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Today is: October 20, 2018  

Important Updates

HMDA Data Collection Relief is Finally Here! September 5, 2018

In May of this year, the Economic Growth, Regulatory Relief and Consumer Protection Act (Relief Act) became law.  Section 104(a) of the Relief Act amended HMDA by adding partial exemptions from HMDA’s collection and reporting requirements for certain types of lenders. On August 31, 2018, the CFPB issued an “interpretive and procedural rule” to implement the Relief Act amendments to HMDA (2018 HMDA Final Rule), which will be effective immediately upon publication in the Federal Register. Read more.

California Supreme Court: Consumer Loan Interest Rates May Be Unconscionable August 22, 2018

California Financial Code (FC) Section 22303 sets forth the maximum numerical rates of interest which California Financing Law (CFL) licensees may charge on consumer loans for a bona fide principal amount of less than $2,500 (i.e., usury). Section 22303 expressly excludes consumer loans of $2,500 or more from this usury limitation and no similar provision exists elsewhere in the FC that limits the numerical rate of interest on such larger loans. Read more.

FinCEN Extends Limited Auto-renewed Accounts Exception to Beneficial Ownership Requirements August 10, 2018

Recall that in May 2018, FinCEN issued a ruling providing a 90-day limited exception from its beneficial ownership rule requirements for certificate of deposit (CD) accounts and loans that (i) automatically rollover or renew, and (ii) were established before May 11, 2018.  Thus, this exception was effective until August 9, 2018. Read more.

Regulatory Relief Measure Signed May 24, 2018

On May 24, 2018 President Trump signed into law S. 2155 – a measure that eases some rules adopted under the Dodd-Frank Reform Act.  This article highlights some of the provisions of S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act” (Relief Act), that are of particular interest to BCG members.  We will discuss the new law in more detail at an upcoming BCG Monthly Telephone Briefing. Read more.



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