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BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive 2016


Newsletter Highlights


January 2016
  • 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



February 2016
  • 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



March 2016
  • 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



April 2016
  • 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



May 2016
  • 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



June 2016
  • 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



August 2016
  • 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



September 2016
  • 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



October 2016
  • 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



November 2016
  • 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



December 2016
  • 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



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