Newsletter Archive 2023 | Bankers Compliance Group

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BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive

2023

Newsletter Highlights

NFIP Extended Through September 30, 2023
Regulation Z Thresholds Adjusted – Part One
Regulation Z Thresholds Adjusted – Part Two
CFPB Issues Press Release on SCRA Interest Rate Limit
DFPI Announces Upcoming Changes in Light of DCLA Amendments
FDCPA-prohibited Communications
Bureau Increases HMDA Exemption Asset-size Threshold
Agencies Adjust CRA Asset-Size Thresholds for Small and Intermediate Small Banks
CFPB Makes Technical Amendment to Reg C to Reflect 25 Closed-end Loan Threshold
FFIEC Releases 2021 CRA Data
NCUA Issues Proposal to Streamline Credit Unions’ Access to Fintech Tools
Senator Warren Introduces Digital Asset AML Bill
CFPB Proposes Registry for Certain Nonbank Entities
FinCEN Issues Notice of Proposed Rulemaking for Beneficial Ownership Information
CFPB Issues Consent Order Against Wells Fargo for Various UDAAP Violations
Agencies Issue Joint Statement on Crypto-Asset Risks
FDIC Proposes New Rule on FDIC Logo Misrepresentations
FDIC Revises Guidelines on Supervisory Appeals Process
SEC Amends Insider Trading Rules
FRB Publishes Final Rule to Implement the LIBOR Act
CFPB’s Notice of Intent Regarding Preemption of State Commercial Financing Disclosure Laws

CFPB Proposes $8 Credit Card Late Fee Maximum
Another Immigration Discrimination Case Survives Creditors’ Motion to Dismiss
DOJ and Home Lender Reach Largest Redlining Settlement in DOJ’s History
OCC Revises Fair Lending Booklet
CFPB: Servicers Could Suggest Troubled Mortgage Borrowers Sell Home
CFPB Updates Mortgage Servicing Exam Procedures
CFPB’s Constitutionality
California Privacy Protection Agency Votes to Approve Submission of CCPA Regulations to OAL
Request for Information Regarding Beneficial Ownership Information Rules
Registry of Supervised Nonbanks that Use Form Contracts to Impose Terms and Conditions that Seek to Waive or Limit Consumer Legal Protections
CFPB Issues Circular on “Negative Option” Subscription Services
FDIC Official Sign and Advertising Requirements (FIL-52-2022)
FinCEN Publishes Adjusted Civil Money Penalties
Question & Answeron NACHA
Fannie Mae and Freddie Mac Release Additional LIBOR Transition Guidance
White House Releases Cryptocurrency Roadmap
FRB Releases Crypto Guidelines for Non-FDIC-Insured Banks
Federal Agencies Adjust for Inflation on Civil Money Penalties
OCC Updates “Branches and Relocations” Booklet
FDIC/FRB/NCUA/OCC: Reg C’s Closed-end Mortgage Loan Threshold is 25
NCUA Extends 18 Percent Interest Rate Ceiling
NCUA Letter Advises of 2023 Supervisory Priorities

Supreme Court Will Hear CFPB Constitutionality Case
CFPB Issues Digital Comparison-Shopping Platforms Advisory
CFPB Blogs on Credit Card Issuers Failure to Report Actual Payments
CFPB Amends Its Adjudication Proceedings Rules
CFPB Requests Input on Testing Alternative TRIDs for Construction and C2P Loans
FinCEN’s Alert on Mail Theft-Related Check Fraud
Postal Service Proposes Rule for Commercial Cash Deposits
Treasury Department Proposed Rule on Treasury Check Verification System
California Privacy Protection Agency CCPA Rulemaking Update
FRB Lending Survey Suggests Lending Standards Tightened at the End of 2022
E-Commerce Lighting, Inc. v. E-Commerce Trade, LLC: Impact of Third-party Arbitration on Lenders
California Legislature Re-introduces the Climate Corporate Data Accountability Act
Recent Amendments to California’s Financing Law Addresses Remote Work Conditions
SEC Adopts Final Rule Imposing New Requirements for Insider Trading
Agencies Issue Joint Statement on Crypto-Related Liquidity Risks
OCC Issues Updated Branch Closings Licensing Booklet
CFPB Updates HMDA Data Points Chart
Starting Sept. 1, 2023, FICUs Must Report Cyber Incidents Within 72 Hours
NCUA Proposes Amendments to Chartering and FOM Rules

CFPB’s Constitutionality Continues
HUD Recent Developments
CFPB Updates Agencies’ Addresses
CFPB “Supervisory Highlights” Addresses Consumer Lending-Related “Junk Fees”
Fair Appraisal Recent Developments
CFPB Begins its Mandated Review of Mortgage Origination Rules
DFPI Publishes New and Revised CCFPL Proposals
California Privacy Protection Agency Finalizes Updates to CCPA Regulations
CFPB Addresses Deposit Account-Related “Junk Fees”
Federal and California “Junk Fee” Proposals Seek to Prohibit Hidden Fees and False Advertising
FRB Launches FedNow Service in July 2023
California Proposes Law Regulating Use of Artificial Intelligence
FinCEN Issues BOI Reporting Guidance
CFPB Finalizes Section 1071 Small Business Lending Data Rule
DFPI Modifies Proposed CCFPL Regulations
Treasury Secretary Janet Yellen: U.S. Banking System Remains Sound
FRB Response to the Recent Bank Failures: Bank Term Funding Program
Bank Leaders Express Interest Rate Risk Concern in Poll
Progress of Mid-tier Banks in assessing Climate Change-Related Financial Risk
Ex-Wells Fargo Executive Pleads Guilty in Fake-Accounts Scandal
CFPB’s Use of HMDA Data Report
Updated HMDA Institutional and Transactional Coverage Charts
CFPB Releases HMDA Data

Consumer Lending Group Update
CFPB’ Interim Final Rule to Facilitate LIBOR Transition
FDIC Issues Consumer Compliance Supervisory Highlights
CFPB Issues Policy Statement Clarifying Meaning of Abusive Acts or Practices under Director Chopra
FDIC Expands Fair Lending Examination Scope
Fourth Circuit Issues Decision in Case Involving MLA’s Auto Loan Exemption
FDIC Weighs Deposit Insurance Reform Options
Federal Reserve Releases Initial Results of Triennial Review of Payments Data
Recent Developments: Overdraft Payment Practices
Postal Service Issues Final Rule for Commercial Cash Deposits
FDIC Insurance Calculation: Trust Accounts with Multiple Grantors Under the Combined “Trust Account” Category
SBA Issues Final Rule Amending Lending Criteria for SBA Business Loan Programs
Agencies Issue Joint Statement on LIBOR Transition
ARRC Publishes Updated Best Practices Recommendations for Term SOFR
Regulators Eliminate References to TDRs in Guidance
Texas Bankers Sue to Halt Implementation of CFPB’s Section 1071 Final Rule
Court Finds Lawsuit Challenging California’s Commercial Loan Disclosure Law to Have Merit
CFPB Determines Commercial Financing Disclosure Law in California is Not Preempted by TILA
The Department of Justice’s New Policy on Executive Compensation
DFPI Issues Guidance Addressing Remote Work for California Licensed Residential Mortgage Lenders
NCUA Requests Information on Climate-related Financial Risks to Credit Unions
NCUA Issues Notice of Funding Opportunity
CFPB FURTHER AMENDS REGULATION Z’S LIBOR TRANSITION RULES

CFPB Issues Time-Barred Debt Collection Advisory
FHFA Seeks to Codify Fair Lending and Housing Rules for Fannie Mae and Freddie Mac and Federal Home Loan Banks
FHFA Rescinds its New Pricing Framework for Upfront Fees Based on Debt-To-Income Ratio
CFPB Settles TILA Case with Citizens Bank
Consumer Finance Q&A: Updating the CFPB’s Address on an Adverse Action Notice Under Regulation B
CFPB Warns That Unilaterally Reopening a Customer’s Deposit Account May Violate UDAAP
FDIC Consent Order Against Cross River Bank: Another Example of Regulatory Scrutiny on Tech-friendly Banks
California SCO Office Rolls Out Voluntary Compliance Program for Unclaimed Property Holders
Proposed California State Bar Data Collection on CTAs
CFPB Fines Bank of America For Illegal Garnishment Practices
CFPB Issues Small Entity Compliance Guide For Section 1071 Final Rule
FDIC Proposes Special Assessment Rates to Make Up For Losses
OCC Issues Updated Manual for Enforcement Action
NCUA Proposes to Add Veterans Organizations to Eligible Charities

Interagency Proposed Rulemaking on AVM Quality Control Standards
EEOC’s Latest Guidance is a Reminder that Old Principles Still Apply to New Technologies
CFPB Issues Report on Potential Risks Involving Adoption of Chatbot Technology
Guidance on the Reconsideration of Value Process
CFPB Filing in Second Circuit Case Argues that ECOA Claims are not Waived in Loan Modification Agreements
Banking Agencies Issue Updated Guidance on Third Party Relationships
OCC Issues UDAAP-Related Consent Order for Fee Waiver Issues
FDIC Updates Multiple NSF Fee Supervisory Guidance
California Court Delays Enforcement of CCPA Regulations
California Controller’s Office Proposes Standardized Audit Review Procedure
Increase in SB 616 Automatic Exemption Amount
CFPB Issues FAQs for Small Business Lending Data Collection Rule
Regulators Release Updated Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts .
CFPB Issues Section 1071 Enforcement Guidance
OCC Identifies Key Risks Facing Federal Banking System
U.S. Supreme Court Holds District Courts Must Stay Proceedings During Arbitration Appeal
Proposed U.S. Senate Bill Addresses Clawback of Executive Compensation at Failed Banks
OCC Updates its Asset Management Booklet

CFPB Publishes Summer Edition of Supervisory Highlights
Lenders Originating FHA Loans Must Use Supplemental Consumer Information Form Beginning In August
CFPB Releases 2022 Annual Fair Lending Report
CFPB Weighs In On TILA Coverage
SEC Adopts Breach Notification Rules
CFPB, OCC Issue “Junk Fee”-related Consent Orders Against Bank of America
California Attorney General Delivers CCPA Compliance Inquiries To Large Employers
California Privacy Protection Agency Establishes New CCPA Consumer Complaint Tool
FEDNow® Is Now Live
ABA Invites Banks To Join Check Fraud Claim Directory
FFIEC Issues Updated BSA/AML Examination Manual
CFPB’s Section 1071 Small Business Lending Data Collection Rule: Delayed for Some Lenders
SBA Finalizes Inflation Adjustments
Federal Banking Agencies Release Addendum On Interagency Statement On Liquidity Risk
NCUA's New Regulation re Member Expulsion

Federal Reserve Fines Bank $2.95 Million for Flood Insurance Violations and Practices
CFPB Takes Action Against Mortgage Lender for RESPA Violations
FDIC Updates Equal Housing Lender Poster
Minnesota Bankers Association Sues FDIC Over Multiple NSF Fee Guidance
FinCEN Warns Banks of Payroll Tax and Worker’s Compensation Fraud
American Express $15 Million Dollar Penalties for CIP Violations with Third-party Affiliates
Ninth Circuit Rejects Elderly Couple’s Claim to Find Bank Liable for Fraud by Third Party
CPPA Releases Draft Regulations Addressing Cybersecurity Audits and Privacy Risk Assessment
CPPA Seeks to Overturn Court’s Order Delaying Enforcement of CCPA Regulations
OCC Publishes Lending Limit Guidance on Loan Purchase Activities
Not So Fast – State Member Banks to Obtain Fed’s Approval to Issue Stablecoins
Federal Reserve Increases Primary Credit Rate and Rate of Interest Paid on Reserve Balances
Regulators Want Comments on Proposal to Revise Capital Rules for Large Banks
Cyber Incidents Must Be Reported to the NCUA Starting September 1st

October 2023

NFIP Temporarily Extended Through Mid-November
CFPB Retracts 2022 UDAAP Exam Manual Updates
Ninth Circuit Confirms that Independent Violations of the FDCPA Can Trigger New Statute of Limitations Period
CFPB Provides Guidance on AI-Based Credit Denials
CFPB Releases Adjustments to Annual Dollar Amount Thresholds Under Regulation Z
Attention Small Businesses – FinCEN Issues Guide to Assist with Reporting Beneficial Ownership Information
FinCEN Requests Comments on Extending the Deadline for Reporting Beneficial Ownership Information
Cannabis Sector Gets One Step Closer in Obtaining Regular Banking Services
FinCEN Levies $15 Million Penalty Against Bancrédito for BSA Violations
FDIC Enhances Technology Risk Examination Procedures to Bolster Cybersecurity
Kentucky Court Blocks Enforcement of CFPB’s Small Business Data Collection Rule for All Lenders
CFPB: Creditors Using AI for Credit Decisions and Adverse Action Notices
Second Circuit Affirms that Syndicated Loans Are Not Securities
DFPI Applies Udaap Standards To Certain Commercial Financial Transactions
FRB Enforcement Action is a Reminder to Provide Advance Notice Before Deviating from Approved Business Plans
Treasury Department Releases Principles for Net-Zero (Greenhouse Gas Emissions) Financing and Investment
Proposed Rule Would Require Large Banks to Maintain Long-Term Debt
Bank CRA Rating Downgraded for UDAP Violations

November 2023

Department of Justice Settles Redlining Case
CFPB Publishes Supervisory Highlights “Junk Fees” Special Edition
FTC Publishes “Junk Fee” Proposal
Court Allows Lawsuit Against Facebook Over Ad Algorithm to Move Forward
California “Junk Fees” Bill Signed Into Law
CFPB and DOJ Issue Guidance Cautioning Against Using Immigration Status to Discriminate in Credit Decisions
CFPB Publishes “Junk Fees” Report; Cites Multiple Deposit-Related Practices as UDAAP
CFPB Issues Proposed Rule Addressing Personal Financial Data Rights and Open Banking
CFPB Publishes Advisory Opinion on Consumer Requests for Information
FinCEN Requests Comments for Proposed Rule Aimed to Increase Transparency in CVC Mixing
Governor Signs Bills to Amend the CCPA
Court’s Nationwide Delay of the CFPB’s Small Business Lending Data Collection Rule and Senate’s Joint Resolution
DOJ Settlement Regarding PPP Fraud Due to Affiliation Rules
Regulators Release New Climate-Related Financial Risk Management Guidance
Newsom Approves Legislation Requiring Disclosures of Carbon Emissions
California Passes New Licensing Requirements for Digital Asset Companies
FDIC Proposes Guidelines for Expanding Risk Governance and Risk Management
Agencies Finally Approve Joint Rule to Modernize CRA Regulations
NCUA Approves Final Rule Addressing Loan Participations and Financial Innovation
NCUA Approves Proposed Rule to Expand Employment Opportunities in Credit Unions

OCC Publishes Updated TCPA Exam Procedures
The CFPB Reminds Financial Institutions of Continued Servicemember Focus
Citibank Ordered to Pay $25.9 Million for Intentional, Illegal Discrimination
Agencies Release 2024 Thresholds for Certain Consumer Lending Rules
NFIP Temporarily Extended through February 2024
CFPB Issues Proposed Rule to Regulate Large Consumer Payment Applications
California Privacy Protection Agency Releases Draft Regulations Addressing Opt-out Rights for Automated Decisionmaking Technology
Biden Issues Executive Order on Artificial Intelligence
State Bank Regulators Release R-SAT 2.0
U.S. Treasury Revises Liability Standards for Treasury Check Returns
California Court Deals Blow to DFPI’s True Lender Theory
OCC Issues Guidance to National Banks Engaged in Venture Lending
Preview of Supervisory Priorities for FRB and OCC in 2024
FDIC Imposes Special Assessment in Response to Bank Failures
U.S. Supreme Court to Hear Case re State Regulation of National Banks
U.S. Department of Treasury Seeks Climate-related Data from Insurers
CFPB Fines Bank Millions for HMDA Violations
NCUA Issues Proposed Rule Simplifying Share Insurance Regulations

* Janet Bonnefin has retired from the firm.

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