Newsletter Archive 2024 | Bankers Compliance Group

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Today is: November 22, 2024		Home

Aldrich and Bonnefin PLC

BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive

2024

Newsletter Highlights

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

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

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

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

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

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

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

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 .

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

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

* Janet Bonnefin has retired from the firm.

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