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BCG Monthly Newsletter Archive
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| BCG Monthly Newsletter Archive |
2020 |
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Newsletter Highlights
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January 2020
- FDIC and OCC Propose CRA Modernization
- CRA Asset-Size Thresholds Adjusted for 2020
- FFIEC Releases 2020 Community Reinvestment Act (CRA) Data Entry Software
- Two Banking Agencies Propose Rules on “Valid When Made” Loan Doctrine
- FDIC Requests Comments on Proposed Revisions to Brokered Deposit Regulations
- FDIC Intends to Promote Clarity with the Release of its Enforcement Actions Manual
- TARP Special Inspector General Launches Financial Institution Crimes & Fines Database
- NCUA Delays Risk-Based Capital Rule by Another Two Years
- Private Lawsuits Can Be Filed Under the CCPA; California’s AG Must Wait
- Banks Not Always Required to File a SAR Just Because a Customer Cultivates Hemp
- CFPB Proposes Changes to the Remittance Transfer Rules; Requests Comments
- New York Federal Court Enters Judgment Against Bank for TCPA Violations
- PMI Must be Reported on Form 1098
- Insurance Commissioner Issues a One Year Moratorium on Policy Non-Renewals
- Regulators Issue Interagency Statement on the Use of Alternative Data in Credit Underwriting
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February 2020
- CFPB Issues UDAAP “Abusive” Standard Guidance
- Looks Like CFPB will Extend QM Patch, Remove DTI Limits from ATR Rule
- FICO 10 Credit Score Introduced
- CFPB Issues TRID Construction Loan Guidance
- CFPB Issues Supervisory Highlights Consumer Reporting Special Edition
- CFPB Publishes Updated HMDA Small Entity Compliance Guide
- It’s Law; MIP Must Be Reported on Form 1098 Through the 2020 Tax Year
- California Consumer Privacy Act
- Governor Newsom Proposes Converting DBO Into a Mini-CFPB
- CFPB Issues Policy Statement on Compliance Aids
- ARRC Seeks Public Feedback on its Spread Adjustment Methodologies for LIBOR Transition
- FSB Issues Warning to Banks that Have Not Started to Transition from LIBOR
- OCC Announces its Regulatory Oversight to Evaluate Preparedness for LIBOR’s End
- SEC Adopts Changes to Security-based Swaps Regulatory Regime
- FDIC’s Supervisory Highlights Include a Focus on Commercial Real Estate Lending
- Some Finance Lenders Rent-a-charter to Avoid AB 539
- NCUA Proposes to Allow Credit Unions to Issue Subordinated Debt
- NCUA Announces its Supervisory Priorities for 2020
- FRB Has its Own Ideas for CRA Reform Separate and Apart from OCC and FDIC
- FDIC and OCC’s Proposed CRA Regulations Published in the Federal Register
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March 2020
- CFPB Proposes Supplemental Rule on Time-barred Debt
- DOD Amends MLA FAQs on GAP Financing; Adds New Q&A on ITIN MLA Scrubs
- “Member FDIC” to Go High-Tech
- GSEs Release Interactive URLA and Omit Language Preference Question
- IRS: Taxpayer First Act Only Applies to PostDecember 28, 2019 Transcripts
- U.S. Supreme Court Resolves FDCPA Statute of Limitations Circuit Split
- Conditioning Credit on a Credit Report
- Class Action Complaint Cites CCPA
- CCPA Regulations Expected to be Effective on July 1, 2020
- FDIC’s FDiTech Releases New Guide to Help FinTechs Connect with Banks
- DBO Soliciting Comments on Proposed Public Bank Rulemaking
- What Happens if Your Chief Operating Officer Contracts the Coronavirus?
- House Passes Insider Trading Bill
- SB 1235 Disclosure Regulations Still in Works; Questions Purchasers Should Consider
- CFPB Ordered to Issue Final Small Business HMDA Rule
- FRB Publishes SOFR Averages and SOFR Index
- Fannie and Freddie to Discontinue Purchasing LIBOR-based ARMs; Updated ARM Notes and Riders
- SBA Issues Interim Final Rule; Raises CCPA Concerns
- FDIC and OCC Extend Comment Period for Proposed CRA Rules
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April 2020
- COVID-19 Interagency Loan Modifications Statement; They’re Generally Not TDRs
- Mortgage Servicing – Financial Regulators Confirm a Flexible Supervisory and Enforcement Approach
- Federal Regulators Want Institutions to Work with Customers Affected by the Coronavirus
- CFPB Updates its Consumer Financial Resources in Response to COVID-19’s Impact
- CFPB Extends Comment Period for FDCPA SNPR
- BASEL IV Standards Delayed
- FRB Supports the Flow of Credit to Businesses and American Families
- March 31, 2020 Call Report Deadline Extended if Necessary
- SBA Providing Paycheck Protection and Disaster Assistance Loans to COVID-19 Impacted Small Businesses
- Financial Institution Business Continuity and Recovery Operations
- Homeland Security Issues COVID-19 “Hall Pass” so Essential Workers Can Report for Duty
- FAQs for COVID-19 Affected Financial Institutions
- FRB Adjusts Supervisory Activities Due to COVID-19
- NCUA Amends Bylaw Regulations Effective Immediately
- COVID-19 Affected LICUs Can Request Urgent Needs Grants from NCUA
- FDIC Statement on Working with Customers
- Banking Agencies Issue Guidance on CRA Activities in Response to COVID-19
- CFPB Issues TRID Lender Credit FAQs
- CFPB Implementing Advisory Opinion Program
- Preview of April 2020 Mortgage Lending Seminar ? Loan Modifications
- Scams Involving Gift Cards Purchased with a Debit Card
- ARC, BOC, POP and RCK ACH Debit Entries
- California Consumer Privacy Act – What is a Covered Business?
- DBO Extends Deadline to Make Comments on Public Bank Regulations
- CECL Interagency Policy Statement Finalized; Agencies Authorize Transitions Delay Due to Pandemic & CARES Act
- CFPB Clarifies How to Report Ethnicity, Race and Sex under HMDA
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May 2020
- CFPB Issues ECOA/TILA Waiver Guidance
- NFIP’s Grace Period – No Impact on Forced Placement
- CARES Act Payments Exempt From Levy
- Six-Transfer Limit Suspended
- CFPB Will Be Flexible on Remittance Transfer Rule
- Brokered Deposit NPR’s Comment Period Extended
- NCUA Issues Temporary Regulatory Relief
- PPP Loans a Key Focus During Pandemic
- Congress Increases PPP Funding
- PPPLF Recent Developments
- Certain PPP Loan Temporarily Exempt from Regulation O
- Five PPP Lawsuits Filed in April
- Banking Agencies’ Temporary Appraisal Extension
- SBA Express Loan Programs Interim Final Rule Rescinded
- “Responsible Conduct” Guidance Updated
- FFIEC Releases New APR Computational Tool
- OCC Updates Third-Party Relationships FAQs
- FFIEC Releases New APY Computational Tool
- BSA/AML Examination Manual Updated
- Illicit Cash Act Requires Beneficial Ownership Reporting
- CFPB Proposes Whistleblower Award Law to Congress
- Libor Transition Guidance for Hedge Accounting
- FRB Outlines Framework to Determine Company Control
- Residential Real Estate Appraisal Threshold Increased
- FRB Funds Main Street Lending Program
- Lending Oversight Reform Act Final Rule
- Commercial Lease Holdover Provision Upheld
- HMDA Final Rule Lowers Thresholds
- FRB’s CRA Analytics Data Tables Published
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June 2020
- Paycheck Protection Program (PPP) Loans Continue to Dominate the Headlines
- SBA Issues PPP Loan Processing Fee Guidance
- SBA Publishes Additional PPP FAQs
- PPPLF & MMLF Loans Excluded from Liquidity Coverage Ratio
- NCUA PPP Loan Developments
- SBA Issues PPP Foreign-language Resources
- DOJ and FBI Warn of SBA Loan Scams
- DOJ and FBI Also Prosecuting SBA Loan Fraud
- CFPB Issues No-Action Letter Templates for Small-Dollar Loans & Risk Mitigation Program
- Agencies Issue Statement on Responsible Small-Dollar Loans Lending Principles
- GSEs: When COVID-19-impacted Borrowers Can Refinance or Get a New Loan
- CFPB Extends Comment Period for Proposed Time-Barred Debt Disclosures - Again
- CFPB Tries to Define Dwelling and Loan Modification under the ECOA Valuations Rule
- COVID-19’s Impact on Flood Insurance Regulations
- CFPB Issues Final Remittance Transfer Rule
- FDIC Proposes to Mitigate Deposit Insurance Assessment Effects of PPP, PPPLF and MMLF Participation
- OCC Permits Electronic Director, Shareholder and Member Meetings
- Conducting Virtual Shareholder Meetings under California Law
- CARES Act Temporarily Increases SBA Express Loan Lending Limit Through 2020
- Main Street Lending Program Should be Operational Soon
- USDA to Provide $1 Billion in Loan Guarantees for Rural Businesses and Agricultural Producers
- FRB’s Commonly Cited Consumer Compliance Violations
- CFPB Issues Mortgage Servicing Transfer Guidance
- CFPB Issues 2020 Fair Lending Report
- PACE Lending Developments
- CCPA: Still a Big Deal
- FRB Issues Q&As on Removal of Six-Per-Month Limit For Saving Accounts and MMDAs
- New Ballot Initiative: California Privacy Rights and Enforcement Act of 2020
- Regulation CC Amendments
- Financial Regulators Issue Final ACL Interagency Policy Statement
- NCUA Modifies Military Personnel Consideration for Low-Income Designation
- Recent LIBOR Developments
- CFPB’s Small Business Fair Lending Focus
- OCC Issues Final Rule Modernizing CRA Regulations
- FDIC Is Not Prepared to Finalize the CRA Proposal at this Time
- CFPB Updates HMDA Small Entity Compliance Guide
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July 2020
- PPP Loan Program Developments
- June 2020 Amendments
- PPP Loan Forgiveness Application Developments
- SBA Issues EIDL Refinance Guidance for PPP Lenders
- June 22, 2020 Interim Final Rule
- Additional Interim Final Rules and Additional Efforts to Revise the PPP Again
- Bank and Credit Union Interest in the Main Street Lending Program
- CFPB Issues COVID-19 Credit Reporting FAQs
- FHA Extends Foreclosure/Eviction Moratorium and California’s Efforts Fail
- CFPB Issues COVID-19 Credit Card E-Disclosure Flexibility
- FHFA COVID-19 Servicing Scripts and Mortgage Assistance Application Available in Six Languages
- Financial Institution Executives Forecast Credit Writedowns Later This Year; Offer Suggestions for Financial Institutions to Prepare
- U.S. Supreme Court: CFPB Director Must Be Removable at President’s Will
- CFPB Launches Pilot Advisory Opinion Program
- CFPB Issues New TRID Factsheet & FAQs
- CFPB Issues ATR/QM Proposals
- CFPB Updates Reverse Mortgage Examination Procedures
- CFPB Issues LIBOR Transition Proposal & Guidance
- Fannie and Freddie Publish LIBOR Transition Playbook & FAQs
- CCPA Regulations Should Be Effective Soon
- CFPB Updates Remittance Rule SECG
- FraudClassifier Model Aids in Consistent ACH, Wire or Check Payments Fraud Classification
- Host State Loan-To-Deposit Ratios Updated
- The Impact of Civil Unrest on Banks
- Financial Regulators Issue Final ACL Interagency Policy Statement
- FRB Resumes Examinations
- FDIC and OCC Issue Final Rules in Response to Madden Decision
- FRB Chairman: AMERIBOR® is an Appropriate LIBOR Replacement Rate for Certain Institutions
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August 2020
- FRB Extends COVID-19 Related Lending Facilities Through December 31, 2020
- SBA Issues Notice Outlining PPP Loan Forgiveness Process
- SBA Issues FAQs on PPP Loan Forgiveness
- SBA Updates PPP Loan Processing Fee Guidance
- FRB Extends Reg O’s Temporary PPP Loan Exemption
- Main Street Lending Program Operational; Expanded for Nonprofits
- CFPB Adds COVID Exception to RESPA Loss Mitigation Option Rules; NCUA Alerts Credit Unions to CFPB’s Interim Final Rule
- Federal and State Regulators Issue COVID-19 Safety and Soundness Guidance
- Face Masks in Financial Institutions
- CFPB Ratifies Prior Regulatory Actions in Response to Seila Law
- Bureau Finalizes Changes to Payday Lending Rule
- U.S. Supreme Court Nixes TCPA Exemption For Government Debt-related Collection Calls
- Agencies Propose Updated Flood Insurance Q&As
- OCC Issues New UDAP/UDAAP Booklet
- CFPB Adjusts Certain Regulation Z Thresholds for 2021
- CFPB Releases its Spring 2020 Regulatory Agenda
- FFIEC Announces Availability of 2019 Mortgage Lending Data
- FDIC Updates Flood Insurance CMP Process
- CFPB Proposes HPML Amendments
- AG Posts CCPA FAQs
- FCC Adopts Call-Blocking Order; Issues Lawful Calls Proposal
- DBO Amends “Agent of Payee” Proposal to Clarify “Payee”
- FinCEN Issues Due Diligence Guidance for Hemp-related Business Customers
- Agencies Modify Volcker Rule’s Covered Funds Prohibitions
- OCC Clarifies Federally Chartered Banks and Thrifts May Provide Crypto Assets Custody Services
- OCC Proposes to Define “True Lender”
- ARRC Releases LIBOR Transition Tool
- NCUA Issues Regulatory Alert on CFPB’s COVID Exception to RESPA Loss Mitigation Rules
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September 2020
- Agencies Issue Additional COVID Loan Accommodation Guidance: The Party’s Ending?
- CFPB Proposes New “Seasoned” QM
- Federal Foreclosure Moratorium Extended Through December 31, 2020
- CFPB’s RFI on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System
- CCPA Regulations Finalized
- FinCEN Publishes Customer Due Diligence FAQs, Issues Statement on BSA Due Diligence for Politically Exposed Persons
- FinCEN Issues BSA Enforcement Statement on its Enforcement of the BSA
- Dealing with Face Mask Guidance, Orders and Policies
- Fed Could Launch 24x7x365 FedNowSM Service as Early as 2023
- OCC Proclaims Banks Affected by the California and Colorado Wildfires May Close
- California Will Require Certain California Corporations to have Board Members from Underrepresented Communities in Addition to Women
- Community Bank Leverage Ratio Temporarily Becomes Eight Percent on October 1
- New Final Rule Amends “Eligible Retained Income” Under Regulatory Capital Rule
- Final Rule Mitigates CECL’s Effect for Institutions Adopting the New Accounting Standard in 2020
- FDIC Codifies Changes to Provide More Employment Opportunities for Individuals with Certain Minor Criminal Convictions
- FRB Releases Annual Large Bank Stress Test Results; Halts Stock Buybacks and Limits Dividends for Large Banks
- ARRC Releases SOFR Starter Kit; Summer Series Webcasts Available Online
- ARRC Updates its Recommended Best Practices for Completing LIBOR Transition
- ARRC Issues ARM and Student Loan Resource Guides
- SBA Clarifies PPP Loan Forgiveness Limits of C- and S-Corp. Owner-Employee Compensation and Certain Nonpayroll Costs
- Banks Win First PPP Suit Regarding Payment of Agents’ Fees
- Several Attorneys General Sue FDIC and OCC Over Interest Rate Rules
- NCUA Approves Changes to Field of Membership Rule
- CFPB Issues FAQs for “Relied on” HMDA Data Points
- CFPB Releases 2021 HMDA FIG and Supplemental Guide for Quarterly Filers
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October 2020
- California Forms its Own Mini-CFPB and Passes Numerous Consumer Financial Protection Laws
- HUD Issues Final Rule Amending Its Disparate Impact Standard
- California Enacts COVID-19 Tenant, Homeowner and Small Landlord Relief Law
- CFPB Publishes Latest Edition of Supervisory Highlights
- Agencies Extend Proposed Flood Q&As’ Comment Period
- Reg Z APR Q&A
- Naming the Trustee on a Deed of Trust
- CCPA Relief for Employment and Business Data Extended For One More Year
- U.S. Supreme Court to Resolve Circuit Split on TCPA’s “Autodialer” Definition
- OCC Confirms National Bank and FSA Authority to Hold Stablecoin Reserves
- FDIC Established Deposit Insurance Fund Restoration Plan
- SEC Modernizes Accredited Investor Definition
- FTC and DOT Seek Comments on Proposed Antitrust M&A Rules
- Forgiven PPP Loan Amounts: Tax Developments
- Many California City and County Commercial Tenant Evictions Moratoriums Are Extended
- FRB Updates Main Street Lending Program FAQs
- ARRC Publishes Revised Fallback Language for LIBOR-Indexed Business Loans
- CFPB Outlines Small Business Lending Data Collection Proposal
- DBO Proposes Commercial Financing Disclosures Regulations
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November 2020
- Banking Agencies Adopt Temporary Interim Final Rule for Appraisals/Evaluations
- CFPB Extends Temporary GSE QM
- CFPB Issues New-ish FAQs on RESPA Section 8 and MSAs
- Agencies Update TILA Exam Procedures
- CFPB Releases Early Termination Process for Consent Orders
- CFPB Issues TRID Assessment; “Finance Charge” Definition Unchanged
- DFPI & California Fair Lending Notice
- AG Proposes Further Modifications to CCPA Regulations
- Federal Reserve Amends Implementation Date for Changes to Facilitate Same-Day ACH Service
- USAA Sues PNC Bank Over Mobile Deposit Capture Technology
- FDIC Urges Banks to Work with Borrowers Affected by the California Wildfires
- FinCEN and OFAC Issue Ransomware Advisories
- Ransomware Risk Mitigation Tool Jointly Released by Federal, State Authorities and BECTF
- CIP Exemption for Property and Casualty Insurance Premiums Loans Expanded
- Community Bank Leverage Ratio Finalized
- ISDA Updated Fallback Provisions for 2006 Swap Definitions
- SEC Modernizes Auditor Independence Rules
- FDIC Approves Temporary Relief from Part 363’s Audit and Reporting Requirements
- Agencies Adopt Final Rule for Institutions Implementing CECL in 2020
- Loan Forgiveness Applications for Loans of $50K and Less are Simplified
- SBA Outlines Procedures for PPP Borrowers with Ownership Changes
- SBA Updates PPP FAQs
- OCC Finalizes “True Lender” Rule
- Recent NCUA Board Actions Affecting Credit Union Corporate Governance
- Federal Reserve Begins the CRA Reform Process
- Bureau Updates HMDA Data Collection Chart for 2021
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December 2020
- CFPB Issues Final Regulation F – Fair Debt Collection Practices
- CFPB’s Final Rule Amends Disclosure of Records and Information Rules
- Agencies’ 2021 Thresholds for Certain Consumer Lending Rules Remain the Same
- CFPB Issues Small-Dollar Loan NAL to Bank of America
- CFPB Issues ANPR on Consumer Access to Financial Records
- CFPB Issues Payday Loan Disclosure Request for Comment
- California Rosenthal Fair Debt Collection Practices Act Q&A
- Furnishers are Required to Report Disputes Made Through E-Oscar
- Charities and Non-profit Organizations Share Spotlight in Regulatory Joint Fact Sheet
- FDIC’s Final Rule Amends Branch Application Procedures to Remove NHPA and NEPA Statement Requirements
- FinCEN and FRB Propose to Amend BSA Rules’ International Transactions Threshold
- New Interagency Proposal Seeks Public Comment on Role of Supervisory Guidance
- PPP Borrowers May Not Deduct Certain Expenses on Income Tax Returns
- FRB Revises Main Street Lending Program
- Treasury Secretary Asks Fed To Unwind All, But Four, Credit Facilities
- SBA Proposes Newly Created Loan Necessity Questionnaires to PPP Borrowers of $2M or More
- CFPB Issues Consent Order for Bank’s Alleged Inaccurate HMDA Reporting
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