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BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive 2015


Newsletter Highlights


January 2015
  • President Signs Measure Extending SCRA Foreclosure Protections
  • HPML Appraisal Exemption Small Dollar Loan Threshold Increased
  • President Signs Mortgage Forgiveness Tax Relief
  • CFPB Alleges Online Loan Servicer Engaged in UDAAP Violations
  • IRS Expands List of NRA Countries Subject to 1042-S Reporting
  • IRS Updates Form W-9 Instructions: Clarifies Substitute Form "FATCA Certification" Requirements
  • NACHA Proposes ACH Same-day Processing
  • DBO Updates FAQs on Money Transmitter Receipt Requirements
  • FBAR Filing Deadline Extended Again
  • Volcker Rule Investment Conformance Period Extended (Again)
  • Small Bank Holding Company Reg Relief Measure Approved
  • Reform Act Swaps Push-out Rule Eased
  • SBA Adopts Small Business Credit Scoring Tool
  • Agencies Issue FAQs on Interagency Guidance on Leverage Lending
  • NCUA Adopts Clarifying Amendments to Appraisal Rule
  • NLRB Rules Workers May Use Employer Email To Discuss Workplace Conditions
  • Annual Adjustment Made to Asset-size Threshold for Defining Small Banks Under CRA



February 2015
  • CFPB Issues Clarifications to IMD Final Rule
  • Supreme Court Rules Rescission Effective When Borrower Notifies Creditor
  • CFPB Proposes Changes to Assist Small Lenders with Mortgage Rules
  • Sunset of Protecting Tenants at Foreclosure Act; California Law Provides Similar Protections
  • CFPB: Sharing Exam Information Generally Prohibited
  • Another Mortgage Marketing Services Agreement Runs Afoul of RESPA Section 8
  • FDIC Advises a Risk-based Approach to Establishing Customer Relationships
  • FDIC Provides Informal Clarification on Brokered Deposit Guidance
  • Legal Battle Over Debit Interchange Fees Comes to an End
  • MasterCard Revises Liability of Cardholders for Unauthorized Use
  • Amendments to the NACHA Rules
  • OFAC Provides Guidance on Cuba Sanctions
  • Notice of Availability for an Annual Privacy Notice Provided via a Website: “On” Means “On”
  • Fed Proposes Changes to Small Bank Holding Company Policy Statement
  • OCC Revises Litigation and Legal Matters Handbook
  • California Paid Sick Leave
  • NCUA Reissues a Revised Risk-based Capital Proposal



March 2015
  • 11th Circuit Shows How Seriously Courts Take FCRA Compliance
  • FEMA Takes Additional Steps Toward HFIAA Surcharge & $10,000 Residential Property Deductible
  • GAO Issues Report on FEMA’s Biggert-Waters Implementation
  • CFPB Proposes to Temporarily Suspend Credit Card Agreement Submissions
  • HUD Issues Reminder of Sexual Orientation, Gender Identity Anti-Discrimination Rule
  • Statement of Written Estimate under IMD Rule
  • Written List of Settlement Service Providers
  • Business Day Defined for Expired Loan Estimate
  • Is Rescission Required on Home Tear-down Loans?
  • FDIC Study: Branch Banking Remains Prevalent Despite Growth of Mobile, Online Banking
  • DBO Unveils Electronic Forms for Reporting Local Agency Deposits
  • Bank Penalized for Failing to Timely File SARs
  • DBO Revises Proposed Money Transmission Act Regulations
  • Including Notice of Availability of Annual Privacy Notice on Periodic Statement
  • SEC Proposes Rule to Disclose Employee, Director Hedging
  • Incorrect Filing of Termination of UCC Financing Statement Leaves Creditor Unsecured on $1.5 Billion Credit
  • CFPB: Denial of Commercial Loan Modification May Be Adverse Action (Again)
  • DOL Final Rule Defines Spouse for FMLA Purposes
  • Institutions Encouraged to Promote Financial Literacy Among Youth



April 2015
  • CFPB Issues Report on Arbitration Agreements
  • CFPB Home Loan Toolkit Booklet to Replace Settlement Cost Booklet
  • DBO Proposes Education and Testing Regs for Non-bank MLOs
  • Bureau Considering Rule to Rein-in Payday-type Consumer Lending
  • Broker-provided Loan Estimate & Loan ID Number
  • Paper-based Documents Signed Electronically May Not Meet E-SIGN Act
  • OCC Revises Booklet on Deposit-related Credit Products
  • Settlement Reached in Another Operation Choke Point Case
  • Banks Advised to Take Cyber Attack Precautions
  • Registration of "e;.bank"e; Domains Available Only Through Authorized Registrars
  • March 31 Call Report to be Used For Making AOCI Election
  • SEC Adopts Final Rule to Facilitate Smaller Companies’ Access to Capital.
  • SEC Issues Security-based Swaps Rules
  • Supreme Court Upholds DOL Interpretation on MLO Overtime Exemption



May 2015
  • Mortgage Loan Preapprovals Are Not Dead
  • FFIEC Releases IMD Rule Exam Procedures
  • Lienholders of Pre-2013 Loans: Review Post-Foreclosure Letters
  • To Collect the Uncollectible (Mortgage) Debt
  • DBO to Make Foreign Language Translations of Loan Estimate Available
  • Appraisal Management Company Final Rule Adopted
  • Ability to Repay
  • CFPB Fines Bank for Overdraft Practices; Issues Consumer Advisory on Overdrafts
  • FDIC Considering New Deposit Insurance Recordkeeping for Banks with High Volume of Deposits
  • Frequently Asked Questions on the Regulatory Capital Rule
  • Fed Adopts Final Rule Expanding Scope of SBHC Policy Statement
  • Real Estate Developer and Escrow Agent Indicted for Bank Fraud
  • OCC Updates Handbook on Trade Finance
  • NCUA Revised Appraisal Regs to Expand Beyond Reg B
  • NCUA Proposes Relief from Fixed Asset Rule
  • Accommodations May Be Required Under Pregnancy Discrimination Act
  • FFIEC Updates CRA Data Collection Guide



June 2015
  • No Delay in Enforcing IMD Rule(TRID)
  • Creditors Reminded to Include Public Assistance Income in Evaluating Loan Requests
  • FEMA OKs Use of Standard Flood Hazard Determination Forms Until Updated
  • Bureau Permits Customizing "Home Loan Toolkit" Booklet
  • Reminder: Review Private Flood Insurance Policies for Compliance with FEMA’s Six Criteria
  • FRB CA Letter Advises of PTFA Expiration and Duty to Follow State Law
  • State Law Does Not Bar Recording Personal Identifying Info in Online Credit Card Purchase
  • HUD Hits Bank with $200 Million Discrimination Settlement
  • CFPB Takes UDAAP Action Against PayPal
  • NACHA Finalizes Same-Day ACH Settlement Rule
  • Governor Appoints Scott Cameron as DBO Division of Financial Institution Senior Deputy Commissioner
  • ABA Offers Q&As from .Bank Domain Webinar
  • Reminder: Volcker Rule July 21 Effective Date Approaching
  • Municipal Securities Would Qualify as HQLA under Proposed Liquidity Rule .10 SEC Proposal: Certain Security based Swap Rules Will Apply to Non-U.S. Persons
  • Banks Charged with Manipulating Foreign Exchange Rates
  • Supreme Court Protects Underwater Jr. Lienholder Against Loss of Lien
  • Associational Common Bond Final Rule Adopted
  • San Francisco Ordinances Protect Part-time Employees; Require Notice of Work Schedules
  • Los Angeles City Council Approves Minimum Wage Increases



July 2015
  • Agencies Issue Long-awaited Flood Rules
  • TRID Effective Date Delay
  • Supreme Court Upholds Disparate Impact Theory under FHA
  • Banks to Auto Finance Companies: Welcome to Our World
  • Closing Disclosure: Liability After Foreclosure
  • Cybersecurity Assessment Tool Made Available
  • Newly Enacted Legislation Revises IRC to Increase Tax Penalties
  • SEC Issues Proposal to Require Clawback Policies on Executive Compensation
  • ABA Offers Center for Bank Derivatives Policy Website
  • Court Rules Guarantors are Not Applicants Under ECOA
  • DOL Proposes to Increase Overtime Eligibility Threshold
  • Proposed Rule Aims to Improve Member Business Lending Rule
  • NCUA Proposes Pass-through Share Insurance for IOLTAs
  • NCUA Adopts Policy Statement Establishing MDI Preservation Program
  • Agencies Update Host State Loan-to-deposit Ratios
  • Updates Made to List of Distressed and Underserved Geographies for CRA



August 2015
  • TRID Effective Date Delayed to October 3
  • CFPB Provides Guidance on Cancelling and Terminating PMI
  • CFPB Issues First in Series of Monthly Complaint Reports
  • Citibank Charged with UDAP Violations
  • DoD Adopts Final MLA Rule
  • CFPB Issues Favorable Report on eClosing
  • The End is Near for Dealer Markups
  • A Service By Any Other Name (but Not a Loan)
  • California Supreme Court Rules Automobile Contract Arbitration Valid
  • Spanish Language Version of Home Loan Tool Kit Available
  • New Measure Increases IRS Mortgage Information Reporting Requirements
  • Bank Pays Big for Alleged BSA Violations
  • FCC Issues Declaratory Ruling on TCPA
  • DBO Proposes More Amendments to Subsidiary Licensing Proposal
  • Amendments Seek to Cure California Sick Pay Law
  • DOL Issues Guidance Regarding Classification of Independent Contractors
  • U.S. Supreme Court Upholds Applicant’s Discrimination Claim
  • NCUA Eases Ownership of Fixed Assets Rule
  • Changes Coming to 2014 HMDA Disclosure Statements



September 2015
  • Second Circuit: RESPA Mortgage Servicing Notice is FDCPA Initial Communication
  • Sixth Circuit: An LLC is a “Person” Under FDCPA
  • OCC & CFPB Take Action against JPMorgan Chase for Debt Collection & SCRA Violations
  • Credit Reporting Complaints Top CFPB Monthly Complaint Report
  • Consumer Contract General Waiver Provisions May Be Deceptive
  • Disclosing Lender-paid Fees Under TRID
  • TRID and Written List of Providers/li>
  • Homeownership Counseling List
  • Escrowing of Flood Premiums
  • FRB Clarifies Treatment of Transactions-Monitoring Costs under Regulation II
  • SCO Provides Tips for Preparing to Report Unclaimed Property
  • CFPB, FDIC & OCC Settle with Pennsylvania Bank over Alleged UDAP Violations
  • SEC Adopts Final Pay Ratio Disclosure Rule
  • BofA Real Estate Staff Appraisers Settle Overtime Exemption Class Action Claims
  • CRA/HMDA CORNER 2014 CRA Small Business, Small Farm and CD Data Now Available



October 2015
  • First American Title Loses RESPA Section 8 Class Action Ruling Before Ninth Circuit
  • CFPB Final Rule Amends HOEPA, Credit Card and QM Points and Fees Thresholds
  • Bank Enters Agreement to Settle Redlining Allegations
  • Credit Union Liable for Offsetting Deposit Accounts for Credit Card Payments
  • Debt Collection Practices at Forefront of CFPB Scrutiny
  • TRID Update Regarding Disclosing Fees on the Written Provider List
  • TRID Closing Disclosure – Liability after Foreclosure
  • Credit Unions Reminded of Certain BSA-reporting Requirements
  • FRB Enhances Automated Clearing House Services
  • CSBS Adopts Virtual Currency Model Reg Framework
  • Bill Would Restrict Employment Arbitration Agreements
  • NCUA Increases “Small Entity” Asset Threshold
  • FFIEC Releases 2014 HMDA Data


November 2015
  • Regulation C (HMDA) Final Amendments Issued
  • Agencies Provide Insight on TRID Compliance Expectations
  • CFPB Outlines Risks re MSAs
  • List of Rural and Underserved Counties Issued for 2016
  • Foreign Language Translations of Loan Estimate Available
  • Credit Card Complaints Top CFPB October Monthly Complaint Report
  • Agencies Issue Statement on Cyber Attacks Involving Extortion
  • Department of Education Rule Places Restrictions on Campus-held Student Bank Accounts
  • FRB Issues Guidance Regarding Waiver of Exams Prior to Membership or Mergers
  • Agencies Issue Final Swap Margin Rule; Interim Rule Exempts Certain Swap Counterparties
  • FDIC Change in Bank Control Rules Consolidated
  • FDIC Issues Advisory on Importance of Risk Management Functions Involving Loan Purchases and Participations
  • Measure Aims to Curb Gender Wage Inequality
  • Use of Background Checks Creates FCRA Compliance Duties
  • Credit Union Intending to Service Marijuana-Related Business Denied Federal Reserve Master Account
  • NCUA Revises Risk-based Capital Requirements
December 2015
  • Certain Reg Z Dollar Thresholds Remain the Same
  • FDIC Clarifies Applicability of Payday Lending Exam Guidance
  • Online Lender Under Scrutiny for Alleged Deceptive Practices
  • Institutions Reminded of Reg E Preauthorized Transfer Requirements
  • FDIC Proposes Update to Brokered Deposit FAQs
  • FTC Adopts Changes to Telemarketing Sales Rule
  • FDIC Offers Resources for Staying Up on Cybersecurity
  • FDIC Proposes Raising Deposit Insurance Minimum Reserve Ratio
  • Two New Questions Added to Volcker Rule FAQs
  • FASB Expected to Issue Mark to Market Accounting Rule
  • Changes Proposed to Field-of-Membership Rule
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