Newsletter Archive 2012 | Bankers Compliance Group

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BCG Monthly Newsletter Archive

2012

Newsletter Highlights

2011 Witnesses Incredible BCG Seminar Attendance
Cordray Appointed as CFPB Chief
OCC Outlines OTS Integration Process
FRB Proposes Standards for BHCs Under Dodd-Frank
Comment Period for Volcker Rule Extended
CFPB Publishes Various Consumer Regulations
Reg Z Exam Procedures Revised
CFPB Issues Guidance on Supervisory Authority and Confidential Information
FinCEN Extends CTR and SAR E-filing Deadline
State Law Raises Threshold Value of Decedent’s Estate Exempt from Probate
IRS Implements FATCA Reporting of Foreign Financial Assets
Court Holds California UCL Does Not Create Private Right of Action for TISA Claims
Advisory Provides Guidance Regarding Account Takeover Activity
OCC Revises Credit Concentrations Booklet
SEC Revises “Accredited Investor” StandardsProcess
OCC Issues Guidance on Potential Issues Concerning Foreclosed Properties
DOJ Aggressively Pursuing California Marijuana Dispensaries and Their Landlords, Lenders
Agencies Increase Asset Threshold for CRA Small Bank Definition
Reminder: 2011 HMDA & CRA Data Due March 1, 2012

Guidance Issued on Junior Lien Loan Loss Allowance
CFPB Interim Reg Z Rule Has Some Tweaks
Proof of Providing Rescission Notice Challenged
Mortgage Disclosure Reform: Continued Work in Progress
Supreme Court Continues to Uphold Arbitration Clauses in Consumer Contracts
Projected Timeframes for Mortgage Lending Rules
CFPB Finalizes Foreign Remittances Rule
FDIC Revises Payment Processor Guidance
ATM Surcharge Fee Disclosures Under Regulation E
Clarification on FinCEN’s Mandatory E- Filing Deadline
Final Rule Issued for Swap Dealer Registration
FAQs Issued on Interest Rate Risk Management
Large Bank Stress Testing Regulation Proposed
Final Rule Issued on Large Bank Resolution Plans
NCUA Proposes Troubled Debt Restructuring Rule
FFIEC Geocode MFI Data Now Available
Providing EITC Education and Income Tax Preparation Assistance

Supreme Court Dismisses FHA Disparate Impact Case
CFPB Mortgage Loan Related Action
Measure Would Preserve Privilege for Information Shared with CFPB
CFPB Proposes Rule to Define Larger Participants in Consumer Debt Collections Market
Erratum in January Webinar Outline on Open-end Changes in Terms
FinCEN Mulling Identifying Beneficial Ownership as Part of Customer Due Diligence
BSA E-Filing Update
FinCEN Releases Test Site for New CTR and SAR Forms
FinCEN Extends FBAR Filing Deadline Again
Banks Alerted to Potential Obligations In Dealings with Foreign-Located MSBs
CFPB Looking Into Overdraft Protection Practices
Non-bank Mortgage Lenders and Originators Now Subject to AML and SAR Rules
Background Screening Reports May Violate Fair Credit Reporting Act
DOL Proposes Changes to FMLA Eligibility for Military Caregivers
Agencies Extend Lag Period for Hurricanes Katrina and Rita CD Activities
HMDA Exemption Threshold Increased
April is California Financial Literacy Month

FDIC Issues Proposal on Receivership Contracts Enforcement
FEMA Private Insurance Memo Offers Little Comfort
FDIC Extends Review of Stress Test Proposal
LA City Council Approves Responsible Banking Ordinance
CFPB Proposes Rule on Preserving Privilege of Shared Information
CFPB Exam Manual Updated to Include SAFE Act Exam Procedures
CFPB Bulletin Gives Guidance on MLO Compensation Involving Profit Sharing Plans
BSA E-Filing Update
FinCEN Releases Test Site for New CTR and SAR Forms
FinCEN Extends FBAR Filing Deadline Again
Banks Alerted to Potential Obligations In Dealings with Foreign-Located MSBs
CFPB Looking Into Overdraft Protection Practices
Non-bank Mortgage Lenders and Originators Now Subject to AML and SAR Rules
CTR Guidance on Aggregating Multiple Transactions
DFI Advises Banks to Adopt Social Media Plans
DFI Contemplating Emergency Contact System
Electronic MSB Registration Form Now Available
Small Business Measure Includes Provision to Raise Shareholder Registration Threshold
Copying and Removing Confidential Bank Information Breaches Fiduciary Duty
Guidance Issued on Upgrading Community Bank Supervisory Ratings
DFI Commissioner Haraf Resigns; Teveia Barnes Appointed Commissioner
Leveraged Finance Guidance Revisions Proposed
NCUA Reminds Credit Unions to Prepare For Expiration of Corporate Share Guarantee Program

Caution: “Investigative Reports” Can Be “Consumer Reports”
CFPB Issues Statement on Fair Lending and Disparate Impact Doctrine
FDIC On-board with CFPB MLO Compensation Guidance
Interagency SAFE Act Exam Procedures Issued
Guidance Issued on SAFE Act MLO Transitional Licensing
Banks Permitted to Rent OREO Property
Mortgage Servicing Rules Under CFPB Consideration
Revisions to Reg Z Credit Card Upfront Fees Rule Proposed
Disclosing Seller-Paid Fees
BSA E-Filing System Now Accepts New CTR and SAR Forms
CFPB Bulletin Outlines Expectations for Managing Service Providers
Final Rule Issued on Reporting Interest Paid to Nonresident Aliens
Changes Made to Reg D Reserve Requirements
SEC Seeks Informal Comments on JOBS Act Rules
Conformance Period for Volcker Rule Clarified
OCC Guidance on Accounting and Reporting Requirements for Troubled Debt Restructuring
NCUA Clarifies Appraisal Requirements for Loan Participations
NCUA Offers Webinar on CU Online Upgrade
California Supreme Court Defines Employer’s Duty with Respect to Meal Breaks
FDIC Launches Money Smart for Small Business

OCC Integration Process of Thrift Guidance Continues
CFPB Proposes Procedures for Supervising Nonbanks Posing Risks to Consumers
President Signs 60-day Extension of NFIP
U.S. Supreme Court Clarifies RESPA Prohibition on Fee Splitting
CFPB Considers MLO Compensation and Qualification Requirements
Court Rules Debt Collection Demand Letter Encouraging Debtor to “Act Now” Conforms with FDCPA
Loan Servicers Classified as Debt Collectors under FDCPA
Alleged ADA Violations Give Rise to ATM Lawsuits
FinCEN Extends Comment Period on Customer Due Diligence
CFPB Probes for Comments on Prepaid Cards
Bank Holding Company Issuance of Official Checks Does Not Rise to MSB Level
DFI Provides Final Tips on Developing a Social Media Policy
California Court of Appeal Rules Bank Libel Law Unconstitutional
Agencies Clarify Community Banks Not Required to Undergo Stress Testing
Federal Credit Unions Required to Revise Equal Housing Lender Notice
NCUA Issues Interest Rate Risk Policy and Program Requirements
NCUA Supervision Manual Promotes Consistent Exam Standards
FRB Issues Guidance on CRA Exams and 2010 Census
LA City Council Unanimously Passes Responsible Banking Ordinance

CFPB Issues Rules on Investigative Procedures
CFPB Adopts Final Rule Regarding Privileged Information
Banks Warned of Certain Loan Servicing Practices Involving Military Homeowners with Permanent Change of Station Orders
Ability to Repay Final Rule Delayed
California Supreme Court Upholds Preemption of Convenience Check Disclosure Law
Oakland Ordinance Requires Lenders to Maintain NOD Properties
FFIEC Updates FCRA Exam Procedures
FRB Updates Consumer Compliance Handbook
Flood Insurance Reform Enacted
Mandated Enrollment in ELT Program for Vehicle Loan Lenders
California Legislators Pass Homeowner Bill of Rights
End of Paper SAR, CTR and Other Forms Filed with FinCEN
FinCEN Revises its Definition of “Payroll Customer” Under CTR Exemption Rule; Issues New Guidance
CFPB Launches Inquiry into Elder Financial Abuse
IRS Issues New Interim Procedures for ITIN Applications
OCC Revises Lending Limit Rules
Federal Bank Regulators Jointly Issue Final Rule on Market Risk; Propose Regulatory Capital Rules
New SEC Final Rule Extends the Ban on Third-Party Solicitation under the Pay to Play Rule
Include AML and SAR Provisions in Mortgage Broker Agreements
FRB Issues FAQs on Managing OREO
List of Distressed and Underserved Geographies Updated
FFIEC Adds Demographic Data to Geocoding System
Updated Host State Loan-to-Deposit Ratios Released

OCC Revises Regulations to Replace Credit Ratings with Alternatives
FED Issues Guidance and Examination Procedures for Abandoned Foreclosures
FHA Disparate Impact Case Reprises for Supreme Court Review
CFPB Issues Bulletin on Marketing of Credit Card Add-on Products
Early Foreclosures May Trigger FDCPA Violations
FCC Revises Telemarketing Robocall Rules
Flood Insurance Reform
Question from Truth in Lending (Openend Credit) Seminar in July
FDIC Guidance Cautions Passing Deposit Insurance Assessment Fees to Customers
FFIEC Issues Statement on Risks Associated with Outsourced Cloud Computing
DFI Monthly Bulletin Highlights “Bring Your Own Device” Concerns
FDIC Issues Final Rule on Investments in Corporate Debt Securities by Savings Associations
SEC Approves Final Rule Defining and Interpreting Key Terms for Derivatives
Small Financial Institutions Exempt from Swaps Clearing Requirement
SEC Issues Final Rule Specifying Process for Submission of Security-based Swaps
SEC Issues Guidance re Smaller Financial Institutions’ Accounting Policy Disclosures
Proposed Rules on Basel III Capital Standards
SEC Extends Interim Final Rule on Retail Forex Transactions
NCUA Amends Troubled Debt Restructuring Rule
NCUA Issues Proposed Rule to Modify Definition of “Troubled Condition”
Proposed Rule Requires Credit Unions to Plan for Emergency Liquidity Needs

OCC Thrift Guidance Integration Process Continues
CFPB Blizzard of Proposed Rules
CFPB Adopts Safe Harbor for Exempting Small Remittance Providers from Remittance Transfer Rule
FinCEN Issues Advisory on Mortgage Loan Fraud
State Controller Reminds Holders to Include CUSIP Number When Reporting Securities
Comment Period on Regulatory Capital NPRs Extended
OCC Issues New Assets Management Booklet
FRB Issues Risk-management Standards for Financial Market Utilities
NCUA Provides Guidance on Multi- featured Open-end Lending
NCUA Considers Video-Teller Machines a “Service Facility”
NCUA Continues 18 Percent Interest Rate Ceiling
FAQs Issued on IRR Management Policy & Program
NCUA Initiative Could Increase Credit Union Low-income Designation and Expand Small Business Lending
2011 Small Business, Small Farm and CD CRA Data Made Available

Compliance Professional of the Year - Janet M. Bonnefin, Esq.
Military Veterans Mortgage Foreclosure Protections Extended Under New Law
FDIC Revises Its Regulatory Violation Classification System
OCC Issues Guidance on Risk Management of Investor-Owned, One- to Four-Family Properties
Discover Bank Charged with Unfair and Deceptive Marketing Practices
CFPB to Launch Testing Program for Short-form Credit Card Agreements
Compliance with FEMA Standard Flood Hazard Determination Form
California Law Clarifies Levy Service Procedures
FinCEN Provides Guidance on CTR Exemption for Non-Listed Businesses
FDIC Issues New Resources to Understand Deposit Insurance Coverage
OCC Bulletin Recaps Natural Disaster Supervisory Guidance
FinCEN Clarifies Participation in Voluntary Information Sharing Program
Gov. Brown Signs Bill to Resolve Regulatory Gap in Funds Transfers
Federal Savings Associations Directed to Comply with FDIC Investment Standards Rule
Agencies Release Tool to Help Estimate Effects of NPRs on Capital Standards
Financial Stability Board Requires Business ID Implementation by March 2013
NCUA Amends Definition of "Fleet" in Member Business Vehicle Loans
FDIC Issues Advisory on Managing Risk in Loan Participation Purchases
NCUA Board Proposes Regulatory Relief Measures
Bank Settles Overtime Pay Lawsuit
2011 HMDA Data Released
FDIC Releases Results of Unbanked and Underbanked Survey

FRB, FDIC, and OCC Issue Final Rules for Company-run Stress Testing
CFPB Issues Proposal on Credit Cards for Stay-At-Home Spouses And Partners
Unearned Discount Points and Compliance Implications
CFPB Orders American Express to Refund Customers Harmed by Illegal Credit Card Practices
Reasonableness of Bank Investigation Under Review in FCRA Lawsuit
Erratum
Equifax and Its Customers Required to Pay $1.6 Million for Alleged Wrongful Sale and Use of Prescreened Lists
CFPB Releases Small Entity Compliance Guide for Remittance Transfer Rule
TCPA Customer Consent Required for Rewards Program Courtesy Calls
FinCEN Reports an Increase in SARs Relating to Foreclosure Rescue Scams
Consumer Reporting Agencies to Issue Revised FCRA Notices
FDIC Issues Final Contract Enforcement Rule
NCUA Extends Comment Period for Proposed "Small Credit Union" Asset Threshold

CFPB Final Rule Delays Some But Not All Title XIV Mortgage Reforms
Reg Z Dollar Threshold Exemption Increased
HOEPA Points & Fees Threshold Increased
FFIEC Adopts Revised Interagency Examination Procedures for Reg Z
Residential Mortgage Survey Expected Soon
Credit Card Advertising Case Comes Down in Bank’s Favor
FHFA and CFPB Partner to Develop National Mortgage Database
CFPB Updates Supervisory Appeals Process
Unlimited Deposit Insurance Coverage for Noninterest-bearing Transaction Accounts Ceases December 31, 2012
CFPB to Extend Effective Date of Reg E Remittance Transfer Rule
DFI Developing Electronic Form for Designating Legal Process Central Location
Expanded Tracking of Deposit Interest When Paid to Nonresident Aliens Begins January 1, 2013
FFIEC Updates Supervision of Technology Service Providers Booklet
Inclusion of Derivative Exposure in Lending Limit Calculations – Latest Developments
Agencies Delay Compliance with Basel III
FRB Launches 2013 Capital Planning and Stress Testing Program
OCC Issues Guidance on Risk Management of Investor-owned, One- to Four- Family Properties
OCC Extends Temporary Exception for Inclusion of Derivatives in Lending Limits
Cities Adopt Foreclosure Registration Programs
California Appellate Case Rules On The “Sold-Out Junior” Exception To California’s Anti-Deficiency Laws
NCUA Releases National Supervision Policy Manual to the Public
Website for Obtaining Data on Public Schools with Free/Reduced Meal Programs

* Janet Bonnefin has retired from the firm.

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