read more.

Trade Organizations Tout Successful Recent Technology Conversion*

The merger of two complex financial technology systems can be fraught with difficulties. However, the recent BMO Financial Group (BMO)/Bank of the West technology merger has received praise from several trade organizations. A recent American Banker article highlighted BMO’s successful merger of Bank of the West’s technology with its own, citing the ease with which BMO transitioned two million Bank of the West account holders to its own platform. Read more.

BAFT Issues Letter of Credit Guidance Resource*

While letters of credit are one of the most vital tools used in international trade, their complexity can create confusion among many lenders. In February 2023, the Bankers’ Association for Finance and Trade (BAFT), and the business-to-business financial technology firm Trade Finance Global (TFG), announced a joint guide on letters of credit (the “LOC Guide”). According to the announcement, the LOC Guide is intended to broaden the understanding of letters of credit and foster a more inclusive global trade environment. Read more.

* Janet Bonnefin is retired from the practice of law with the firm.

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