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BCG Monthly Newsletter Archive
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| BCG Monthly Newsletter Archive |
2021 |
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Newsletter Highlights
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January 2021
- CFPB Issues Two Final Rules Amending ATR/QM Rules
- CFPB Issues Final Rule to Amend Regulation F
- BCG 01/21 4 Residential Foreclosure and Eviction Moratoria, FHA Forbearance Extended
- CFPB Unveils Fall 2020 Rulemaking Agenda
- Bureau Increases HPML Escrow Account Small Creditor Asset-size Threshold
- CFPB Issues Final Advisory Opinions Policy, Two New Advisory Opinions
- CFPB Issues Advisory Opinion on Special Purpose Credit Programs
- CFPB Publishes Section 1071 Small Business Review Panel Report
- CFPB Issues Consent Order to Auto Lender Stemming from FCRA Violations
- Are Weblinks for Customers Facing Financial Difficulties Required?
- AG Proposes Another Round of Modifications to CCPA Regulations
- Congress Passes Veto-proof AML Reforms; Eases Beneficial Ownership CDD Requirements
- FinCEN Publishes Guidance on Information Sharing Practices
- SBA Notice Highlights IRS Reporting Resulting From CARES Act Subsidies
- FinCEN Issues Proposed Rule on Reporting Convertible Virtual Currency and Digital Assets
- California Consumer Privacy Act (CCPA) Q&As
- Agencies Issue Temporary Relief to Community Banks Who Exceed Asset Thresholds
- OCC Proposes Rule to Offer and Provide Fair Access to Financial Services
- FDIC Issues Final Brokered Deposit Rule
- OCC Issues Interpretive Letter on Preemption
- Failure to Prepare for USD Libor Disruptions Could Undermine Financial Stability, Safety and Soundness
- ARRC Publishes a Guide to US Dollar LIBOR’s Endgame
- FDIC Proposes Amendments to Insurance Assessments for Large and Complex IDIs Implementing CECL
- DFPI Issues Proposed Regulations for Public Banks
- New COVID-19 Relief Package Signed Into Law
- SBA Updates FAQs To Address PPP Questionnaire for Loans over $2 Million
- NCUA Proposed Rule Would Lift Ban on Capitalization of Interest
- NCUA Announces Changes to its Fraud Hotline
- Bureau Increases HMDA Exemption Asset-size Threshold
- FRB and FDIC Publish CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
- FFIEC Announces Availability of 2019 CRA Data
- FFIEC Announces 2020 CRA File Specifications and Edits
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February 2021
- New Administration, First Changes
- Dreamers Case Settled in January
- DFPI Announces CCFPL Enforcement
- CFPB Issues LEP Statement
- CFPB Advisory Opinion Addresses SPCPs
- CFPB Issues Final Rule Implementing Regulatory Relief Act’s HPML Exemption
- CFPB Issues Consent Order with Omni over MLA, EFTA and CFPA Violations
- Are Weblinks for Mortgagors Facing Financial Difficulties Required?
- Is the Fannie/Freddie URLA a Requirement?
- IRS Addresses Reporting for PPP and SBA Loans
- OCC Seeks Comment on New Real Estate Premises Ownership Rules
- CDC Recommends Financial Services Employees for Inclusion in COVID-19 Vaccine Phase 3
- FCC Issues Order Amending TCPA Rules
- Which ACH consumer account debit transactions are subject to Regulation E?
- Regulators Approve Final Rule Clarifying the Role of Supervisory Guidance
- FDIC Revises Guidelines for Appeals of Material Supervisory Decisions
- OCC Interpretive Letter Permits Stablecoin Payment Processing
- OCC Finalizes Rule to Promote Fair Access to Financial Services and then Pauses It
- SBA Issues New PPP Interim Final Rules, Guidance, FAQs and Loan Forgiveness Forms
- FRB Extends Temporary Reg O Exception for PPP Loans Through March 31
- SBA PPP Notices
- Several Lawsuits Against PPP Lenders Rendered Moot by New COVID-19 Relief Legislation, Other Suits Remain Pending
- NCUA Announces its 2021 Supervisory Priorities
- NCUA and CFPB Sign MOU to Improve Agency Coordination
- NCUA Proposes to Raise Risk-based Capital Rule Asset Threshold
- NCUA Issues Subordinated Debt Final Rule
- NCUA Proposes Amendments to FOM Rules for Multiple Common Bond FCUs
- NCUA Proposes Rule on Purchasing of Mortgage Servicing Rights
- NCUA Issues Proposal to Amend FCU Overdraft Policies
- Loan Modification Applications & HMDA Reporting
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March 2021
- Reminder: Biden’s Regulatory Freeze Pending Review
- Update on Eviction and Foreclosure Moratoria; GSE Forbearances
- State Extends Forbearance Denial Notice Requirement
- President Orders HUD to Review Final Disparate Impact Rule
- Recent ATR/QM Developments
- CFPB Publishes Special Edition of Supervisory Highlights
- CFPB’s New Enforcement Priorities
- Are TRID Disclosures Required When a Decedent’s Beneficiaries Assume a Mortgage Loan?
- OAL Approves Bureau of Cannabis Control’s Emergency Regulations
- FinCEN Begins Publishing BSA-Specific PPP FAQs
- FCC Indefinitely Delays New TCPA Requirements’ Effective Date
- Agencies Propose Adding New Breach Notification Requirements
- Virginia Set to Pass Comprehensive CCPA-Type Data Privacy Law
- Agencies Finalize Temporary Reporting Relief to Community Banks Who Exceed Asset Thresholds
- OCC Provides LIBOR Transition Self-Assessment Tool
- FDIC Amends Insurance Assessments for Large and Complex IDIs Implementing CECL
- OCC Fines Former Wells Fargo General Counsel $3.5 Million
- New Orleans Bank Executives and Borrowers Indicted for Bank Fraud
- SBA Issues New PPP Rule for IRS Form 1040 Schedule C Filers
- SBA Adds PPP FAQs; Economic Aid Act Revisions Pending
- PPP/SBA 7(a) Lenders Must Register for SAM Identifier
- PPP Lenders Must Use New Loan Forgiveness Forms Starting March 5
- SBA Provides Methods to Resolve PPP Loan Hold Codes and Compliance Check Error Messages
- NCUA Approves Final Rule Amending Share Insurance Regulations for Joint Accounts
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April 2021
- CFPB Rescinds COVID Temporary Compliance Flexibility Statements
- Federal Residential “Eviction” News
- CFPB Rescinds its Policy Statement on Abusive Practices
- CFPB Issues Interpretive Rule on Sexual Orientation and Gender Identity Discrimination
- Agencies Propose PFI Q&As; Big Changes to CAS Acceptance
- CFPB Issues Fourth Status Report on Reform Act Section 1071
- 2021 HMDA Getting It Right Issued
- Can a Lender Charge an Extension Fee as a Condition to Extend A Residential Construction Loan
- What are an Institution’s SAFE Act Obligations in Addition to NMLSR Registration?
- US Supreme Court Narrows TCPA Definition of “Autodialer”
- ABA Publishes Comment Letter Opposing OCC’s Proposed Bank Premises Rule
- OAL Finalizes AG Modifications to CCPA Regulations
- California Privacy Protection Agency Board Members Announced
- FDIC’s Revised Brokered Deposits Regulation Is In Effect
- LIBOR Transition News
- Banking Agencies Implement Emergency Capital Investment Program
- PPP Loan Program Extended to Take Advantage of American Rescue Plan Provisions
- SBA Revises PPP Platform Procedures for Addressing Hold Codes and Compliance Check Error Messages
- Fed Extends PPP Liquidity Facility Through June 30; Three Others Expired March 31
- NCUA Issues Interim Final Rule for Central Liquidity Facility
- NCUA Issues Asset Thresholds Interim Final Rule to Mitigate COVID-19 Related Transition Costs
- NCUA Proposed Rule to Update CAMEL to CAMELS
- NCUA Extends Comment Period for Proposed Rule Expanding CUSO Permissible Activities and Services
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May 2021
- CFPB Extends Temporary GSE QM; GSEs May Nonetheless Kill It
- CFPB Proposes Foreclosure Moratorium Through End of 2021
- CFPB Issues Mortgage Forbearance Complaint Bulletin
- Additional Federal Court Places Halt on CDC Eviction Moratorium
- CFPB Releases Annual Fair Lending Report
- New Dreamers Suit Sheds Light on Immigration Status Discrimination; With an FCRA Twist
- Debt Collection Recent Developments
- FTC Clarifies No Transaction Limits to Holder in Due Course Rule
- Los Angeles Cities Remain Eligible for NFIP Coverage
- FDIC Issues New Edition of Consumer Compliance Supervisory Highlights
- Fed Issues Consumer Compliance Outlook First Issue 2021
- Federal Financial Regulators Inquire Into Financial Institutions’ Use of Artificial Intelligence
- Starting May 1, Legacy URLA Loan Submissions NOT Accepted
- Model Risk Management for Bank Systems Supporting BSA/AML Compliance
- Japan Added to IRS “No TIN” List
- California DFPI Amends “Agent of Payee” Proposal to Clarify Scope of “Payee” Definition
- House Passes Safe Secure and Fair Enforcement (SAFE) Banking Act of 2021
- Fed Issues Guidance for LIBOR Transition Planning Examinations; is Your Institution Ready?
- LIBOR Replacement Rate Principles a Focus Last Month
- New York is Transitioning from LIBOR; Passes the First State Law
- May is the Last Month for Borrowers to Apply and June is the Last Month for SBA to Process PPP Loans
- SBA Defines "Presently Involved in Bankruptcy" for PPP Loan Eligibility
- SBA Notice Directed to Lenders Involved in M&A Transactions with PPP Loans in Portfolio
- CFPB’s Small Business Fair Lending Focus & Section 1071 Update
- NCUA Restarts 2020 COVID-19 Interim Final Rule
- DFPI Issues Second Round of Modifications to Credit Union Regulations
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June 2021
- A Friendly Reminder to Only Impose Contractually Authorized Fees
- FHFA Extends COVID-19 Multifamily Forbearance through September 30
- Debt Collection Recent Developments
- FDIC Imposes $1.8 Million Civil Money Penalty for FTC Act Section 5 Violations
- What Qualifies as the Most Recent Installment to Avoid the Pyramiding of Late Charges?
- CFPB Regulation E FAQs
- VA Finalizes Rule on COVID-19 Veterans Assistance
- FRB Issues Proposed Rule to Amend Regulation J To Address Real Time Payment System
- Host State Loan-To-Deposit Ratios Updated
- Federal Banking Agencies Extend Comment Period on Request for Information on Artificial Intelligence
- Congress Expected to Disapprove OCC’s True Lender Rule; OCC Will Not Reconsider its Valid When Made Rule
- FSB Declares Continued Reliance on LIBOR Poses Clear Risks to Global Financial Stability
- OCC Increasing LIBOR Transition Oversight in 2021
- California DFPI Publishes Diversity Survey
- Recent Developments in Climate-Related Financial Risk Mitigation
- Fed Extends Reg O Exception for PPP Loans
- NCUA Adopts Final Rule On Derivative Authority for Federal Credit Union
- OCC Reconsiders 2020 CRA Final Rule Except Those Provisions with October 2020 Compliance Date
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July 2021
- CFPB Issues RESPA Escrow Rules FAQs
- CFPB’s Foreclosure Limitations Apply Only to Large Servicers
- Federal, State and Local Foreclosure and Eviction Moratoriums Extended Last Month
- New June 19 Federal Holiday’s (Juneteenth’s) Impact on Rescission and TRID
- CFPB Resumes MLA Supervision
- CFPB Issues Rulemaking Agenda
- CFPB Issues Manufactured Home Loan Report
- DFPI Modifies Proposed Debt Collection Licensing Act Regulations
- Sixth Circuit Finds “Confusion and Anxiety” Does Not Provide FDCPA Standing
- Supreme Court Rules FHFA’s Single Director Structure Violates Separation of Powers
- Does Regulation B Allow Creditors to Require Additional Guarantors After A Commercial Borrower’s Ownership Changes?
- Updated Levy Exemption Amount
- California Privacy Protection Agency Board's Inaugural Public Meeting
- Colorado Set to Become Second State to Adopt CCPA-type Privacy Law
- OCC’s Rule Disapproved by Congress and Signed by President
- San Francisco Establishes Working Group to Form California’s First Public Bank
- Federal Regulators Publish their Spring 2021 Rule Lists
- DFPI Chief Deputy Commissioner Chris Schultz Serving as Acting Commissioner
- Fed Extends the Paycheck Protection Program Liquidity Facility One Last Time
- NCUA Issues Final CECL Transition Rule
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August 2021
- CDC and Federal Agencies Extend Eviction Moratoriums
- CFPB Confirms Two FDCPA Final Rules will be Effective in November
- CFPB Issues Juneteenth Guidance
- CFPB Updates Mortgage Servicing Rules’ SECG
- CFPB Issues Summer 2021 Supervisory Highlights
- CFPB Issues Spanish-language Versions of Model Written Early Intervention Notices
- Proposed Interagency Guidance on Third-Party Relationships: Risk Management
- California AG publishes Interactive Enforcement Tool and CCPA Enforcement Case Examples
- White House Issues Executive Order On Access To Banking Data
- Fed Extends Period to Comment on its New FedNow℠ Service
- Congress Proposes New Federal Breach Notification Law
- FDIC Proposes Rule to Simplify the Deposit Insurance Coverage Rules
- Federal Agencies Extend Review of Certain Credit Risk Retention Rule Exemptions
- Fed Releases CECL Tool to Help Community Banks
- FRB, FDIC and OCC Issue LIBOR Transition FAQs on Regulatory Capital Instruments
- Second Circuit Rules in Favor of the OCC Over Fintech Charters
- DFPI Publishes Fifth Notice of Modifications to Proposed CFL Regulations
- Application Extension for Emergency Capital Investment Program
- SBA Issues Interim Final Rule That Streamlines Loan Forgiveness Process and Extends Loan Deferment Period for Timely Appeals
- SBA Issues Procedural Notice for Certain PPP Loan Purchases and Charge Offs
- SBA Issues Interim Final Rule for 504 Loan Debt Refinancing
- ARRC Recommends SOFR Conventions, Best Practices and Term Rates; Institutions Should be Ready for LIBOR Transition Homestretch
- CFPB Issues Report on Commercial Lenders’ Credit Reporting Strategies
- NCUA Lifted the Prohibition on Capitalization of Unpaid Interest Effective July; Issues FAQs in August
- NCUA Proposes Capital Rule for Complex Credit Unions
- NCUA Requests Information on How CUs Use Decentralized Finance and Digital Assets Applications
- OCC to Propose Rescinding 2020 CRA Rule; Interagency CRA Statement Issued
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September 2021
- U.S. Supreme Court Finally Decides CDC Eviction Moratorium is Unconstitutional; No Change to California’s Eviction Moratorium
- CFPB Finally Issues Section 1071 Small Business Lending Data Proposal
- Fair Lending Insights from CFPB’s COVID Mortgage Servicing Report
- Another Class Action Citizenship Discrimination Case Launched Against a Creditor
- Bank Settles Redlining Charges that Include Failing to Advertise in Spanish Even Though Its Customers Do Not Primarily Speak Spanish
- CFPB Reports Credit Card Limits are Rising after Stagnating During Pandemic
- OCC Changes Address for CRA, FHA and ECOA Notices; Action Required by November 4
- CFPB Requests Comments on Whether it Should Collect Consumer Data on Electronic Disclosures
- DFPI Invites Comment on Draft Regulations for State’s New Financial Protection Law
- White House Issues Executive Order On Access To Banking Data
- New York Enacts Overdraft Law Placing Limits on Check Transaction Processing Order
- SEC Approves NASDAQ Board Diversity Rule in August; Compliance Required in 2022
- Federal and State Lawsuits Proceeding against California’s Board Diversity Statutes
- OCC Informs Banks About Sound Risk Management Principles for SBA Loans
- OCC Issues New Model Risk Management Booklet
- NMLS Transition and PACE Program Administrators Final Rules Effective October 1
- ARRC Publishes FAQs on Best Practices Related to Using the SOFR Term Rate
- Banking Experts Recommend Auditing Your Institution’s PPP Loans Before the Feds Do
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October 2021
- NFIP Extended Through December 3, 2021
- FEMA Issues New Standard Flood Hazard Determination Form
- California Wildfires a Good Reason to Review Bureau’s Statement on Supervisory Practices During a Major Disaster or Emergency
- U.S. Senate Confirms New CFPB Director
- Two Percent Interest on Impounded Insurance Proceeds
- Fed Publishes Paper on FinTech Partnerships; NCUA Extends Comment Period for Digital Assets RFI
- California Privacy Protection Agency Requests Public Comment on Proposed Privacy Regulations
- Federal, State and County Vaccination and Mask Rules ‒as of Now
- FDIC Issues Q&As Related to Brokered Deposits Rule
- California’s Public Bank Regulations Effective January 1, 2022
- CFTC Delays Certain Reporting Requirements for Bank Swap Dealers
- OCC Issues “Problem Bank Supervision” Booklet in Comptroller’s Handbook Examination Process Series
- Governor Newsom Appoints DFPI Commissioner
- SBA Issues Final Rule for Borrower Appeals of Final SBA PPP Loan Review Decisions
- How OCC’s June 2020 CRA Rule Remains Effective until its Replacement Becomes Effective
- CFPB Releases 2021 HMDA FIG and Supplemental Guide for Quarterly Filers
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November 2021
- DFPI Issues Updated Fair Lending Notice
- DOJ Announces New Initiative Against Redlining
- OCC Announces Revised Interagency Exam Procedures
- CFPB Updates Supervision and Exam Manual
- Agencies’ 2022 Regulation Z Thresholds for Various Provisions
- Debt Collection Recent Developments
- Consumer Finance Q&A: Lender as Loss Payee on Condo Association’s Flood Insurance Policy
- IRS Issues New W-8BEN and W-8BEN-E Forms
- FDIC Amends Interagency Real Estate Lending Policy Guidelines
- New California Public Banking Option Act
- Warning – CECL Audits Will Be Tough Next Year
- Federal and State Financial Regulators Issue “Joint Statement on Managing the LIBOR Transition”
- Feds Remind Financial Institutions to Stop Using LIBOR by the End of Next Month
- HUD ANPR to Transition its ARMs from LIBOR
- NCUA Publishes Final CAMELS Rule
- NCUA Publishes Final Rule Expanding CUSO Permissible Activities and Services
- OCC Publishes FAQs for CRA Proposal
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December 2021
- NFIP Extended Through February 18, 2022
- Agencies Rescind Mortgage Servicing Rules and CARES Act
- CFPB Reminds Credit Reporting Agencies to Comply with FCRA Obligations
- Debt Collection Recent Developments
- DFPI Proposes CCFPL Registration Requirements; Invites Comments
- Agencies’ 2022 Thresholds for Certain Consumer Lending Rules
- FFIEC Publishes Updates to BSA/AML ExaminationManual
- FinCEN’s Updated Ransomware Advisory
- Banking Agencies Issue New Breach Notification Requirements
- FTC Updates Safeguards Rule
- Overdraft and NSF Fees: Recent Developments
- IRS Announces 1042-S Data Integrity Tool
- OCC Reminds Institutions of Cryptocurrency, Distributed Ledger and Stablecoin Obligations
- OCC to Issue Climate Risk Management Supervisory Expectations by the End of 2021
- ARRC Announces Launch of Refinitiv’s USD IBOR Institutional Cash Fallbacks
- FRB Publishes Additional LIBOR Transition FAQs
- NCUA Adopts Final Rule Amending Service Facility Definition
- CFPB Issues FAQs Addressing HMDA and Loan Thresholds
- Request for Information on HMDA
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