|
BCG Monthly Newsletter Archive
BCG members can view a Newsletter below by selecting the download button.
|
| BCG Monthly Newsletter Archive |
2022 |
|
Newsletter Highlights
|
January 2022
- CFPB Issues Reg Z LIBOR Transition Final Rule
- CFPB Increases Regulation Z Asset Threshold
- CFPB & DOJ Issue Joint Letter Addressing Mortgage Servicing for Military Borrowers
- CFPB Issues Fall 2021 Supervisory Highlights
- CFPB Publishes Rulemaking Agenda
- Agency Rule List
- Long-Term Actions List
- An Update on Juarez v. SoFi
- Expired SFHD Form May Still be Used
- DFPI Enters Settlement with Auto Title Lender for Alleged Rate Cap Violations
- Debt Collection Licensing Regulations
- Scope of Debt Collection Licensing Act
- FinCEN Issues First Proposed Rule for Beneficial Ownership Reporting under the CTA
- FinCEN Issues ANPR for AML Regulations for Real Estate Transactions
- Section 2.3.1 – Regulation E Error Resolution for Misdirected Payments
- Notice 2022-1 IRS Instructions for Discharged Student Loans
- TD Bank Fined $105K for North Korea Sanctions Violations
- FDIC’s Office of Supervisory Appeals (OSA) Replaced SARC Last Month
- Community Bank Leverage Ratio (CBLR) Reverted to Nine Percent on January 1
- OCC Announces Updated OREO Booklet
- FRB Extends Temporary Reg O Exception for PPP Loans Until Next Year
- SEC Proposes Rules to Prevent Fraud with Security-Based Swaps
- Securities and Exchange Commission (SEC) Issues Insider Trading Proposal
- OCC Seeks Feedback on Draft Principles to Identify and Manage Climate-Related Financial Risks
- IRS Publishes Guidance on the Tax Implications Due to the Transition from LIBOR
- It’s Official. The OCC’s Rogue CRA Final Rule is Rescinded and Replaced
- Bureau Increases HMDA Exemption Asset-size Threshold
|
| |
|
|
|
February 2022
- CFPB’s Recent Actions May Shed Light on New Director’s Priorities
- FTC Issues Advisory Opinion (AO) on Holder Rule Attorneys’ Fees and Costs; California Supreme Court to Resolve Appellate Court Split
- CFPB Settles Federal Lawsuit Over its Taskforce on Federal Consumer Financial Law
- CFPB, DOD, and DOJ Publish Brief on MLA’s Auto Loan Exemption
- An Update on Juarez v. SoFi.
- California Mortgage Relief Program Now Open
- CFPB’s Civil Money Penalty (CMP) Inflation Adjustments for 2022
- FDIC Amends Deposit Insurance Regulations for Trust and Mortgage Servicing Accounts
- Overdraft and NSF Fees: Recent Developments
- FDIC’s Office of Inspector General (OIG) Criticizes Agency’s Sharing of Threat Information
- 14 Day Extension to Comment on FinCEN’s ANPR for AMLRegulations for Real Estate Transactions
- CSBS Withdraws Challenge to OCC’s Pending FinTech Charter
- SEC Reopens Comment Period for 2015 Proposed Rule; Pay versus Performance
- New SBA Procedural Notice on SBA’s Review of Partially Forgiven PPP Loans
- NCUA Announces Its 2022 Supervisory Priorities
- NCUA Proposes Rule Requiring FCUs to Have Succession Plans
|
| |
|
|
|
March 2022
- NFIP Extension News
- Yes, the CFPB Still Doesn’t Like Short-Reset ARMs
- CFPB Outlines AVM Regulation Alternatives
- CFPB Issues Status Report to the Court in Section 1071 Action
- CFPB Zeroes in on Auto Lending Market
- Agencies Release an Interagency Statement on Special Purpose Credit Programs
- Recent Case Clarifies CARES Act’s Requirement to Report Deferred Loansas “Current”
- FDIC Advises of 2022 Supervisory Priorities
- CFPB Launches Website for the Public to Petition Agency
- FTC Provides Annual ECOA Letter to CFPB
- Looking Ahead to the CPRA’s Effective Date‒Will You Be Ready?
- CFPB Publishes Chart Comparing Institutions’ Overdraft Fees and Policies
- Federal District Court Upholds Both Valid-When-Made Rules
- OCC Issues Revised Corporate Comptroller’s Licensing Manual Booklets
- FASB Decides Not to Delay CECL Effective Date
- Los Angeles Superior Court to Receive Verdict Forms in Board Diversity Case
- NCUA Extends the Reinstated 2020 COVID-19 Interim Final Rule Until Next Year
- OCC Answers FAQs About its Final Rule Rescinding its Rogue 2020 CRA Final Rule
- California May Enact its Own Community Reinvestment Act (CRA)
- Acting OCC Comptroller Announces the Banking Regulators to Release a Joint CRA Proposed Rule
|
| |
|
|
|
April 2022
- March’s Omnibus Legislation Includes Laws Affecting Banks and Credit Unions
- Flood Zone Developments
- NFIP Extended through September 30, 2022
- FinTech Company Challenges DFPI’s Usury Law Interpretation
- CFPB Warns of Additional Servicing Safeguards Through HAF
- PAVE Task Force and CFPB Director’s Comments
- U.S. DOJ and NCUA-insured Credit Union Reach Settlement on SCRA Violations
- Unfair Discrimination Can Be a UDAAP Liability to an Institution
- FDIC’s Consumer Compliance Supervisory Highlights for 2021
- CFPB Issues Guidance Policy on Consumers Reviews
- Division Q of H.R. 2471 — Consumer Protection
- Pattern or Practice for Flood Insurance CMPs
- Cyber Incident Reporting for Critical Infrastructure Act of 2022
- OCC Issues Rule on Procedures for Suspicious Activity Reporting Exemptions
- Interagency Computer-Security Incident Notification Requirements Must Be in Operation by May 1
- Years After the U.S. Supreme Court Refused to Hear Domino’s Appeal, the DOJ Issues ADA Website Guidance
- California Governor Issues Executive Order Rolling Back COVID-19 EOs
- Holder Remit Report Funds May Require Payment by EFT
- California Grants More Emergency Powers to Corporations that were Effective March 25 and Expire June 30
- The Adjustable Interest Rate (LIBOR) Act Is Law
- FDIC Rescinds COVID-19 Statement on Part 363 Annual Reports
- OCC Issues New Version of CRE Lending Booklet of the Comptroller’s Handbook
- NCUA’s CAMELS Final Rule Effective April 1; Details and FAQs Issued
- Division T — Credit Union Governance Modernization Act of 2022
- Significant Amendments Adopted Under SB 1176
- FFIEC Releases HMDA Guide
|
| |
|
|
|
May 2022
- CFPB Publishes Spring 2022 Supervisory Highlights
- CFPB Invokes Dormant Authority to Examine Nonbank Companies
- CFPB Quietly Rolls Out Revised Adjudication Rules
- FDIC Updates its Consumer Compliance Examination Manual
- CFPB Releases Spanish Translations of Regulation B and Regulation E Forms
- FHFA Announces Language Question Requirement on Supplemental Information Form
- CFPB Issues Proposed Rule to Protect Trafficking Victims from Additional Financial Hardship
- DFPI Files Cross Complaint in Fintech Dispute
- CFPB Focuses on Financial Challenges Facing Rural Communities
- COVID-19 Affected Tenant Eviction Protections Extended through June 30, 2022
- Reminder — Holden Act Residential Mortgage Loan Reports Due June 13, 2022
- Recent Developments in Overdraft Services
- California Attorney General Issues Opinion Interpreting Scope of CCPA’s Request to Know Obligations
- FDIC Requests Notice if an Institution is Engaging in Crypto-related Activities
- Same-day Per-payment ACH Limit Increased to $1 Million
- Small Estates Dollar Limit Increased Effective April 1, 2022
- Utah and Connecticut Join the Privacy Fray
- Bank President Knowingly Violates Regulation CC; OCC Assesses Civil Money Penalty
- Good News for CECL Adopters
- Federal Regulators Propose to Update their Rules of Practice and Procedure
- SBA Provides Clarification on Maturing PPP Loans
- Joint CRA Proposed Rule Issued
|
| |
|
|
|
June 2022
- Agencies Publish Final Flood Insurance Q&As
- Adverse Action Notices Still Required When Using AI to Make Credit Decisions
- Proposed Settlement of Juarez v. SoFi
- CFPB Announces that Hundreds of Thousands of Borrowers are Still Behind on Mortgage Loans
- House Financial Services Committee Calls on CFPB to Rescind Measures
- CFPB Supervisory Highlights: Consumer Reporting
- CFPB Supervisory Highlights: Auto Servicing Violations
- CFPB Supervisory Highlights: Credit Card Account Management
- CFPB Publishes Additional Spanish Translations
- CFPB’s 2021 Fair Lending Activities
- CFPB Issues Circulars Program to Increase Transparency and Align Enforcement
- DFPI Seeks Comment on Crypto Asset-Related Products and Services
- Comment Period for DFPI’s Proposed CCFPL Complaint Rule Closes July 5, 2022
- California Privacy Protection Agency: CPRA Rulemaking Update
- Federal Reserve Issues FedNow Final Rule
- Wells Fargo to Pay SEC $7 Million for Failing to File at Least 34 SARs
- FinCEN Considers Proposed Rulemaking for No-Action Letter Process
- FDIC Compliance Guide for New Deposit Insurance Regulations Affecting Trust Accounts and Mortgage Servicing Accounts
- FDIC Approves Final Rule to Protect Depositors from Misrepresentation
- Industry Groups Unveil Best Practices Guide for Anti-Money Laundering
- Increase in Amount of SB 616 Levy Exemption for Natural Persons
- California State Courts Declare that Both Board Diversity Statutes Violate the Equal Protection Clause of the State Constitution
- Fed to Release Second Tool to Help Community Banks Implement CECL
- FDIC Reinstates the SARC After only Five Months under the OSA
|
| |
|
|
|
July 2022
- Eleventh Circuit Holds TILA-Required Mortgage Statements May Constitute FDCPA Debt Collection Communications
- FFIEC Announces Release of 2021 HMDA Data
- CFPB to Simplify Approach to Regulations and Increase Guidance
- CFPB Seeks Information on Credit Card Late Fees
- FDIC Updates Consumer Compliance Examination Manual
- FinCEN Issues Statement Regarding Due Diligence Requirements for Independent ATM Owners or Operators
- State Controller’s Office Launches New Website for Unclaimed Property
- CFPB Requests Overdraft Data from 20 Institutions
- Host State Loan-to-Deposit Ratios Updated
- FRB Announces Date For New Fedwire Funds Service Message Format
- ARRC Releases Recommendations for Contracts Linked to the USD LIBOR ICE Swap Rate
- DFPI Proposes Commercial Lending UDAAP & Data Collection/Reporting Rules
- DFPI Finalizes Commercial Financing Disclosure Regulations
- FDIC Issues Notice of Proposed Rulemaking on Deposit Insurance Assessments, Amended Deposit Insurance Fund Restoration Plan
- List of Distressed or Underserved Non-MSA Middle-Income Geographies Updated
|
| |
|
|
|
August 2022
- CFPB Fines U.S. Bank $37.5 Million for Sham Accounts
- SB 1415 Would Require State Banks and Credit Unions to Report Fees to DFPI
- FDIC Updates Information on Brokered Deposits
- Agencies Issue Joint Statement on Customer Relation Risk Management
- NCUA Board Issues Proposed Rule on Cyber Incident Reporting Requirements
- Proposed Federal Privacy Legislation May Preempt the CCPA
- Unclaimed Property Q&As
- CFPB Releases Spring 2022 Rule List
- CFPB, DOJ Issue Joint Letter to Auto Finance Companies on SCRA Obligations
- CFPB Updates Debt Collection Rule FAQs
- DOJ, CFPB, and Home Lender Reach Redlining Settlement
- Section 1071 Final Rule Expected March 2023
- CFPB Issues Advisory Opinion on Consumer Reports
- NCUA Increases Asset Threshold for Determining Appropriate Supervisory Office
- FDIC Supervisory Insights Addresses CRE Concentration Risk
- Agencies Issue Proposed Policy Statement on Commercial Real Estate Loans
- Federal Reserve Publishes Proposed Rule to Implement the Adjustable Interest (LIBOR) Act
|
| |
|
|
|
September 2022
- California Legislature Fails to Extend CCPA’s Exemption for Business and Employee Data
- California Attorney General Settles First CCPA Enforcement Action
- FDIC Publishes Supervisory Guidance on Multiple Re-Presentment NSF Fees
- CFPB Issues Circular to Highlight Importance of Adequate Information Security Measures
- California Proposed Bill Requiring Companies to Disclose Gas Emissions Fails to Pass
- ABA Publishes Comment Letter on FRB’s LIBOR Proposal
- FTC Issues NPR for Motor Vehicle Dealers Trade Regulation Rule
- CFPB Issues Interpretive Rule for Digital Marketers
- CFPB Releases New Quarterly Graphs Tool
|
| |
|
|
|
October 2022
- NFIP Extended through December 16, 2022
- FDIC Updates Equal Housing Lender Poster’s Text
- CFPB Issues Request for Information on Mortgage Servicing Rules
- CFPB Weighs in on FCRA Dispute Issues
- Eleventh Circuit Strikes Down Hunstein, the “Bad Penny” Debt Collection Case
- CFPB Hits Regions Bank with Severe Penalties for “Surprise” Overdraft Fees
- ABA Sues CFPB Over Updated UDAAP Manual
- CFPB Issues Consent Order Against Choice Money Transfer
- New Beneficial Ownership Rule Under the CTA
- FRB Seeks Comment on 2009 CRE Policy Statement
- FRB Seeks Public Comment on CRE Loans
- Rep. Waters Introduces Expansive CRA Bill
- HMDA Data Collection Partially Vacated
- NCUA Proposes Member Expulsion Rule
- NCUA Introduces Updates to Diversity Self-Assessment
|
| |
|
|
|
November 2022
- CFPB Funding Found Unconstitutional
- In Between the Lines, CFPB Expects an ROV Disclosure
- HUD IssuesLIBOR Transition Rule (and LIBOR Update)
- Agencies’ 2023 Thresholds for Certain Consumer Lending Rules
- SB 1415 Requires Institutions to Report Annual Revenues of Overdraft & NSF Fees to the DFPI
- CFPB Releases Outline of Proposals to Strengthen Consumer Data Rights
- California “Middle Class Tax Refunds” Not Subject to Garnishment!
- CFPB Circular to Help Banks Avoid Charging Junk Fees
- California Appellate Court Holds Commercial Loan Late-payment Provision is Unlawful Liquidated Damages Penalty
- ARRC Releases LIBOR Loan Remediation Survey Results
- SBA Guidance on Time Period to Request the SBA to Purchase a Guaranty on a PPP Loan
- SEC Adopts New Requirements on Executive Compensation
- FDIC Issues Final Rule to Increase Deposit Insurance Assessments
- FSB Encourages Increased Climate-related Data
- NCUA Updates its Automated Cybersecurity Evaluation Toolbox
- NCUA Board Approves Risk Appetite Statement
|
| |
|
|
|
December 2022
- CFPB Asks Supreme Court to Hold Agency’s Funding As Constitutional
- CFPB Issues Q&A Circular on FCRA Dispute Investigation Requirements
- CFPB Issues Fall 2022 Supervisory Highlights
- CFPB Makes Corrections to Regulation F
- FHFA Increases Loan Limits for 2023; Impacts HPML Definition
- Are HELOCs that are Accessible by Credit Cards “Credit Card Plans” Under Reg Z?
- New California Law on Transporting Cannabis Interstate Across State Lines
- ABA Clarifies Biden Tweets on ‘Junk Fees’
- FAQs on DFPI’s OD and NSF Fee Reporting
- FinCEN’s FAQ on CTRs and “Aggregate Transactions” Box 24e
- Second Circuit Considering Loan Syndications Under Securities Laws
- SEC Publishes Final Rule Requiring “Clawback” of Certain Executive Compensation
- AB 1780: Virtual Shareholder and Member Meetings Expanded Into 2025
- OCC Releases Revised Civil Money Penalties
- CFPB May Issue Guidance on Invalidated 100 Closed-end Mortgage Loan Threshold
|
| |
|
|
| |
| |
| |
| |
