Newsletter Archive 2011 | Bankers Compliance Group

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Aldrich and Bonnefin PLC

BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive

2011

Newsletter Highlights

Proposed Rule Would Increase Truth in Lending Exemption From $25,000 to $50,000
SAFE Act Update – Initial Registration Period Begins Soon
FDIC Fully Insures Interest on Lawyers Trust Accounts
Treasury Releases Terms and Application Documents for Small Business Lending Fund
NCUA Adopts Financial Literacy Standards for Credit Union Directors
Final Rule Expands CD Credit Under CRA

SEC Adopts Rules for Say-On-Pay and Golden Parachute Compensation
SAFE Act Update – January 31 Marks the Beginning of the Initial Federal Registration Period for MLOs
Fed Halts Action on Pending Reg Z Proposals
HUD Revised SCRA Notice Available for Immediate Use
Supreme Court Reverses Holding in Credit Card Case
Revisions Made to Reg Z Exam Procedures

FDIC Issues Final Rule on Assessments
FRB Amends Regulation Z; Proposes Additional Changes to Higher-priced Mortgage Escrow Rules
Safe Act Federal Registration of MLOs
FDIC Proposes Bank Employee Deposit Insurance Training
FRB Supervisory Release on De Novo Interstate Branching
NCUA Proposes More Flexible Alternative for Qualifying as Low-income Credit Union

Proposed Changes to Risk-based Pricing and Adverse Action Notices
Proposed Rule on Incentive Compensation Issued
Proposal Issued for Setting Claims Process on Orderly Liquidation Authority Provisions
Agencies Issue Proposed Credit Risk-retention Rules
FRB Final Rule Increases Regulation Z Exemption Threshold From $25,000 to $50,000
FRB Issues Clarifications Regarding Credit Card Act Rules

FRB Proposes Reg Q Interest Ban Repeal; FDIC Follows Suit
FED Issues Proposal on Ability to Repay Under Reg Z
CFPB Issues Guidance Regarding Effective Date of Data Collection Requirements
Supreme Court Upholds Consumer Arbitration Clause
Reminder: MLO Initial Federal Registration Period Ends July 29, 2011
NMLS Posts Federal Registration FAQs

FED Proposes Expanding Consumer Protections for Foreign Remittances
OCC Proposes Rule to Implement OTS Transfer and Other Portions of Reform Act
CFPB Unveils Samples of Combined TIL & GFE
FDIC Issues Supervisory Insights Special Foreclosure Edition
FRB Updates Reg B to Include New FDIC Consumer Response Center Address
OCC Issues Comptroller's Handbook on SCRA

CFPB Proposes List of Rules Under its Authority
Agencies Extend Comment Period on Proposed Risk Retention Rule
FRB Delays Data Collection Rule for Motor Vehicle Dealers
Reg Z Dollar Threshold Exemption Increased
FRB Increases HOEPA Points & Fees Threshold
OCC Issues Foreclosure Practices Guidance

OCC Issues Final Rule to Implement Reform Act Provisions
OCC Recodifies OTS Regs
FRB Issues Notice of Intent Regarding OTS Regulations
Combined Mortgage Disclosures - Round 3
New Law Clarifies State Short-sale Deficiency
HUD Makes Technical Amendments to RESPA Reg X
FinCEN Amends Definition of MSB to Include Foreign-located MSBs Doing Business in the US

Agencies Issue Guidance on Federal Debt: U.S. Credit Downgrade Does Not Affect Risk Weights of U.S. Government Securities
FRB Issues Interim Final Rule for SLHCS
Update on Combined Mortgage Disclosures
Jags Team Up with CFPB
Adverse Action Notice: Specifying Denial Reason of Property Vesting
FTB Begins Rulemaking Process to Implement the FIRM Program
OFAC Violations Cost JPMorgan Over $88 Million
NLRB Final Rule Requires Employers to Post Notice Detailing Employee Unionization Rights
FDIC Issues Rule on Retail Foreign Exchange Transactions
HUD Approves Waiver of Financial Reporting Requirements for Institutions with Less than $500mm in Assets
Court Suspends SEC Proxy Access Rules
FDIC Clarifies its Statement of Policy for Section 19 of the FDI Act

CFPB: Final Rules on Borrower’s Ability to Repay to be Issued Early Next Year
FRB Issues Reg B Data Collection Rules for Motor Vehicle Dealers
CFPB Exercises Its AMTPA Rulemaking Authority
Congress Extends the NFIP (Again)
Banking Agencies Finalize Two Proposed Interagency Flood Insurance Questions & Answers; Propose Revisions to Three Existing Q&As
District Court Enjoins Enforcement of Expanded Reg Z Credit Card Account Opening Fee Restriction
9th Circuit: English Loan Docs to Spanish-speaking Borrowers Does Not Toll TILA Statute of Limitations
Another Round for Mortgage Disclosure Simplification
HUD Reduces Super-conforming Loan Limit
SAFE Act Registration
Brown Approves Additional Requirements for Data Breach Notification Law
FRB Issues Second Set of FAQs on Debit Card Interchange Rule
Treasury’s FMS Amends Reclamation Rules
DOJ Settles with Wells Fargo for $16M for Failing to Accept Relay Service Calls
FTC Issues Proposed COPPA Rule Amendments
FinCEN Proposes Requirement that BSA Reports be Submitted Electronically
FinCEN Issues Extension to Comply with Final Rule on Prepaid Access
SEC Revives Proxy Access for Director Nominations
The American Jobs Act Would Prohibit Discrimination Against the Unemployed
Employees’ Full Severance Pay may be Entitled to Priority Treatment Upon Bankruptcy
Employers Have Opportunity to Reclassify Independent Contractors
IRS Clears the Air on Taxation of Employer-provided Cell Phones
FTC Final Rule Bans Deceptive Claims in Consumer Mortgage Advertising

CFPB Issues Examination Manual
Agencies Propose Volcker Rule Regulations
Agencies Adopt Final Resolution Plan Rules
Supreme Court to hear RESPA “Unearned Fee” Case
OCC Issues Guidance on Addresses for CRA and ECOA Notices and FHA Posters
November 1 Marks Annual MLO Registration Renewal Period
7th Circuit: FCRA Preempts State Law Claims
SAR Filings Lead to Convictions
OCC Issues New Reg E Exam Booklet
Changes to Reg D Reserve Requirements Proposed
FinCEN Proposes Cross-Border Reporting of Prepaid Access Products
Shareholder Registration Threshold May Increase
FFIEC to Calculate Annual MFI Data
NLRB Postpones Effective Date of Right to Organize Notice

Joint Policy Statement Clarifies Method Used to Determine CFPB Jurisdiction
HUD Proposes Fair Housing Disparate Impact Standard
Supreme Court to Review FHA Disparate Impact Case
National Flood Insurance Program Extended to December 16
Impact of QualiFile Scores on FCRA Adverse Action Notices
CFPB Seeks Comment on Sample Loan Closing Forms
FinCEN Clarifies Process for Filing Corrected or Amended Reports
Important Upcoming Dates and Changes to ATM Accessibility Under the 2010 ADA Standards
Measure Could Provide Examination Relief and Clarity
Credit Unions Reminded of Exam Confidentiality
Recent FFIEC HMDA and CRA Developments

* Janet Bonnefin has retired from the firm.

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