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Today is: October 22, 2020  
 

 

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

BCG members share the cost of legal fees on a pro rata basis for monthly briefings, newsletters, all-day seminars, Standard Procedures Manuals, telephone access to legal counsel, and special projects that are of common interest to the 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 and new account.

Aldrich & Bonnefin and Bankers' Compliance Group Status Update

We hope you and your families are staying safe and healthy. These are extraordinary times for everyone but we want to assure you that our firm is open and operational and ready to assist all our clients. Fortunately our entire staff is staying safe and healthy. Of course we continue to honor the governor's stay-at-home order, as well as the social distancing and other CDC guidelines, which means we are all working remotely.

Our highest demand from clients in the past week has definitely been your need for advice regarding loan modifications as well as needing us to draft loan modification agreements, especially now that the CARES Act has been signed into law. The CARES Act imposes requirements as to some types of commercial loans and some types of consumer loans. Consequently, we are going to devote the entire April 17 BCG Monthly Telephone Briefing to relevant aspects of the CARES Act. We'll be sending out the MTB Agenda next week as part of our usual BCG Emailer. In the meantime, please call or email us if you need our assistance.

Shortly we will sending out an announcement regarding changes to our pricing for BCG Webinars. Each registration will allow up to five users to connect to a webinar using a single PIN. Details to follow.

In addition, we are canceling the in-person May BCG Letters of Credit Seminar, and adding several additional Recording Playback Dates. The Revised Seminar Announcement will be issued by Friday, April 3. If you have any questions regarding BCG Seminars or Webinars, please contact BCG at info@ablawyers.com or info@bankerscompliancegroup.com.


COVID-19's Impact on Flood Insurance Regulations (Revised)

A question the law firm is frequently receiving during the pandemic is whether a COVID-19 loan modification triggers the flood insurance regulations. In short, the requirement to pull a Standard Flood Hazard Determination Form is triggered when a lender makes, increases, renews or extends (MIREs) a loan secured by a building or mobile home. If that building or mobile home is in a flood zone (what FEMA refers to as a “Special Flood Hazard Area” or “SFHA”), which is an A- or V-rated flood zone, the lender must send the SFHA notice. If the building or mobile home is also in an NFIP-participating community, then the loan is a “designated loan” and the lender must require flood insurance coverage. Read more. 
 

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