Bankers Compliance Group


Today is: October 6, 2025	Monthly Newsletter	Calendar of Events	Important Updates

Bankers' Compliance Group^® (BCG) is an organization of dozens of banks, credit unions, and savings associations that have associated for the purpose of retaining and sharing legal counsel for group legal services.

BCG members pay a monthly membership fee for monthly briefings, newsletters, all-day seminars, Standard Procedures Manuals, telephone access to legal counsel, and special projects that are of common interest to members.

The law firm of Aldrich & Bonnefin, PLC* acts as legal counsel for BCG and provides expertise in all areas of banking operations, consumer, mortgage and commercial lending, regulatory compliance, corporate governance, negotiable instruments, legal processes, new accounts, and much, much more.

__________________________

Newly Added Webinars!

September 18 - Handling Subpoenas

September 25 - Letters of Credit Revisited

October 22 - IRS Information Reporting

__________________________

It's More Than Just Compliance!

Bankers' Compliance Group^® is known throughout California for advising, teaching and keeping its members informed about developments in legal and regulatory compliance matters.

Also available to BCG members and non-members alike is a full range of legal services for financial institutions.

Aldrich & Bonnefin* (counsel to Bankers' Compliance Group^®) is available to assist financial institutions with all aspects of loan structuring and documentation, as well as loan workouts and collections. Our experienced attorneys assist clients with questions about various issues regarding both consumer, mortgage, and commercial loans ranging from regulatory compliance to due diligence and structuring. We offer assistance in all aspects of documentation, from providing sample language for a specialized provision, to providing customized documentation for all or a portion of a loan transaction.

In addition, we offer a series of generic forms that will supplement most computer-generated documentation systems. Our form documents are designed to provide flexibility, that may not be available from an automated system, often needed in order to customize a document for special terms and conditions required for a specific transaction. We also offer assistance with setup and training for automated documentation systems.

Aldrich & Bonnefin* also provides legal and regulatory support in connection with all areas of banking operations and financial technology (fintech) services. We advise clients regarding regulatory compliance issues involving banking operations, including Regulations DD, CC and E, and prepare customer-facing account disclosures, account agreements and other documentation related to banking operations. The firm's unique involvement in “on-the-spot” telephone support to clients for immediate preventive advice provides reduced risk and promotes early resolution of operations claims and disputes.

Authorization for National Flood Insurance Program Expires*

The National Flood Insurance Program (NFIP) authorization has been caught up in the federal government shut down fight, and it expired at 11:59 p.m. ET on September 30, 2025. As a result, FEMA will stop selling and renewing NFIP flood insurance policies until the program is reauthorized. According to FEMA’s website, the agency would still have the authority to ensure the payment of valid claims with available funds for existing policies. Read more.

New California Law Requires Payment of Interest on Hazard Insurance Proceeds Held in Loss Draft Accounts*

On August 29, 2025, Governor Newsom signed into law Assembly Bill (AB) 493, titled “Mortgages: hazard insurance proceeds.” In a press release accompanying the law’s enactment, AB 493 was touted as part of California’s continued efforts to support survivors of the Los Angeles firestorm. The law would ensure that homeowners, rather than lenders, benefit from the interest earned on insurance payouts, particularly those impacted by California wildfires. Read more.

CFPB Sued for Delaying the Section 1071 Rule*

As the law firm previously reported to BCG Members, the CFPB’s Section 1071 Small Business Lending Data Collection (SBLDC) Rule (codified in 12 FR Part 1002, Subpart B) has recently come under serious scrutiny. Not only has the rule survived various legal challenges, the compliance dates for the SBLDC Rule were recently delayed by the CFPB in June 2025, and it’s expected that the CFPB will substantially revise the rule. Now, consumer advocacy groups have sued the CFPB to implement the SBLDC Rule. Read more.

* Janet Bonnefin has retired from the firm.

| | | | |