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BCG Monthly Newsletter Archive
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| BCG Monthly Newsletter Archive |
2024 |
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Newsletter Highlights
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January 2024
- Coming Soon – CFPB Proposals Would Characterize Certain Overdraft Fees as Finance Charges; Certain NSF Fees as UDAAP
- CFPB Adjusts Threshold for Regulation Z Escrow Account Exemptions for HPML Loans
- FTC Finalizes CARS Rule
- FDIC’s Final Rule on Official Signs, Advertising Requirements, and False Advertising
- FinCEN Issues Final Rule Regarding Access to Beneficial Ownership Information
- CFPB Hits Bank With $6.2 Million Action for Faulty Overdraft Practices
- Financial Stability Board Releases Third Party Risk Management Toolkit
- Financial Stability Oversight Council Identifies Artificial Intelligence as Emerging Threat to Financial System
- FTC Bans Rite Aid from Using Facial Recognition Technology
- Computation of Interest for a Local Agency’s Public Deposits
- FDIC Issues Advisory on Managing Concentration Risks in Commercial Real Estate
- President Biden Vetoes Joint Resolution to Overturn the CFPB’s Small Business Lending Data Collection Rule
- U.S. Supreme Court to Weigh in on Syndications as Securities
- Bankruptcy Court Rules that Certain Digital Assets Securing a Loan are Property of the Bankruptcy Estate
- Banking Agencies Issue Interagency Statement Extending Relief from Regulation O for Investment Funds
- FRB Vice Chairman Barr Emphasizes Urgent Need for Liquidity Rules Post Bank Failures
- FDIC Releases Cybersecurity Information Videos for Directors and Officers
- CFPB Increases HMDA Exemption Asset-size Threshold
- Agencies Adjust CRA Asset Thresholds for Small and Intermediate Small Banks and Savings Associationss
- FFIEC Releases 2022 CRA Data
- NCUA Issues Technical Correction for the CECL Transition Amount
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February 2024
- FTC Pauses CARS Rule Effective Date
- FRB Top Consumer Violations
- FRB Extends Comment Period for Interchange Fee Proposal
- CFPB Publishes Overdraft, NSF Fee Proposed Rules
- California Privacy Protection Agency Launches Privacy Information Website
- Discontinuation of the BSBY Index
- Senate Fails to Override President Biden’s Veto of Joint Resolution to Overturn the CFPB’s Small Business Lending Data Collection Rule
- NCUA Supervisory Focus on Fair Lending in 2024
- OCC Proposal to Remove Automatic Approval Provisions in Merger Rule Shake-up
- HMDA and CRA Deadlines March 1
- Agencies Publish Final CRA Rule, Promptly Sued by U.S. Chamber of Commerce, Industry Groups
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March 2024
- Recent Developments: The Telephone Consumer Protection Act
- CFPB Updates Its Internal Supervisory Appeals Process
- FEMA Proposes Updates to the Current Standard Flood Insurance Policy
- FFIEC Issues Examination Principles on Appraisal Bias
- Corporate Transparency Act Ruled Unconstitutional
- OCC Fines City National Bank for Alleged Risk Management Shortcomings
- California Attorney General Issues Letter Warning of Overdraft Fee UDAP Risk
- FTC Warns that Changing Online Privacy Policies without Notifying Consumers Could be an Unfair or Deceptive Practice
- California Attorney General Reaches Second CCPA Settlement with DoorDash
- U.S. Supreme Court Declines to Review Second Circuit Case Ruling that Syndicated Loans are Not Securities
- Regulators Release 2023 SNC Program Review Results
- NCUA Announces Overdraft Reporting Proposal for $1 Billion+ Credit Unions
- U.S. Chamber of Commerce Sues to Prevent California’s Climate Disclosure Laws from Going into Effect
- Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden
- OCC Issues Proposed Rule to Amend Bank Merger Regulations
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April 2024
- CFPB Finalizes $8 Credit Card Late
Fee Cap; Lawsuit Filed in Opposition
- Proposed Legislation Aims to Prohibit the
Use of Medical Debt in Credit Decisions
- NFIP Proposed Changes Delayed
- Trade Organizations Tout Successful
Recent Technology Conversion
- Treasury Department Report
Highlighting AI Cybersecurity Risks for
Financial Institutions
- FinCEN Seeks Comments on
CIP Requirements
- FDIC Identifies Reg E Issue on EFT
Dispute Process Handled by Third Parties
- FinCEN Issues Compliance Guide for
BOI Access
- BAFT Issues Letter of Credit
Guidance Resource
- NCUA Announces Opening of 2024
Grant Round
- NCUA Finalizes New Overdraft and NSF
Fee Reporting Requirement for $1 Billion+
Credit Unions
- SEC’s Climate Disclosure Rule Update
- Updates on the Implementation of the
CRA Final Rule
- FFIEC Releases Census
Tract Information for 2024
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May 2024
- CFPB Spring “Supervisory Highlights”
- Texas Court Ordered to Rule on CFPB
Credit Card Late Fee Final Rule by
May 10th
- FHFA Issues New Fair Housing and
Fair Lending Rules and Policies
- CFPB’s Circular on AI-based Credit
Denials Published
- FinCEN Issues Analysis on Elder
Financial Exploitation
- California Privacy Protection Agency
Publishes CCPA Enforcement Advisory
- CISA Proposes New Breach
Notification Rules Applicable to
Critical Infrastructure
- TCPA Push Notifications Q&A
- Proposed Legislation Would Expand
California’s FDCPA to Cover Small
Business Debt
- Senate Introduces Proposed Resolution to
Overturn SEC’s Climate Disclosure Law
- Agencies Appeal Court’s Grant of
Motion for Preliminary Injunction in
CRA Lawsuit
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June 2024
- Supreme Court Finds That CFPB’s Funding
Structure Passes Constitutional Muster
- CFPB Issues BNPL Interpretive Rule
- Litigation Update: CFPB Credit Card Final Rule
Effective Date Delayed
- CFPB Publishes Request for Information on
Mortgage Loan Closing Costs
- California “Junk Fee” Law Becomes Operative
July 1, 2024; Cal AG Publishes FAQS
- Agencies Announce Regulation CC
Threshold Adjustments
- Banking Agencies Release Third-Party Risk
Management Guide
- CFPB Publishes Report on Health Savings
Account UDAAP Risks
- CFPB Publishes New “Junk Fee” Report;
Correlates Complex Fee Structures,
High Prices
- FinCEN Seeks Comment on CIP
- CFPB Extends Compliance Dates for Small
Business Data Collection Rule in Response to
U.S. Supreme Court Ruling
- An Overview of Compliance Requirements for
Commercial Loans
- FDIC Reintroduces Proposed Rule on
Incentive Compensation
- Federal Reserve Article Addresses Risks
with Uninsured and Nontraditional
Deposit Sources
- President Biden Vetoes Congressional
Resolution to Overturn SEC Accounting
Guidance on Crypto Assets
- Host State Loan-to-Deposit Ratios Updated
- FFIEC Releases HMDA Reporting Guide
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July 2024
- CFPB Issues Proposed Rule Governing Medical Debt
- CFPB, Other Banking Agencies Approve Final Rule on Automated Valuation Models
- U.S. Supreme Court Overturns Chevron Decision, Banks May Benefit from Ruling Giving Judicial Branch More Power Over Federal Agencies
- SEC, FRB, and DFPI Settle with Silvergate Bank for Alleged BSA-Related Deficiencies
- OFAC Issues Interim Final Rule Updating Reporting Requirements
- New York Attorney General Attempts to Rewrite Regulation E
- FinCEN Issues Proposed Rule to Update BSA Regulations
- Does Including Illegal or Unenforceable Contractual Provisions in Contracts Violate UDAP Laws?
- CFPB Finalizes Extension of Compliance Dates for Small Business Lending Data Collection (Section 1071) Rule
- Court Issues Injunction Against Colorado Law Aimed at Limiting Amount of Interest Out-of State Banks May Charge in Colorado
- U.S. Supreme Court Preemption Ruling in Cantero
- OCC Proposed Rule Revamps Recovery Planning Requirements and Thresholds
- Agencies Move Forward With Revisions to Call Reports Regarding TDRs
- CFPB Highlights HMDA Demographic Information Collection and Reporting
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August 2024
- Federal Banking Agencies Publish Reconsideration of Value Guidance
- CFPB Releases Supervisory Highlights Focused on Servicing and Collection of Consumer Debt
- CFPB’s Stepped Up Enforcement Results in $20 Million Penalty for Fifth Third Bank
- CFPB Proposes Changes to Mortgage Servicing Rules
- Court Rules Discrimination Prohibition Applies to Prospective Applicants
- FRB, FHFA, and NCUA Join Other Agencies and Approve Final Rule on Automated Valuation Model
- FinCEN Issues Supplemental Advisory on Fentanyl and Synthetic Opioids
- Financial Services Sector Coordinating Council Releases New Resources for Cloud Computing Adoption
- Agencies Issue Request for Information on Bank-Fintech Arrangements
- Patent Infringement Lawsuit Filed Against Owners and Participants in the Zelle Payment Network
- NCUA Extends 18 Percent Interest Rate Ceiling
- Proposed Amendments to California’s Climate Reporting Laws
- List of Distressed or Underserved Non-MSA Middle-income Geographies Updated .
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September 2024
- Fannie, Freddie Extend Reconsideration of Value Policy Effective Date to End of October
- CFPB Faces Renewed Challenge to the Constitutionality of its Funding Structure
- CFPB Files Amicus Brief Claiming “Pay-to-Pay” Fees are “Junk Fees”
- FDIC Proposes to Again Revise Deposit Broker Rule
- FTC Final Rule Prohibits Fake Reviews and Testimonials
- Federal Court Rules Against Google in Antitrust Case
- Proposed Amendment to EFTA Would Shift Consumer Wire Liability to Financial Institutions
- FDIC Releases New Signage Rule FAQs
- Texas Court Holds CFPB’s Section 1071 Rule (Small Business Lending Data Collection) is Valid But Entertains a New Challenge
- CFPB Updates Filing Instruction Guide for the Section 1071 Rule (Small Business Lending Data Collection)
- Commercial Lending Q&A – New Fair Appraisal Rules and Guidance
- FDIC and NCUA Address Fair Hiring in Banking Act
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October 2024
- CFPB Releases Servicemember Affairs Annual Report
- CFPB Fines Bank $28 Million for FCRA Violations
- CFPB Publishes Annual Report Highlighting Debt Collection-related Activities
- HUD, DOJ Enter $15 Million Settlement with Bank for Alleged Redlining Practices
- DFPI Announces UDAAP-related Enforcement Actions Against Student Loan Debt Settlement Providers
- FFIEC Releases Development, Acquisition, and Maintenance Booklet
- Governor Newsom Vetoes Controversial AI-safety Bill
- Capital One Hit with Privacy Class Action Lawsuit Regarding Sharing Information with Third-party Marketers
- Proposed Amendment to Remittance Transfer Rule Disclosures
- CFPB Publishes Circular on Reg E Overdraft Opt-in Record Retention Requirements
- FDIC Issues Proposed Rule to Create New Regulatory Requirements Applicable to Custodial Accounts with Transactional Features
- California’s Fair Debt Collection Practices Act Amended to Cover Small Business Debt
- Recent Court Cases Testing the Boundaries of Jarkesy Decision
- OCC and FDIC Issue Updated Merger Guidance
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November 2024
- Recent Fair Appraisal Developments
- Statement Released on Citadel Federal Credit Union’s Redlining Settlement
- Agencies Release 2025 Thresholds for
Certain Consumer Lending Rules
- Federal Regulators Increase Number of
Penalties Assessed in First Half of 2024
- Proposed Settlement Order Requires Marriott
to Provide Request to Delete Rights
- California Enacts New Overdraft and NSF
Fee Legislation
- CFPB Publishes Final Rule Establishing
Regulatory Framework for Open Banking
- OCC Issues Bulletin with Guidance on
Refinance Risk
- OCC’s Supervisory Operating Plan
for 2025
- California Legislature Extends Deadlines for
State Board to Issue Climate Disclosure
Regulations
- California Delays Compliance Dates for
Digital Financial Asset Law
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December 2024
- AB 2424 Introduces New Borrower
Foreclosure Protections and Notice
Requirements
- New California Law Limits Use of
Medical Debt in Credit Decisions
- FEMA Issues Final Rule on NFIP
Installment Payments
- Fannie and Freddie Announce Further
Fair Appraisal Updates to
Selling Guides
- CFPB Issues More Regulation Z Annual
Threshold Adjustments
- OCC Issues UDAP/UDAAP
Handbook, Version 1.1
- CTA and Beneficial Ownership
Rule Enjoined
- FDIC Issues Additional Q&As
Regarding Official Signs and
Advertising Requirements
- FinCEN Issues Advisory on
Fraud Schemes Involving Generative AI
and Deepfakes
- FDIC Delays Compliance Date on
Final Rule for Official Signs and
Advertising Requirements
- Senior Loan Officer Opinion Survey
Reports Majority of Lending
Standards Unchanged
- CFPB Cites Navy Federal Credit Union
for Overdraft-related UDAAPs
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