Bankers Compliance Group


Today is: November 6, 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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Newly Added Webinar - Register Today!

November 12 - CCPA Consumer Requests: How to Receive, Review and Respond

November 19 - Wire Transfers Rights and Responsibilities

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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.

FRB, FHFA, and NCUA Join Other Agencies And Approve Final Rule on Automated Valuation Model*

By way of background, Dodd-Frank Act Section 1473(q) amended Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) by adding a new section, Section 1125, which relates to quality control standards for automated valuation models (AVMs) used in valuing real estate collateral that secures mortgage loans. Read more.

CFPB Proposes Changes to Mortgage Servicing Rules*

On May 16, 2024, the Supreme Court issued a long-awaited ruling in the challenge to the CFPB’s funding structure. The Court found that the funding mechanism of the CFPB does not violate the Appropriations Clause of the United States Constitution. CFPB v. Cmty. Fin. Servs. Ass’n of Am. Ltd, et al., No. 22-448 (U.S. May 16, 2024). Read more.

Patent Infringement Lawsuit Filed Against Owners and Participants in the Zelle Payment Network*

The Zelle payment network is a digital banking peer-to-peer payment platform that allows customers to electronically transfer money to other customers (the “Zelle System”). Owned by Early Warning Services, LLC (Early Warning), the Zelle System is backed by a group of banks including Bank of America Corporation, Truist Financial Corporation, Capital One Financial Corporation, JPMorgan Chase & Co., the PNC Financial Services Group, Inc., U.S. Bancorp, and Wells Fargo & Company (referred to collectively as the “Bank Defendants”). Read more.

* Janet Bonnefin has retired from the firm.

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