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Today is: May 30, 2023  
 

 

Important Updates

CFPB Further Amends Regulation Z's Libor Transition Rules* May 12, 2023
 
Previously, the Consumer Financial Protection Bureau (CFPB) published a final rule in the federal register on December 8, 2021 to facilitate the transition from LIBOR with regard to loans subject to Regulation Z (the “Initial LIBOR Transition Final Rule”). 86 FR 69716. One of many things the CFPB addressed in the Initial LIBOR Transition Final Rule was to provide a safe harbor with respect to closed-end credit when transitioning from one-month, three-month or six-month USD LIBOR tenors to a specified replacement benchmark in order to avoid having to provide additional disclosures due to the change in the index, and to address related issues with regard to open-end credit subject to Regulation Z. Read more.
 
SBA Issues Final Rule Amending Lending Criteria for SBA Business Loan Programs*
May 12, 2023
 
On April 10, 2023, the Small Business Administration (SBA) issued a final rule amending various regulations governing the SBA’s 7(a) Loan Program and the 504 Loan Program, including regulations on use of proceeds for partial changes of ownership, lending criteria, loan conditions, reconsiderations, and affiliation standards (the “Final Rule”). 88 FR 21074. Read more.
 
FRB Response to the Recent Bank Failures: Bank Term Funding Program* April 19, 2023
 

In response to the failures of Silicon Valley Bank (SVB) and Signature Bank, on March 13, 2023, the FRB announced the establishment of the Bank Term Funding Program (BTFP). The purpose of the program is to provide an additional source of liquidity against high-quality securities, and to eliminate the need for an institution to quickly sell those securities in times of stress. Read more.

 
CFPB Finalizes Section 1071 Small Business Lending Data Rule* April 19, 2023
 

Dodd-Frank Act Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to compile, report, and maintain specified information regarding certain women-owned, minority-owned, or small business loan applicants, in accordance with regulations to be issued by the CFPB. After a long wait, on September 1, 2021, the CFPB issued its proposal to implement Section 1071 (“Proposed Rule”), and then (finally) finalized the rule on March 30, 2023 (the “Final Rule”). Read more.

 
California Proposes Law Regulating Use of Artificial Intelligence* April 19, 2023
 

The development of artificial intelligence technology has recently become a hot button topic. Several reports have highlighted the advancements in the field, and how AI could potentially become more widespread in our daily lives. Read more.

 
California Privacy Protection Agency Finalizes Updates to CCPA Regulations* April 19, 2023
 

As the law firm reported in last month’s BCG Newsletter, on February 14, 2023, the California Privacy Protection Agency (CPPA) submitted the final rulemaking package of the updated California Consumer Privacy Act (CCPA) regulations to California’s Office of Administrative Law (OAL). The updated CCPA regulations address new requirements created by the California Consumer Privacy Rights Act of 2020 (CPRA). Read more.

 
California Privacy Protection Agency CCPA Rulemaking Update* March 10, 2023
 

As reported in last month’s BCG Newsletter, on February 3, 2022, the California Privacy Protection Agency (CPPA) voted to approve a final version of its updated regulations to implement the California Consumer Privacy Act (CCPA). The CCPA regulations address new statutoryrequirements created by the California Privacy Rights Act of 2020 (CPRA). Read more.

 
E-Commerce Lighting, Inc. v. E-Commerce Trade, LLC: Impact of Third-party Arbitration on Lenders* March 10, 2023
 

In general, lenders do not include arbitration clauses in commercial loan documents in order to preserve the lender’s right to seek judicial relief in the event a borrower defaults on the loan. However, could lenders now find themselves needing to intervene in arbitration between their borrowers and another party involving collateral pledged for the loan? Based on a recent decision from the California Court of Appeals, the answer may be “yes” if the lender wants to ensure its rights to collateral are preserved in certain situations. 
 
Supreme Court will Hear CFPB Constitutionality Case* February 27, 2023
 

As we have reported over the past few months, there have been a few cases in which the CFPB’s adversaries are alleging that the agency’s funding violates the Appropriations Clause and, thus, is unconstitutional. One of those cases involves a group of plaintiffs who sued the CFPB, attempting to have a court vacate what remained of the Payday Lending Rule. Read more.

 
FDIC/FRB/NCUA/OCC: Reg C’s Closed-end Mortgage Loan Threshold is 25* February 15, 2023
 

Regulation C implements HMDA. One component to Regulation C coverage is how many closed-end mortgage loans an institution originated in each of the two preceding calendar years. In 2020, the CFPB set that threshold at 100 – that is, 100 closed-end mortgage loans. Read more.

 
Fannie Mae and Freddie Mac Release Additional LIBOR Transition Guidance* February 15, 2023
 

With all London Interbank Offered Rate, or LIBOR, tenors expected to cease to be published immediately after June 30, 2023, lenders will need to transition their Fannie Mae and Freddie Mac (collectively “GSEs”) loans tied to LIBOR. However, up until recently it was unclear how the GSEs expected the transition to occur with regard to GSE loans. Read more.

 
CFPB Proposes $8 Credit Card Late Fee Maximum* February 15, 2023
 

Currently, Regulation Z provides a safe harbor for credit card issuers if they impose penalty fees (such as a late payment fee) that do not exceed certain dollar limits. The CFPB annually adjusts those dollar limits based on inflation. In 2022, those limits were $30 and $41, if the card issuer previously imposed a fee for the first violation of the same type during the same billing cycle and the next six billing cycles. Read more.

 
California Privacy Protection Agency Votes to Approve Submission of CCPA Regulations to OAL* February 15, 2023
 

In November 2020, California voters approved Proposition 24, “The California Privacy Rights Act of 2020” (CPRA). The CPRA is a comprehensive privacy statute that made a number of significant changes to the California Consumer Privacy Act (CCPA). The statutory amendments to the CCPA, created by the CPRA, went into effect on January 1, 2023. Read more.

 
NCUA Extends 18 Percent Interest Rate Ceiling* February 15, 2023
 

Federal credit unions may not charge a rate above 15 percent per year on loans. 12 CFR 701.21(c)(7). Section 701.21(c)(7)(ii) requires the NCUA to determine at least every 18 months whether federal credit unions may extend credit to members at an interest rate above 15 percent. Read more.

 
CFPB’s Notice of Intent Regarding Preemption of State Commercial Financing Disclosure
Laws*
January 11, 2023
 

On December 15, 2022 the Consumer Financial Protection Bureau (CFPB) published a notice of its intent to make a preemption determination involving the federal Truth in Lending Act (TILA) (the “Preemption Notice”). 87 FR 76551. The CFPB published the Preemption Notice in response to a request from a trade organization asking the CFPB to determine whether TILA preempts certain provisions of New York’s Commercial Financing Law requiring certain disclosures to be provided to borrowers (the “NY Commercial Financing Disclosure Law”). Read more.
 
 
FRB Publishes Final Rule to Implement the LIBOR Act* Janurary 11, 2023
 

On March 15, 2022, the president signed an omnibus bill, H.R. 2471, the “Consolidated Appropriations Act, 2022,” which enacted the “Adjustable Interest Rate (LIBOR) Act” (LIBOR Act), set forth in Division U of H.R. 2471. The LIBOR Act is intended to establish a clear and uniform nationwide process to replace LIBOR in contracts that do not provide for a clearly defined or practicable replacement benchmark rate once LIBOR ceases to be published for certain U.S. dollar (USD) tenors after June 30, 2023 or an earlier date if the FRB declares LIBOR to be unrepresentative sooner (the “Cessation Date”). Read more.

 
NFIP Extended Through September 30, 2023* December 29, 2022
 

Just hours before the National Flood Insurance Program (NFIP) was set to expire, President Biden signed into law the 2023 Omnibus Appropriations Bill, legislation which extended the NFIP through September 30, 2023. Read more.

 
 
FRB and FDIC Publish CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Banks December 21, 2022
 

Recently, the FRB and FDIC jointly published the CRA asset-size thresholds used to define the terms “small bank” and “intermediate small bank.” 85 FR 83747. These asset thresholds are adjusted annually for inflation. The OCC is expected to issue a similar announcement before January 1, 2023. Read more.

 
NFIP Extended Through December 23, 2022* December 16, 2022
 

Again, just hours before the National Flood Insurance Program (NFIP) was set to expire, President Biden signed Further Continuing Appropriations and Extensions Act, 2023, H.R. 1437, which extended the NFIP through December 23, 2022. Without this measure, the NFIP was set to expire on December 16, 2022 at 11:59 p.m. The law firm will continue to monitor and report on the NFIP’s status. Read more.

 
FRB Publishes Long Awaited LIBOR Transition Regulations* December 16, 2022
 

As reported by BCG in the August 2022 Newsletter, on July 28, 2022, the FRB issued a notice of proposed rulemaking (NPR) and request for comment entitled, “Regulation Implementing the Adjustable Interest Rate (LIBOR) Act.” 87 FR 45268. After months of waiting for the delayed final rule, on December 16, 2022, the FRB finally issued its Final Regulation Implementing the Adjustable Interest Rate (LIBOR) Act (LIBOR final rule). Read more.

 
CFPB Makes Technical Amendment to Regulation C Reflecting HMDA Loan Threshold* December 16, 2022
 

As reported by BCG earlier in the month, the CFPB announced the decreased Regulation C threshold for depository institutions from 100 to 25 closed-end mortgage loans. As a reminder, in 2020, the CFPB increased the Regulation C threshold for depository institutions from 25 to 100 closed-end mortgage loans and from 100 to 200 open-end lines of credit, in each of the two preceding calendar years. Read more.

 
FFIEC Releases 2021 Community Reinvestment Act (CRA) Data* December 16, 2022
 

On December 15, 2022, the FFIEC released its 2021 CRA statistical data, including information on small business, small farm, and community development lending. The data revealed that in 2021, 685 banks reported the originations and purchases of small business loans. Among the 685 reporting banks, 618 reported community development lending activity. Read more.

 
CFPB Issues Guidance on HMDA’s Invalidated 100 Closed-End Loan Threshold* December 7, 2022
 

As reported by BCG earlier in the month, the CFPB announced the decreased Regulation C threshold for depository institutions from 100 to 25 closed-end mortgage loans. As a reminder, in 2020, the CFPB increased the Regulation C threshold for depository institutions from 25 to 100 closed-end mortgage loans and from 100 to 200 open-end lines of credit, in each of the two preceding calendar years. Read more.

 
Remember: Depository Institutions are Exempt from CA’s New Commercial Financing Disclosure Rules November 17, 2022
 

California’s new commercial financing disclosure regulations become effective on December 9, 2022. Previously, on June 9, 2022, California’s Office of Administrative Law approved the final regulations the Department of Financial Protection and Innovation (DFPI) issued to implement California’s Commercial Financing Disclosures law (Division 9.5 of the Financial Code Sections 22800-22805). The new regulations are published in Title 10 California Code of Regulations Sections 900-956. Read more.

   
NFIP Extended Through December 16, 2022 November 4, 2022
 

As reported in BCG’s October 2022 Newsletter, the president signed an amendment to the Affordable Insulin Now Act, H.R. 6833, which extended the National Flood Insurance Program (NFIP) through December 16, 2022. Without this law, the NFIP was set to expire on September 30, 2022 at 11:59 p.m. The law firm will continue to monitor and report on the NFIP’s status. Contact Stephanie Shea at SShea@ABLawyers.com with questions on the flood insurance regulationsRead more.

   
California “Middle Class Tax Refunds” Not Subject to Garnishment! October 21, 2022
 

The California Middle Class Tax Refund payments that are scheduled to go out starting this month are not subject to garnishment orders, with the exception of orders in connection with child support, spousal support, family support, or a criminal restitution payable to crime victims. Read more.

 
COVID-19 Affected Tenant Eviction Protections Extended through June 30 April 12, 2022
 

On March 31, 2022, Acting California Governor Eleni Kounalakis signed Assembly Bill (AB 2179) into law, which: (i) extends statewide eviction protections for tenants who have applied for the state-administered Emergency Rental Assistance Program (ERAP) but their applications have not yet been processed; and (ii) preempts certain local government eviction ordinances. As an urgency measure, the bill became effectively immediately. Read more.

 
NFIP Extended through September 30, 2022 March 15, 2022
 

Just hours before the National Flood Insurance Program (NFIP) was set to expire, the president signed an omnibus bill, H.R. 2471, the “Consolidated Appropriations Act, 2022” which extends the NFIP through September 30, 2022.  Without this law, the NFIP was set to expire on March 15, 2022 at 11:59 p.m.  The law firm will continue to monitor and report on the NFIP’s status.  Contact Stephanie Shea at SShea@ABLawyers.com with questions on flood insurance regulationsRead more.

   
NFIP Extended through March 15, 2022  March 11, 2022
 

Just hours before the National Flood Insurance Program (NFIP) was set to expire, the president signed H.J. Res. 75 which only extends the federal government until March 15, 2022. Without this resolution, the NFIP was set to expire on March 11, 2022 at 11:59 p.m. The law firm will continue to monitor and report on the NFIP’s status. Contact Stephanie Shea at SShea@ABLawyers.com if you have any questions about flood insurance regulationsRead more.

 
NFIP Extended through March 11, 2022 February, 2, 2022
 

Just hours before the National Flood Insurance Program (NFIP) was set to expire, the president signed the “Further Additional Extending Government Funding Act” (H.R. 6617) that, among other things, extended the NFIP for three weeks from the date authorized, to March 11, 2022Read more.

 
NFIP Extended Through February 18, 2022 December 6, 2021
 

Last week, just hours before the National Flood Insurance Program (NFIP) was set to expire, the president signed the “Further Extending Government Funding Act” (H.R. 6119) that, among other things, extended the NFIP for a little more than two months from the date authorized, to February 18, 2022Read more.

 
DFPI Issues Updated Fair Lending Notice October 12, 2021
 

The California Holden Act prohibits redlining and other discriminatory practices. California Health & Safety Code Section 35800 et seq. and 21 California Code of Regulations (CCR) 7100 et seq. In addition, the Holden Act requires lenders to provide a Fair Lending Notice when an applicant submits a written application for housing financial assistance. Read more.

 
CFPB Finally Issues Section 1071 Small Business Lending Data Proposal September 3, 2021
 

Dodd-Frank Act Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to compile, report and maintain specified information regarding certain women-owned, minority-owned, or small business loan applicants, in accordance with regulations to be issued by the CFPB. After a long wait, on September 1, 2021, the CFPB finally issued its proposal to implement Section 1071. Read more.

 
OCC Changes Address for CRA, FHA and ECOA Notices; Action Required by November 4 August 17, 2021
 

National banks, federal savings associations, and federal branches and agencies of foreign banking organizations (collectively, “OCC-supervised institutions”) must list the OCC’s address in their Community Reinvestment Act (CRA) public notice, the Equal Credit Opportunity Act (ECOA) notice within their adverse action notices, and their Fair Housing Act (FHA) poster. Read more.

 
CFPB Requests Comments on Whether it Should Collect Consumer Data on Electronic Disclosures; Comments Must Be Received On or Before September 10, 2021 August 19, 2021
 

The Bureau recently published a notice in the Federal Register at 86 FR 43999 requesting comment on a “Generic Information Collection” entitled, “Electronic Disclosure on Mobile Devices.” The Bureau plans to conduct several studies using methodologies rooted in psychology and behavioral economics to understand electronic disclosure on mobile devices. Read more.

 
CFPB's Foreclosure Limitations Apply Only to Large Servicers June 29, 2021
 

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.

 
Updated: New June 19 Federal Holiday's (Juneteenth's) Impact on Rescission and TRID June 21, 2021
 

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.

Los Angeles Cities Remain Eligible for NFIP Coverage April 21, 2021
 

On April 14, 2021, FEMA publicly announced that it could be suspending certain Los Angeles cities’ National Flood Insurance Program (NFIP) eligibility on April 21, 2021 because the cities failed to comply with the flood plain management requirements. 86 FR 19580. Read more.

 
CFPB Proposed Foreclosure Moratorium Through End of 2021 April 14, 2021
 

The CFPB has proposed a moratorium on most residential mortgage foreclosures until January 1, 2022. Specifically, the proposal would amend Regulation X, which implements RESPA, to prohibit a “large” servicer from commencing a foreclosure (whether judicial or nonjudicial) on any delinquent consumer-purpose loan secured by a borrower’s principal residence until after December 31, 2021. Read more.

 
Recent ATR/QM Developments February 26, 2021
 

As BCG reported in its January 2021 Newsletter, the CFPB issued two final rules amending Regulation Z’s ability-to-repay rule (ATR Rule) in December 2020. (Remember, the ATR Rule applies to applies to closed-end, Reg Z-covered credit secured by a dwelling, and there are generally two ways to comply with the ATR Rule – follow the General ATR Standard or make a Qualified Mortgage (QM).) Read more.

 
New COVID-19 Relief Package Signed Into Law January 5, 2021
 

On December 21, 2020, Congress passed the Consolidated Appropriations Act of 2021 (HR 133) (the “CAA”) with significant bipartisan support in Congress. President Trump signed the CAA into law on December 27, 2020. It combines $900 billion in stimulus relief for those affected by the COVID-19 pandemic in the United States with a $1.4 trillion omnibus spending bill for the 2021 federal fiscal year. Read more.

 
New DFPI's Impact on State-Chartered Institutions' California Fair Lending Notice October 23, 2020
 

The California Holden Act prohibits redlining and other discriminatory practices. California Health & Safety Code Section 35800 et seq. and 21 California Code of Regulations (CCR) 7100. The Holden Act requires lenders to provide a Fair Lending Notice to when an applicant submits a written application for housing financial assistance. Lenders must also post the Fair Lending Notice in a conspicuous place for public inspection (such as in a public lobby). 21 CCR 7114. Read more.

COVID-19's Impact on Flood Insurance Regulations (Revised) June 9, 2020
 

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.

 
COVID-19's Impact on Flood Insurance Regulations May 19, 2020
 

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 Vrated 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. The flood escrow rules are triggered if a lender MIRES a designated loan secured by residential improved real estate or a mobile home after January 1, 2016, and none of the exceptions apply. In sum, all of these requirements hinge on whether the lender MIREd a loan. So, when a loan modification involves increasing, renewing or extending a designated loan, the flood insurance regulations are triggered. Read more.

 
CFPB Issues Guidance on 30-Day Deadline for Notice of Adverse Action on PPP Loans May 7, 2020
 

On May 6, 2020 the CFPB issued useful guidance on when the 30-day deadline to send a notice of adverse action under Regulation B starts to run on Paycheck Protection Program (PPP) applications. The news is good—PPP applications are not deemed “completed” until the SBA has issued a loan number for the loan or a response about the availability of PPP funds. This means PPP applications will not “time out” solely due to delays in receiving loan numbers from the SBA or during interim periods while the PPP has exhausted its funding. Read more.

 
Governor Exempts CARES Act Assistance Payments from Levy April 27, 2020
 

On April 23, 2020, California Governor Gavin Newsom signed Executive Order N-57-20 (“Order”) which exempts from garnishment federal, state or local government financial assistance payments received by individuals in response to the COVID-19 pandemic. This includes recovery rebates under the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) whereby certain individuals are entitled to an advanced tax credit of up to $1,200, depending on their income level. Stated simply, the Order prevents debt collectors from garnishing federal stimulus funds from most Californians. Unfortunately, due to the broad and vague language used in the Order there are quite a number of unanswered questions that remain. Read more.

 
BCG Letters of Credit In-Person Seminar Locations Canceled - Additional Recording Playback Dates Added April 8, 2020
 

We want to advise you that we have canceled the in-person seminar locations for the BCG Letters of Credit Seminar in May.  Please note that we will automatically cancel your registration on our end, but we encourage you to register for any of the Recording Playbacks. Read more.

 
BCG Mortgage Lending Compliance In-Person Seminar Locations Canceled - Additional Recording Playback Dates Added March 23, 2020
 

We regret to inform you that we are canceling all of the in-person seminar locations for the April Mortgage Lending Compliance Seminar in recognition of the state and federal governments' requests to limit public gatherings. In their place we have scheduled four Recording Playback dates. Read more.

 
BCG Electronic Banking Seminar March 13, 2020
 

On March 11, 2020 we emailed a statement to our clients (and posted the statement on the BCG website) regarding our firm’s efforts to help contain the spread of the coronavirus.  At that time we had determined that we would not cancel any BCG Seminars scheduled for March. However, due to increasing concerns regarding public gatherings, we have decided to be more proactive and therefore we have canceled the remaining BCG Electronic Banking Seminars this month. Read more.

 
NFIP Extended Through September 30, 2020 December 23, 2019
 

On December 20, 2019, hours before the National Flood Insurance Program (NFIP) was set to expire, the President signed the “Further Consolidated Appropriations Act, 2020” (H.R. 1865) that, among other things, extended the NFIP for nine months through September 30, 2020. Read more.

 
NFIP Extended Through December 20, 2019 December 20, 2019
 

On November 21, 2019, hours before the National Flood Insurance Program (NFIP) was set to expire, Congress passed and the President signed an appropriations bill (H.R. 3055) that, among other things, extended the NFIP through December 20, 2019. Read more.

 
NFIP Extended Through November 21, 2019 October 01, 2019
 

On September 27, 2019, the President signed a bill (H.R. 4378) that, among other things, extended the National Flood Insurance Program (NFIP) through November 21, 2019. Without this bill, the NFIP was set to expire on September 30, 2019. The law firm will continue to monitor and report on the NFIP’s status. Read more.

 
Imposing PFI Review Fees June 26, 2019
 

Effective July 1, 2019, lenders must accept private flood insurance (PFI) on designated loans if the PFI policy meets the “Eight Criteria.” BCG members have asked whether they may charge a fee for this review – that is, whether they may charge a fee for reviewing a PFI policy to determine whether it meets the Eight Criteria. Read more.

 
New BCG Happenings! June 20, 2019
 

We are excited to announce our newest innovation in delivering BCG Seminars to BCG Members!

Beginning with the August Financial Privacy & Information Security Seminar, which will be presented by Robert Olsen and Keith Forrester, we will introduce a new feature to our BCG Seminars – it’s called the “Recording Playback.”

So what is this exactly?  We will record the monthly seminar ahead of time and host a Recording Playback for BCG Members (only) to attend on a specified date from 8:30 a.m. to 3:00 p.m., with scheduled breaks (including a lunch break) as we normally do at live seminars.  In addition, during the Recording Playback, we will provide several live Question & Answer Sessions during which attendees will be able to ask questions of the speakers. Read more.

 
NFIP Extended Through September 30, 2019 June 10, 2019
 

On June 3, 2019, Congress passed the Additional Supplemental Appropriations for Disaster Relief Act, 2019 (H.R. 2157), which, among other provisions, extends the National Flood Insurance Program (NFIP) through September 30, 2019. The president signed the bill on June 6, 2019, more than a week before the National Flood Insurance Program (NFIP) was set to expire. Read more.

 
Clarification: Annual Disclosure Requirement for State-chartered Banks May 10, 2019
 

In the April BCG Newsletter we reported that the FDIC issued a final rule eliminating the requirement that state nonmember banks prepare and make available an annual disclosure statement regarding the bank’s financial condition. Read more.

 
The Private Flood Insurance Compliance Aid Provision: It Does Exist! March 13, 2019
 

As we discussed during the February 2019 BCG Monthly Telephone Briefing and will discuss again during the BCG Webinar on April 30, 2019, starting July 1, 2019, regulated lenders must start accepting private flood insurance (PFI) policies that meet what we refer to as the “Eight Criteria.” Read more.

 
 

 

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