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Today is: March 19, 2024  
 

  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.  

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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.


Discontinuation of the BSBY Index*

In November 2023, Bloomberg announced the "permanent cessation" of its Short Term Bank Yield Index (BSBY), starting on November 15, 2024. A Bloomberg spokesperson has indicated that the decision to cease publishing the BSBY index was due to the relatively low usage of the index.  Read more.


Banking Agencies Issue Interagency Statement Extending Relief from Regulation O for Investment Funds*

 

In December 2021, the FRB, FDIC, and OCC (“Banking Agencies”) released a statement entitled “Status of Certain Investment Funds and their Portfolio Investments for Purposes of Regulation O and Reporting Requirements Under Part 363 of FDIC Regulations” (“No-Action Statement”). FIL-80 2021. This No-Action Statement superseded an earlier version of the statement (FIL-115-2020), which was issued on December 22, 2020. Read more.


Coming Soon – CFPB Proposals Would Characterize Certain Overdraft Fees as Finance Charges; Certain NSF Fees as UDAAP*

The CFPB announced its Fall 2023 rulemaking agenda in early December. The agenda covers the CFPB’s regulatory plans for the period of November 2023 through October 2024. One of the more noteworthy items within the CFPB’s agenda was its announcement that the CFPB intends to issue proposed rules concerning overdraft and insufficient funds (NSF) fees. According to the CFPB’s agenda, these will be addressed in two separate proposals, to be issued in the next month. Read more.

 

* Janet Bonnefin is retired from the practice of law with the firm.
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