Newsletter Archive 2013 | Bankers Compliance Group

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BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive

2013

Newsletter Highlights

Breaking News: Correction to Biggert-Waters Flood Act Would Limit Escrowing of Flood Premiums to Residential Property Only
CFPB Issues Regulatory Agenda
Developments in Fair Lending
President Signs Measure to Preserve Privilege of Information Shared with CFPB
NMLS Posts Process for MLO Renewal Reactivation
CFPB Releases Student Loan Exam Procedures
CFPB Report on Credit Bureaus Reveals Certain Insights
FDIC Issues Final Rule Regarding CMPs
FTC Issues Identity Theft Red Flags Interim Final Rule
CFPB Surveying the Impact of the Card Act
Correction to the December 2012 BCG Newsletter
CFPB Proposes Clarifications to Remittance Transfer Rule
SEC Issues No-action Letter for Broker-dealer Reg E Remittance Transfers
Mobile Applications, Mobile Payments and Privacy Laws
FTC Amends Children's Online Privacy Rule
OCC Issues Guidance Regarding Transition Periods for Swap Dealer Institutions Engaged in Non-conforming Swap Activities
FRB Proposes Rule on Oversight of Foreign Banks Operating in the U.S.
SEC Issues Investor Bulletin to Help Investors Assess Municipal Bond Credit Risk
SEC Adopts Rule Requiring Search for Holders of Securities
CRA Small Bank Definition Asset Threshold Increased
Asset Size Exemption Threshold for Collecting HMDA Data Increased to $42 Million

CFPB Pumps out Final Mortgage Loan Rules
FFIEC Proposes Social Media Risk Management Guidance
Pulling Credit Report for 1099 Address Verification Purpose
DFI Posts Bank Designated Central Locations for Legal Process
CFPB “Officially” Delays Effective Date of Remittance Transfer Rules
IRS Proposes Truncating Taxpayer IDs on Information Returns
FRB Provides Additional Guidance on Internal Audit Function Policy Statement
OCC and DFI Extend Temporary Exception for Including Derivatives in Lending Limits
OCC Issues Guidance Regarding Transition Periods for Swap Dealer Institutions Engaged in Non-conforming Swap Activities
California Supreme Court Decision Makes It Easier for Borrowers to Challenge Loan Terms
Small Credit Union Asset Threshold Increased
Resource Help for Small Credit Unions

CFPB Advises Mortgage Servicers of Servicing Transfer Obligations
CFPB May Throw a Lifeline to Assist in Implementing New Mortgage Rules
Court Affirms No Civil Liability For Violations of FCRA Section
HUD Issues Fair Housing Disparate Impact Final Rule
HUD Steps Up Enforcement of FHA
DOJ Settles Redlining Fair Lending Claim
California Appeals Court Permits Borrowers’ Claims Against Lender under the Holder in Due Course Rule
FTC and CA Attorney General Publish Reports on Mobile Privacy
FDIC Proposes to Clarify Deposit Insurance Coverage of Insured Bank Branches Located Outside U.S.
P.O.D. and Totten Trust Accounts
FRB Extends Comment Period on Proposed Foreign Bank Oversight Rule
Three New Online Services Offered on FDICconnect
Bank of America Settles Overtime Pay Suit for $12 Million
JPMorgan Chase Avoids Overtime Pay Lawsuit
FDIC Revises Exception for Hiring Minor Criminal Offenders
NCUA Outlines Exam Focus for 2013

Agencies Issue Guidance on Biggert-Waters Flood Act
Revisions to Reg Z Credit Card Upfront Fee Rule Finalized
CFPB Bulletin Puts Indirect Auto Lenders on Notice
CFPB Publishes Preliminary List of Rural and Underserved Counties
CFPB Proposes to Oversee Nonbank Student Loan Servicers
Hawaii Supreme Court Rules Homeowners Cannot Invoke TILA’s Right to Rescission After Final Foreclosure
Reg B Appraisal Notice
Increase in California’s Automatic Exemption From Garnishment For Direct Deposits of Social Security and Other Benefit Payments
Revisions to Reg E Eliminate ATM Fee Placard Notice Requirement
FinCEN Issues Guidance on Virtual Currencies
FRB Updates FAQs on Debit Card Interchange Fees
MSRB Proposes Amendments to Its Telemarketing Rules
New FMLA Poster Now In Effect
Health Care Law Whistleblower Provisions Go Into Effect
Proposed CRA Q&As Aimed at Clarifying Community Development
Revised OMB MSA Delineations Released
NCUA Proposes to Clarify and Improve FCU Ownership of Fixed Assets Rule

FRB Proposes Assessment on Holding Companies
CFPB Issues CMP Fund Final Rule
Reminder: June 1, 2013 Starts Ban on Arbitration Clauses in Mortgage Loan Contracts
Proposed Amendments to Mortgage Servicing Rules
Bureau Proposes Fix for Coverage Gap in HPML Final Escrow Rule
Banks Pay Heavy for Alleged UDAP Violations
Four Mortgage Insurers to Pay Penalties for Alleged Kickbacks to Mortgage Lenders
FRB Issues Residential Mortgage Servicing Guidance
Fourth Circuit Upholds Class Action Waiver Provision
Correction to April BCG Newsletter
Revised Reg B Appraisal Disclosure - Is It Applicable to Business-purpose Loans?
Reg E Remittance Transfer Rule Finalized
October 8 Release Date for Redesigned $100 Bill
Wrongful Dishonor Nightmare for BofA on its Own Credit Card Refund Check
FTC Updates COPPA FAQs
FDIC Expects to Return $5.7 Billion in Excess Prepaid Assessments
FRB Issues Expansion Criteria for Banks in Less Than Satisfactory Condition
FTC Updates Online Advertising Guidance
FRB Issues Final Retail Forex Rule (Regulation NN)
CFTC Announces Swaps Reporting Relief for Smaller Financial Institutions
CFTC Exempts Certain Swaps from Clearing Requirements
SEC Approves Use of Social Media for Company Announcements
Proposed Measure Would Exempt Banks from Municipal Advisor Registration Requirements
SEC Reopens Comment Period for its Outstanding Proposed Rules on SB Swaps
HMDA Guide Updated

Supreme Court May Soon Review NLRB Recess Appointments
OCC Implements Process to Update Comptroller’s Handbooks
CFPB Finalizes ATR Proposal
CFPB Makes Clarifying Amendments to HPML Escrow Rules
Bank’s Mortgage Lending Policy Found to Discriminate Against White Males
Bureau Delays Reg Z Prohibition on Financing Credit Insurance Premiums
Guidance Proposed on Deposit Advance Credit Products
Bureau Offers Training Videos on Mortgage-related Final Rules
Treasury Finalizes Interim Rule on Levies and Federal Benefit Payment Exemptions
Court Reinstates $203 Million Judgment Against Wells Fargo in Processing Order Case
CTR and SAR Electronic Filing Guidance Issued
Clean, Patch and Monitor – Key Actions for Mitigating Risk of DDoS Attacks
SEC Approves MSRB Telemarketing Rule Amendments
Fed Reminds Institutions of Annual Audit Report Requirements
Lender’s Duty of Care Could be Expanded
Circuit Court Vacates NLRB Organizing-rights Posting Requirement
Proposed Rule Would Permit Limited Derivative Activities
DFI Cautions Credit Unions Regarding Membership Ad Campaigns
FRB Clarifies Use of 2010 Census Data in Fair Lending Exams
Reporting Property Type under HMDA
Updated HMDA Guide – Reporting Denials

Proposal Would Amend Certain Mortgage Loan Related Rules
Late Charge Restrictions Under Mortgage Broker Law May Now Apply to State-chartered Banks
CFPB Outlines Factors Considered in Enforcement Action
FRB Issues SR Letter on Communicating Supervisory Findings
FRB Adopts Revised Reg Z Exam Procedures
Wells Fargo Enters Agreement with HUD on REO Sales
CFPB Issues Initial Results of Overdraft Program Inquiry
July 1 Marks Start Date of Reorganization of DFI and DOC
New ACH Security Requirements
FinCEN Updates Advisory on North Korea Illicit Financial Activities Threat
OCC Finalizes Lending Limit Rule; Extends Temporary Exception for Including Derivatives Exposure
OCC Revises Agency Decision Appeals Process
OCC Reminds Banks of Mandatory Swap-clearing Requirements
NCUA Adopts Final Loan Participations Rule
Annual Update Made to List of Distressed and Underserved Geographies
DFI Updates Bank on California Website; Reaches Out for More Bank Participation
Host State Loan-to-Deposit Ratios Updated

CFPB Finalizes Amendments to 2013 Mortgage Rules Under Reg X and Reg Z
Purchase-money Anti-deficiency Protection Expanded to Include Short Sales
Proposed HPML Exemptions from Appraisal Requirements
Another Circuit Court Rules TILA Rescission Suits Required Within Three-year Period
CFPB Issues Consent Order Against U.S. Bank and Dealer Financial Services
CFPB Alleges Mortgage Company Paid its Lenders for Steering Consumers
New Measure Curbs Certain Actions of Debt Buyers
CFPB Puts Debt Collectors on Alert
California Fair Lending Notice and Lobby Poster
Decreasing LO Compensation for “Unforeseen” Events Under New Rule
Help Aid Offered to Educate Law Enforcement of Garnishment Exemption for Federal Benefits Payments
FinCEN Clarifies CTR Rules for Armored Car Service Transactions
IRS Delays FATCA Requirements
Proposed Changes to Telemarketing Sales Rule; Comment Period Extended
U.S. Banking Agencies Approve Basel III Capital Standards
Use of New UCC-1 Financing Statement
Circuit Court Vacates DOL Mortgage Loan Officer Ruling
Data Entry Software and Geocoding Systems Updated

Small Servicer Exemption and Contract Collections
CFPB Alerts Furnishers of Duty to Investigate Consumer Credit Disputes
Mortgage Exam Procedures Updated
HUD Charges Bank of Violating FHA
CFPB Provides Insight on Mortgage Servicing Problems
Compliance Areas of Focus
California High-cost Loan Notice; HUD Counseling Contact Information
Qualification Screening of Existing Loan Originator Employees
U.S. District Court Rejects the FRB's Interchange Rule; FRB Appeals
DDoS Attacks Expected to Hit Financial Institutions
CFPB Remittance Transfer Rule Guide Updated
Agencies Issue Revisions to Proposed Risk Retention Rules
CA Legislature Expands Anti-deficiency Protections
OCC CRE Lending Booklet Updated
DOL Extends FMLA to Same-sex Couples
2012 CRA Small Business, Small Farm and CD Data Released

Final Revisions Adopted to Certain Mortgage Loan Related Rules
JPMorgan Chase Ordered to Reimburse Consumers for Unfair Billing Practices
Examination Guidance Issued for Payday Loans to Military Personnel
HUD Proposes QM Definition
Eminent Domain Challenge Dismissed
Coogan Trust Accounts and Blocked Accounts Addressed in the SCO’s New Holder Handbook
GLBA Does Not Prohibit Reporting Elder Abuse
FDIC Clarifies Policy on Payment Processing Services for Merchant Customers
FDIC Adopts Final Rule on Deposit Insurance Coverage for Insured Banks Located Outside U.S.
Governor Signs Corporate Emergency Powers and Bylaws Measure
Banks Given Limited Exemption Under SEC New Municipal Advisor Registration Final Rule
OCC Issues New OREO Handbook
Mechanics Liens
Employers Warned Against Exclusive Use of Payroll Cards
Proposal Would Permit Funding of Charitable Donation Accounts
2012 HMDA Data Released
CFPB HMDA Tool Opens Way for More Public Scrutiny

Agencies Propose Biggert-Waters Flood Reform Rules
Bureau Issues More Clarifications to Mortgage Servicing Rules
Guidance Issued on QMs and Fair Lending Risks
HPML Appraisal Proposal Expected to be Finalized December 2013
OCC Issues Third-party Risk Management Guidance
New Website Disclosure Requirements Under California Law
CFPB Adopts Remittance Transfer Exam Procedures
FDIC Reminds Institutions of D&O Liability Limitations
OCC Issues Updated Guidance on Accounting Topics
Fed Proposes Strict Bank Liquidity Rules
FDIC Reminds Institutions of the Need For Interest Rate Risk Oversight
Classification and Appraisal of Bank-held Securities Revised
Interagency Guidance on Troubled Debt Restructurings
New Diversity Standards For Institutions Proposed
NCUA Revises Examination Report and Process
CFPB Gets Tough on HMDA

FDIC Proposes Restrictions on Sales of Assets of Covered Financial Companies
Final TILA/RESPA Integrated Mortgage Disclosures Rule Issued
Bureau Unveils Homeownership Counseling Search Tool
Revisions Made to Reg Z Dollar Threshold Exemption
Correction to Comments Made at November BCG Seminar Regarding Flood Insurance
Recent FEMA Developments Related to NFIP
FRB Revises Consumer Compliance and CRA Exam Frequency Policy
CFPB Pursues Action Regarding Illegal Kickbacks
Mortgage Company Charged for Alleged Steering
Fair Housing Case Settled Before Supreme Court Hearing
Debt Collection Advance Notice of Proposed Rulemaking
California Court Allows Homeowners to Challenge Deed of Trust Assignments
OCC Rescinds Certain OTS Compliance Documents
Agencies Issue Exam Procedures for Garnishment of Accounts Containing Federal Benefits
Guidance Issued Regarding Deposit Advance Products
Amendments Made to NACHA Rules
Rulings Clarify Definition of MSB
FRB Proposes Changes to Payment System Risk Policy; Issues Proposal to Amend Regulation J
Regulatory Capital Estimation Tool Released
NCUA Revises CUSO Regulations to Enhance Transparency
Revisions to CRA Q&As Clarify Certain Community Development Activity
CRA Data Collection Guide Updated

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

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