Newsletter Archive 2013 | Bankers Compliance Group

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BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive

2014

Newsletter Highlights

Agencies Adopt Final Rule Exempting Certain HPMLs from Appraisal Requirements
Agencies Clarify Policy Regarding Exams in Light of Making QM versus Non-QM Loans
CFPB Raises HOEPA Fee-based Trigger; Adjusts CARD Act Penalty Fee Safe Harbor Developments in Fair Lending
CFPB Alleges Online Loan Servicer Engaged in UDAAP Violations
Lender Settles Indirect Auto Lending Discrimination Claims
CFPB Updates Mortgage Lending Readiness Guide
HUD Adopts QM Definition
FTC Settles with TWC in Risk-based Pricing Allegations
OCC Issues Standards for Independent Consultants in Enforcement Actions
Final Social Media Guidance Issued
FRB Issues Guidance on Managing Outsourcing Risk
OCC Report Emphasizes Risk Management; FDIC Focuses on Need for Interest Rate Risk Management
FinCEN and FRB Amend Definitions in BSA Regulations
FinCEN Once Again Extends Certain FBAR Filing Requirements
Regulatory Agencies Clarify Volcker Rule Coverage of Collateralized Debt Obligations Backed by Trust Preferred Securities
Agencies Extend Comment Period on Proposed Policy on Assessing Diversity Policies Extended
Asset Threshold used to Define CRA Small Banks Increased
FFIEC Updates Census Website

Adjustment Made to HPML Escrow Account Small Creditor Asset-size Exemption Threshold
FHA Disparate Impact Theory Case Shines Spotlight Back on Fair Housing Issue
Due Process Limits on Punitive Damages Inapplicable to Credit Card Fees
Mortgage Lender Fined for Paying Kickbacks
CFPB Issues Revised Mortgage-related Booklets
American Express Affiliates Charged with UDAP Allegations for Add-on Products
CFPB Updates Mortgage Exam Procedures
FRB Updates Consumer Compliance Handbook
CFPB Publishes Mortgage Rules Resources for Consumers
Clarifications on Regulation B Appraisal Availability Rules
Homeownership Counseling Notice
Lapse of Flood Insurance Policy with Subsidized Premiums
Master Treasury Services Agreements
FinCEN Issues Rulings on Virtual Currency Mining and Investing
FinCEN Fines JPMorgan $461 Million for BSA Violations
New Parental Consent Method for COPPA Approved
Volcker Rule Developments
OCC Releases Heightened Expectations for Large Institutions
Prohibition Against Federal Assistance for Swap Entites Final Rule
MSRB Proposes to Impose Fiduciary Standard on Municipal Advisors
SEC Delays Effective Date of Municipal Advisor Registration Final Rule
Agencies Propose Liquidity Coverage Ratio for Large Banks
Interest Rate Swaps for Swap Execution Facilities Published
SEC Extends Security-based Swaps Exemption, Again
NCUA Adopts Derivatives Final Rule
NCUA Issues Supervisory Letter on Private Student Lending Expectations
NCUA Updates Share Insurance Estimator
NLRB Surrenders to Ruling on Organizing-rights Poster
Recent CRA and HMDA Developments

FDIC Adopts Mortgage Rule Exam Procedures
CFPB Makes Strides in Credit Reporting
Consumers Can Sue for FCRA Violations Even Without Actual Harm
SCRA's Foreclosure Prohibition Also Prohibits Foreclosure Fees
Secured Consumer Debt in Bankruptcy Guidance Issued by OCC
Oral Disputes of Debt Under FDCPA are Permissible
Ninth Circuit Compels Arbitration in Student Loan Borrowers' Class Action Against Lender & Loan Servicer
FinCEN Releases Guidance on Marijuana-related Businesses
California Eases Law on Driver's License Requirements
FRB Seeks to Repeal and Revise Certain Regulations
Use of Advanced Approaches Framework Approved for Certain Banks
FRB Issues Rule Requiring Enhanced Prudential Standards
MSRB Proposes New Supervisory and Compliance Obligations on Municipal Advisors
FRB To Publish Reports on Bank Applications
Loss Payee Foreclosed From Collecting Insurance Proceeds
U.S. Treasury and IRS Issue Employer Responsibility Regulations Under Affordable Care Act
HMDA Revisions Underway

President Signs Flood Insurance Reform Bill
Say Goodbye to FEMA's NFIP Guidelines
FEMA Issues June 2014 Plan to Implement Biggert-Waters
Agencies Propose Rule on Appraisal Management Companies
CFPB Adopts TILA/RESPA Integrated Mortgage Disclosure Guide
DBO Proposes Rule to Tighten Licensure of Operating Subsidiaries
CFPB Issues Consent Order for Self-Reported RESPA Violations
CFPB Provides Source Code Tool for Generating HUD-Approved Counseling Agencies List
IRS Issues Final and Temporary "Coordinating" FATCA Rules and Updates W-8 Forms
Court of Appeals Upholds FRB's Debit Interchange Fee Rules
Banks Alerted to Increase in ATM and Card System Cyber-Attacks
California Attorney General Issues Cybersecurity Guide
Foreign Exchange Dealers Given Narrow Exception for Verifying ID of Nonresident Aliens
U.S. Supreme Court Extends Whistleblower Protection To Private Employees
Regulators Release Final Stress Test Guidance
EEOC Provides Guidance Regarding Religious Garb and Grooming
OCC Makes Technical Updates to Rules, Including Address Change of Headquarters Office

CFPB Proposes Certain Adjustments to ATR Rule
CFPB & OCC Issue Another UDAP Order Linked to Add-on Products
FEMA Starts Adopting HFIAA Amendments
Flood Insurance Update
U.S. Department of Education Proposes to Limit College Banking Services
Follow-up to April BCG Truth in Lending Seminar - Loan Estimate and Redisclosure
Mortgage Loan Servicing: Pre-foreclosure Review
Mortgage Loan Periodic Statement
CFPB Proposes Amendments to Remittance Transfer Rule
FDIC Reissues Technology Outsourcing Documents for Community Bankers
Insurance Coverage for Funds Transfers
FinCEN Rulings Give Guidance on Application of MSB and Money Transmitter Rules
FRB Announces Extended Compliance Period for CLOs under Volcker Rule
OCC Proposes Increase in Assessments
FDIC Finalizes Capital Requirements
SEC Proposes Recordkeeping and Reporting Requirements for SBSD and MSBSP
FRB Updates Loan Sampling Requirements
OCC Issues "Oil and Gas Production Lending" Booklet
Reminder: New Revisions to CUSO Regulations Require Action by June 2014
NCUA Issues FInal Stress Testing Rule for Credit Unions
OSHA Issues Interim Final Rule on Whistleblower Procedures Under CFPA

Agencies Issue Guidance on Increased NFIP Maximum for Other Residential Buildings
CFPB Proposes Alternative Delivery Method for Annual Privacy Notices
U.S. Supreme Court to Consider TILA Right of Rescission
Supreme Court May Have Another Shot at Reviewing FHA Disparate Impact
Inadequate Disclosure of Affiliated Business Relationship Costs Realtor
CFPB Issues 2014 Fair Lending Report
VA Adopts QM Definition
Rounding Numbers in the New TILA-RESPA Integrated Mortgage Disclosures
FinCEN Advisory Cautions to be on the Lookout for Trade-based Money Laundering Schemes with Mexico
Operation Choke Point and Banking Third-party Payment Processors
Recently Updated FDIC Exam Manual Misstates Interest on Demand Deposits
Indorsement and Signature Guaranties
California Attorney General Issues Guidance For Online Tracking Disclosures
OCC Integrates National Bank and Federal Savings Association Rules
SEC Updates FAQs on Municipal Advisor Registration
NCUA Proposes Revisions to Field of Membership Associational Common Bond Provision

No FCRA Violation When Requesting A Consumer Report to Verify Identity
FRB Updates Consumer Compliance Handbook
Loan Originator Compensation
Loan Portfolio Review: NFIP Maximum for Other Residential Buildings
California Lawmakers Pass Measure to Recognize Digital Currencies
Eighth Circuit Rules on Funds Transfer Liability Under Article 4A Commercially Reasonable Standard
FFIEC Initiates Pilot Program & Releases Webpage On Cybersecurity
Volcker Rule Guidance
FDIC, FRB and OCC Propose Changes to Annual Stress Test Rule
Joint Supplemental Guidance on Income Tax Allocation Agreements Finalized
Changes to SBA Loan Requirements
Reminder: New UCC-1 Financing Statement Form Effective July 1, 2014
U.S. Supreme Court To Consider Mortgage Loan Officer Overtime Exemption
Reminder: California Minimum Wage Increases on July 1, 2014
NCUA Proposes Amendments to its Appraisal Rule
NCUA Proposes Rule to Allow Credit Unions to Securitize Their Own Assets
NCUA Reminds Credit Unions of Verification of Accounts

CFPB Issues Proposal to Amend Regulation C
CFPB Clarifies Applicability of ATR Rule to Successors-in-Interest
CFPB Issues Memorandum Regarding Equal Treatment for Same-sex Marriages
California Lawmakers Conform Mortgage Debt Forgiveness Law to Federal Law
CFPB Policy Guidance on Sham Mini-Correspondent Lender Relationships
FinCEN Proposes CDD Requirements
FDIC Provides Clarifying Guidance on TPPP Relationships
CFPB Issues Report on Study of Overdraft Services
Marijuana-related Business Legislative Update
IRS Codifies and Expands Truncation of Tax Identification Numbers
Reminder: Lower Threshold for Reporting Unclaimed Property Now In Effect
FDIC Proposes Revisions To Risk-based Deposit Insurance Assessment System
IRS Imposes Limits on Electronically Deposited Refunds
IRS Extends Compliance Date for Unbundle Estate and Trust Fees
CFTC Gives SD and MSP Another Break From Reporting Requirements
No Buck to Break: Money Market Mutual Funds to be Subject to Floating NAV, Redemption Fees
OCC Final Rule Increases Assessments
EEOC Issues Guidance on Pregnancy Discrimination
California Supreme Court Upholds Class Action Waivers in Employment Arbitration Agreements
Agencies Update List of Distressed and Underserved Geographies
Host State Loan-to-deposit Ratios Updated

Agencies Provide Direction on Enforcing Unfair or Deceptive Acts and Practices
Revisions Made to HOEPA, Credit Card and QM Points and Fees Thresholds
Auto Lender Fined for Furnishing Inaccurate Credit Information
CFPB Issues Updated Guidance on Mortgage Servicing Transfers
Upcoming Changes to Credit Scores and Credit Reports
OCC Outlines Expectations for Debt Sales Practices
FHA Adopts Rule Eliminating Post-payment Interest Charges
Banking Agencies Seek Dismissal of Operation Choke Point Lawsuit
Opt-out Needed For Change in Terms on Non-credit Card Credit?
FRB Extends Remittance Transfer Rule Temporary Exemption; Makes Other Clarifying Changes
BSA/AML Compliance Starts at the Top
Visa Announces Update to its Zero Liability Policy
Fed Cap on Debit Card Swipe Fee Once Again Under Attack
OCC Issues Revised Merchant Processing Handbook
Red Flag Rules
Regulators Adopt New Liquidity Coverage Standards
OCC Issues "Heightened Standards" for Certain Banks and Thrifts, Possible "Best Practices" for All Institutions
Basel III vs. S-Corp Dividends: FDIC Clarifies Policy on Permissible Dividends
Clarification of Debtor Name Rules for Individuals on UCC Filings
Reimbursement May Be Required for Work-related Cell Phone Use
CRA Small Business, Small Farm and CD Data Released

Reg Z Dollar Exemption Threshold Revised
DoD Proposes Expansion of Military Lending Limitations
FEMA Updates NFIP Flood Insurance Manual
CFPB Fines Bank for Alleged Mortgage Servicing Violations
Bank Assessed Penalties for Alleged UDAP Involving ID Theft Add-on Products
HUD Settles with U.S. Bank in Lending Discrimination Claims
Appraisal Notice for Denied Application
California Fair Lending Notice
Visa Revised Zero Liability Update
FinCEN Issues Advisory on Recognizing Human Trafficking Suspicious Financial Activity
Apple Unveils New Apple Pay Payment System, ABA Publishes Related FAQs
Hold Placed on Chapter 7 Debtors' Accounts Does Not Violate Automatic Stay
Rule Puts Nonbank International Money Transmitters on Same Level as Bank Remittance Transfer Providers
Banking Agencies Issue (Another) Proposal on Swap Margin Requirements
New Law Imposes Mandatory Paid Sick Leave
Bill Extends Employee Time Period for Seeking Liquidated Damages
Agencies Propose More Changes to CRA Q&As
FFIEC Releases 2013 HMDA Data

CFPB Adopts Alternative Delivery Method For Annual Privacy Notices
QM Points and Fees Cure Adopted
CFPB Proposes Clarification to IMD Final Rule
FEMA Makes HFIAA-Mandated Changes to Deductibles and Premiums
Supreme Court Agrees To Hear FHA Disparate Impact Case
CFPB Proposes No-Action Letter Policy for Innovative Products
HELOCs and End of Draw Period
"Free Checking" Advertisement Costs Bank
FinCEN Rules Virtual Currency Converter is an MSB
Skin in the Game: Credit Risk Retention Rule Issued
OCC Updates Policy on How it Manages Problems Identified During Examinations
Decision Time: AOCI Filter Opt Out Under Basel III
".bank" Domains to Become Available
Risk Weights Increasing to 150% for Some Construction Loans
Supreme Court to Review Case Over Regulatory Powers
Spanish Language Money Smart Tool for Older Adults

CFPB Proposes More Amendments to Servicing Rules
Reminder: SCRA Time Period for Foreclosure or Sale Protections Reverts to 90 days on January 1, 2015
CFPB: Denial of Commercial Loan Modification May Be Adverse Action
Another Mortgage Lender Fined for Steering Customers
Mortgage Marketing Services Agreement Runs Afoul of RESPA Section 8
DoD Extends Comment Period on Military Lending Act Proposal
CFPB Brings First Action Against "Buy-Here, Pay-Here" Auto Dealer, Including $8 Million Fine
CFPB Updates Readiness Guide on Mortgage Rules
IMD Disclosures and Confusion Pertaining to Loan Purpose Box
FFIEC Updates BSA/AML Exam Manual
CFPB Proposes Rules for Prepaid Card Accounts
FinCEN Statement Addresses Concerns Regarding Banking MSBs
Due Diligence Notice; Service Fees for Escheat of IRAs
FDIC to State Banks: Documentation Required for Engaging in Activities Permissible for National Banks
Volcker Rule FAQs Updated
New Look and Enhancements Made to FFIEC Geocoding System

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

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