Bankers Compliance Group | The Banking Community's Foremost Resource For Legal Services | BCG
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Today is: February 20, 2019  

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

BCG, celebrating over 35 years of service, shares 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 members of BCG.

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 documentation.

"BCG is a valuable resource for Logix Federal Credit Union. As a 10 year member, Logix continues to benefit from the tremendous value offered in BCG training seminars and reference resources (the Standard Procedures Manuals and online Compliance Companion®). The BCG crew not only provides great service, several of their attorneys have volunteered their time providing training to the Credit Union Compliance Professionals Group. Thank you!."

Patricia Batka, Logix Federal Credit Union, Burbank, CA

"Bankers’ Compliance Group® is truly a valuable resource for change management and maintaining an overall sound “Culture of Compliance.” In this ever-changing regulatory environment, it is impossible to read and comprehend the many laws and regulatory mandates needed to avoid compliance deficiencies and shortcomings that could lead to possible regulatory and/or civil enforcement actions. Here at FNBSC, we know we can rely on the knowledge and expertise of the BCG Staff, along with the tools provided through our membership, to answer our questions and enhance our compliance knowledge. We cannot fully express the many benefits we have gained and realized through our membership in the Bankers’ Compliance Group.®"

Evelyn Witt, First National Bank Southern California, Riverside, CA

BCG's February 15 Telephone Briefing to Cover the New Private Flood Insurance Final Rule

As BCG members are aware, lenders currently do not have to accept private flood insurance(PFI) policies. If a PFI policy meets certain criteria, a lender may choose to accept the policy. (It is the lender’s prerogative. It can do what it wants to do.) However, soon lenders will no longer have this option. This is because the federal banking agencies issued a final rule on February 12, 2019 which, effective July 1, 2019, will require regulated lenders to accept certain PFI policies on designated loans.

Because of the fast-approaching effective date, BCG is adding a Handout on this PFI final rule on a last-minute basis to the agenda of the February 15, 2019 BCG Telephone Briefing. We will discuss when a regulated lender may or must accept a PFI policy on a designated loan.

As previously announced, the February 15 telephone briefing will still cover the impact of the legalization of industrial hemp under the 2018 Farm Bill. Read more.

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