Newsletter Archive 2015 | Bankers Compliance Group

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BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive

2015

Newsletter Highlights

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

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

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

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

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

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

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

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

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

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

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

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

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

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