Monthly Telephone Briefing

BCG offers its members monthly Telephone Briefings on legal and regulatory matters. Also, you have the option to listen to audio presentations of meetings archived for up to 12 months after their original presentation dates. This benefit is called, “Listen While You Work.” You simply select a topic, minimize the screen, and listen to a streaming audio presentation while you work at your desk.

Please feel free to sign up annually, register for the next scheduled BCG Monthly Telephone Briefing or download an archived Handout below.

Current BCG Monthly Telephone Briefing Topic(s)

Friday, April 19, 2019
12:00 - 1:30 p.m.
 

New California "Consumer" Privacy Act: Get Ready for January 1, 2020

The California Consumer Privacy Act of 2018 (CCPA) was signed into law on June 28, 2018. On September 23, 2018 the Legislature amended the CCPA by anacting SB 1121 which exempted all information covered by the Gramm-Leach-Bliley Act (that is, true consumer information). But information about other classes of individuals remains covered.

The new CCPA appears to apply to these classes of individuals who previously have not been covered by traditional financial privacy laws or regulations: an institution’s employees; sole proprietors; and individuals whose information is held in connection with commercial loans and deposits, such as individual authorized signers on corporate and partnership accounts and individual guarantors of corporate and partnership loans. This will present thorny practical issues as institutions try to apply “consumer” privacy policies to non-consumer accounts. Covered consumers (individuals) have a right to demand disclosure (and sometimes deletion) of all information a business holds on them, among other rights.

Time is growing short. The CCPA goes into effect on January 1, 2020. The California Attorney General is working on regulations mandated by the statute but final rules are not likely to be available much in advance of the effective date.

We will discuss this all at the April 2019 Telephone Briefing. The Handout for this Briefing will recapitulate our two prior Handouts on the CCPA and will add a number of practical questions and hypotheticals that have since come to mind. Download Handout Here!

Friday, May 17, 2019
12:00 - 1:30 p.m.
 

Doing Business With Family Trusts

As ever more customers have family trusts, banks and credit unions have ever greater need to know how to properly do business with them.  Once the private reserve of the wealthy, family trusts are now commonplace among middle-class people with everyday banking needs - to open deposit and share accounts and to borrow money.  Our May 2019 Briefing will address the following topics:

• Who are the parties to a trust?  What’s the difference between a trustee and a trustor?
• What does it mean for a trust to be revocable?
• Who can sign documents on behalf of a trust?
• Do we need all of the trustees to sign?
• How do we know if a trustee’s action is authorized?
• What are the requirements for a valid Certification of Trust?
• Should we review the trust agreement?
• Are loans to family trusts covered by Regulation Z?
• Must we perform beneficial ownership testing on family trusts?
• What happens when the trustee (or trustor) dies?  Handout to be posted Thursday, May 16th.