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Today is: July 31, 2021  
 

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 accounts.

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Like you we are glad to have survived 2020.  And like many of you, the Aldrich & Bonnefin, PLC team is (mostly) working remotely.  We cannot wait for the day when we can all return to our offices and get back to “normal,” whenever and whatever that may be.

We hope you and your families are staying healthy and safe.  We are blessed that our entire firm is fine.  Of course we continue to observe Governor Newsom's stay-at-home order, as well as the social distancing, face covering and other CDC guidelines.

As you know, we continue to present all BCG Seminars virtually through our Recording Playback series.  Our speakers certainly miss the opportunity to present BCG Seminars and interact with our clients in person.  Until we can meet again, we hope you continue attending the Recording Playbacks (and tell us what you think in your evaluations!).

The passage of the Consolidated Appropriations Act of 2021, including the Economic Aid Act, should keep us all busy for at least the next six months.  A BCG Handout, entitled “The New COVID-19 Stimulus Bill (HR 133): What Financial Institutions Need to Know,” discussing the new legislation is available for BCG members on BCG’s website at www.bankerscompliancegroup.com.  In addition, we continue to advise many of our commercial lending clients regarding their PPP loan programs, including second draw PPP loans and loan forgiveness.

Please continue to stay safe and let us know how we may be of assistance.


CFPB's Foreclosure Limitations Apply Only to Large Servicers

The CFPB issued a final rule on June 28, 2021 that amended the early intervention and loss mitigation requirements in Regulation X’s mortgage servicing rules (specifically, Sections 1024.39 and 1024.41). Arguably, the biggest change this final rule makes is its addition of temporary foreclosure limitations that are in effect until January 1, 2022. Read more. 


NEW BCG Webinars On-Demand

Bankers' Compliance Group® is happy to announce that we have added a new "On-Demand" event type. The On-Demand events replace Webinar CDs and allow BCG Members and Non-Members to view past Webinar recordings at your convenience. 
Read more. 


Updated: New June 19 Federal Holiday's (Juneteeth's) Impact on Recission and TRID

If a Regulation Z-covered loan is secured by a consumer’s principal dwelling and the loan is not a “residential mortgage transaction” (that is, the loan is not a purchase-money loan or an initial construction loan), the loan will be subject to Regulation Z’s rescission rules. Read more. 

 

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