Newsletter Archive 2016 | Bankers Compliance Group

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BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive

2016

Newsletter Highlights

Cordray Issues Letter on TRID Enforcement & Cure Provisions
CFPB Adjusts Asset-size Threshold to HPML Escrow Requirement’s Small Creditor Exemption
FTC Issues Enforcement Policy Statement Regarding Deceptively Formatted Advertisements
Supreme Court Upholds Class Action Arbitration Waivers
DBO Seeking Information Regarding Marketplace Lending
Small Lender Exemption to Flood Insurance Escrow Requirements
FinCEN Concludes Benefits of CDD Rule Outweighs its Costs
Federal Cybersecurity Act of 2015 Signed by President Obama
FDIC Adopts Final Rule for Processing Notices under Change in Bank Control Rules
OCC Proposes Guidelines for Large Bank Recovery Plans
Agencies Issue Statement on CRE Prudent Risk Management
Recent CRA and HMDA Developments

SCRA Time Period for Foreclosure Protections Back to 90 days
CFPB: Deposit Account History Subject to FCRA Consumer Credit Accuracy and Integrity Rule
California Supreme Court Blocks All Deficiency Liability After Short Sale on Any Purchase-money Loan
CFPB Issues “Fact Sheet” on TRID and Construction Loans
FAST Act Amends GLBA Annual Privacy Notice Requirements
FAST Act Expands Scope of 18-month Onsite Exam Cycle
No-Action Letter Provides Swap Clearing Relief for Small BHCs and SLHCs
FASB Finalizes Mark to Market Standard

CFPB Made Much-needed Correction to Preamble of TRID Rule
Proactive Efforts Recommended for Servicemember Protections
California Supreme Court Rules Mortgage Debtor May Challenge Wrongful Foreclosure
SSCRA: Six Percent Interest Rate Limitation on Mortgages
Clarification re HMDA Covered Transactions from Monthly Telephone Briefing
List of Settlement Service Providers
CFPB Issues Policy Statement on Product Innovation No-Action Letter Process
FDIC Proposes Deposit Account Recordkeeping Rule for Large Banks
Financial Institutions May Experience Another Wave of “Carbanak” Hackers
FDIC Clarifies Supervisory Expectations for Abandoned Foreclosures
FRB Issues Interim Rule Implementing FAST Act Reduction in Dividend Rates
Municipal Advisors Now Subject to MSRB’s Pay-to-Play Rule
NCUA Adopts Revisions to Member Business Loan Rule
NCUA Permits Certain FCU Mergers

More Small Rural Creditors Get Lending Rule Relief
Agencies Issue Advisory Regarding Real Property Evaluations
Banks and Credit Unions Advised to Beef Up Practices to Prevent Elder Financial Abuse
FinCEN Proposes Amendments to FBAR Rule
Guidance Provided on Applying CIP to Prepaid Card Holders
FDIC Issues Final Rule On 1.35 Percent DIF Reserve Ratio
FDIC’s Consumer Cybersecurity Guidance
OCC Proposes To Reduce Reg Burden
Agencies Issue A New Volcker FAQ
FRB Proposes Rule for Large Bank Single-Counterparty Credit Risk
SEC Issues Final Rule on Non-U.S. Person’s Cross-border Security-based Swaps
OCC Updates 2016 Oil and Gas Exploration and Production Lending Booklet
California Legislature Adopts Series of Increases to Minimum Wage
City of San Francisco Ordinance Gives Employees Full Pay for Parental Leave

CFPB Proposes Rule Prohibiting Class-Action Arbitration Waivers
Additional Disclosure Required in Debt Collection Notices
Good News! California Lower Court Limits Yvanova to Post-foreclosure
CFPB Seeks Comment on Bankrupt Mortgagor Periodic Statements
FEMA Will No Longer Ask Lender’s Blessing Regarding $10K Deductible on Residential Properties
Corrected Closing Disclosure Regarding Prepaid Interest
CFPB Cautions Payday Lenders About Too Many NSF Charges
FDIC Updates its Financial Institution Employee’s Guide to Deposit Insurance
CFPB Proposes Amendments to Remittance Transfer Rule
FDIC Reissues Technology Outsourcing Documents for Community Bankers
FDIC Issues Additional Q&As Regarding Deposit Insurance Applications
U.S. Supreme Court affirms Hawkins Case
Discrimination Related to Driver’s License and ID Cards
FASB Proceeds with the New Accounting Standard for Credit Losses
FFIEC Proposes Revised Consumer Compliance Rating System
FRB and NCUA Issue Another Executive Compensation Proposal
Got Bail-in Provisions?
OCC: Examiners Must Have Unimpeded Access to Records
FRB: Small SMBs May Opt for Off-site Loan Reviews
NCUA Issues FInal Stress Testing Rule for Credit Unions
California Supreme Court Interprets Employee Seating Requirements

Reminder: Flood Insurance Escrow Option Clauses Due June 30
SCRA Foreclosure Protections Extended Once Again
Supreme Court: Consumers Must Allege Actual Harm for FCRA Violations
OCC Provides (a lot of) Guidance on Private Student Loans
Rescindable Transactions: Providing the Closing Disclosure to Non-borrowers
Customer Due Diligence Final Rule Issued
Banking Agencies Call for Customer Deposit Account Reconciliation
Increase in California's Automatic Exemption from Garnishment for Direct Deposits of Social Security and Certain Benefit Payments
FFIEC Issues Joint Statement on Cybersecurity for Interbank Messaging and Wholesale Payment Networks
SEC Amends Registrations Rules to Conform to JOBS Act and FAST Act
OCC Advises of Impact of the SEC's 2014 MMF Rules on Banks
New Rules for Overtime Exemptions

July 2016

CFPB Adjusts High-Cost Mortgage, Credit Card and QM Points and Fees Thresholds
CFPB Proposes New Payday Lending Rules
FRB Recognizes FAST Act Exception For GLBA Annual Privacy Notices
Supreme Court Stays Silent on National Bank Act Preemption for Non-Bank Assignee of Loans
Agencies Adjust Certain CMP Amounts
Agencies Update Host State LTD Ratios
SEC's Regulation Crowdfunding is in Effect
FASB Makes Big Changes to Loan Loss Accounting Framework; Agencies Issue Guidance
Sick Pay: Cities of Los Angeles and San Diego Adopt Independent Rules
New California Law to Decrease Gender Pay Gap
Distressed and Underserved Non-MSA Middle-Income Geographies Updated

CFPB (Finally) Issues Mortgage Servicing Rule
CFPB Issues TRID Proposal
FEMA (Sort of) Issues a New SFHDF
FDIC Proposes Guidance for Third-Party Lending Arrangements
FRB Clarifies Repeal of Regulation AA; Publishes Revised UDAP Examination Procedures
CFPB Outlines Principles for Foreclosure Prevention
Santander Bank, N.A. – CFPB Consent Order for Reg E and UDAAP Violations
FinCEN Issues Guidance on Customer Due Diligence Rules
CFPB Proposes to Implement FAST Act Exception for Annual Privacy Notices
Visa and MasterCard Revise their Zero Liability Policies
FDIC Updates Brokered Deposit FAQs
FDIC Adopts Strong Risk-Focused Approach for IT Exams
Volcker Rule Compliance Date Extended for Some Covered Funds
Trial Court Upholds Sham Guaranty Defense
NCUA Makes Examination Cycle Less Rigid
Technical Resources for Complying with New HMDA Made Available
Agencies (Finally) Adopt Revisions to CRA Q&As

DoD Issues Guidance on MLA Regulations
FDIC Proposes Changes to its Exam Appeals Process
Change to SCRA Website Address
California Supreme Court: TILA Notice of Rescission Automatic Only If Creditor Acquiesces
CFPB Pierces Through a Rent-a-tribe Scheme
Loan Estimate — Property Value
Measure Permits State-chartered Banks to Participate in School-based Savings Programs
Amendments to TCPA Exempt Certain Non-telemarketing Robocalls
Revise Your Visa Debit and Credit Card Agreements!
OCC's New Booklet Possibly Heightens Standards for Small-bank Directors
Ninth Circuit Says No to Class Arbitration Waivers in Employment Contracts
Institutions Encouraged to Submit Self-assessments of Diversity Policies
FFIEC Releases 2015 CRA Small Business, Small Farm and CD Loan Data

Bureau Approves Use of Revised 1003 for Reg B Purposes and Collection of HMDA Demographic Data in 2017
CFPB Director Held Subject to Dismissal at Will by President
Big Win for PHH: Court Reinstates Traditional View of Section 8 of RESPA Allowing Reasonable Fees for Services Rendered
Ninth Circuit Rules on Fair Debt Collection Practices Act Communications
HUD Guidance Provides Housing Protections for Limited English Proficiency Individuals
FinCEN Warns of Growing Email Fraud Schemes
Law Firms Launch ADA Accessibility Cyber Attacks
Wells Fargo to Pay Record Penalty of $185 Million
NACHA Rule to Require ODFIs to Register Third-Party Sender Customers
NCUA to Credit Unions: Stay Ahead of Cybersecurity Risks
NCUA Adopts Incident Management System for Credit Unions
NCUA Eliminates Data Regarding CUSOs from Call Reporting Requirements
2015 HMDA Data Released

Let's Talk About Private Flood Insurance
Agencies Issue Another Proposal on Private Flood Insurance
Agencies Provide Guidance as to MLA Examinations, But Add Confusion on Savings-Secured Loans
CFPB Amends and Reissues Service Providers Guidance
CFPB Issues Final Rule for Prepaid Card Accounts
Cordray: Consumers Allowed to Give Login Credentials to Third-Party Apps
Recent Cyber Security Developments
More on ADA Website Accessibility
DBO Develops Money Transmitter Certificate of Licensure
OCC Issues Risk Management Guidance on Foreign Correspondent Banking
Appellate Court Strikes Down Sham Guaranty Defense
NCUA Adopts Final Field of Membership Rule; Proposes Additional Changes
Guidance Provided for Submitting 2017 are Already in HMDA Data
CFPB to Non-Depository Institutions: HMDA May Very Well Apply to You

CFPB Issues Guidance on Production Incentives
Dollar Thresholds for Certain Consumer Lending Rules Remain Unchanged
Uniform Interagency Consumer Compliance Rating System Revised
CFPB Updates List of Rural and Underserved Counties
CFPB Petitions for En Banc Review of PHH Case
FRB Issues FAQ on Debit Card Interchange Rule and EMV Transactions
FDIC Adopts Final Rule on Deposit Account Recordkeeping for Large Banks
OCC New CATS System Will Ease Licensing and Public Welfare Investment Filings
FRB Expands Scope of Senior Examiner Post-Employment Restrictions
Preliminary Injunction Blocks DOL Overtime Exemption Rule
JPMorgan Fined for Questionable Foreign Referral Hiring Program

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

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