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BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive 2017


Newsletter Highlights


January 2017
  • Bureau Gives Insight on Upcoming Fair Lending Focus
  • CFPB Indicates New Advertising Clarity Standard Through Consent Orders
  • IRS Removes Non-Payment Testing Period from 1099-C Reporting Requirements
  • FFIEC Eases Call Reports for Community Banks
  • OCC Updates Internal and External Audit Handbook
  • 2017 Examination Changes for Certain Depository Institutions and Credit Unions
  • OCC to Allow FinTech Companies Special Purpose Charter
  • FDIC Requests Comments on De Novo Bank Guide
  • OCC Eliminates Certain Outdated Rules to Reduce Reg Burden
  • Agencies Issue FASB CECL Methodology FAQs
  • AB 2274 Impacts Credit Union Board Meetings and Other Matters
  • NCUA Improves Access to Consumer Complaints on CAC Portal
  • ABA Sues NCUA Over Field of Membership Rule
  • NCUA's Final Occupancy Rule for FCUs Becomes Effective this Month
  • CFPB Makes No Change to HMDA Asset-Size Threshold Exemption
  • CFPB Updates HMDA Resources
  • Agencies Increase Small and Intermediate Small Banks Asset-size Threshold



February 2017
  • Wells Fargo On Hot Seat For Alleged Discrimination Based On Immigration Status
  • Mortgage Lender Pays Big For Kickbacks
  • Banks Enter Settlement With DOJ On Redlining Claims
  • Recent California Supreme Court Rulings On Automobile Finance Contracts
  • Loan Owners Can Be Liable To Borrower For Misrepresentations By Servicer; Servicer Can Be Liable For Negligence Too
  • IRS Provides Guidance On Penalty Safe Harbor For Certain Errors In Information Return Filing
  • Bank In Hot Water For OD Fees Charged On One-time Debit and ATM Transactions
  • OCC Supplements Third Party Due Diligence Exam Procedures
  • OCC CATS System Launched
  • Federal CourtDismisses ICBA's Case Against The NCUA
  • Employers Can't Require Employees To Be “OnCall” During Rest Period



March 2017
  • Bureau Adds GMI Collection Guidance to HMDA Resources
  • Malfunction of MLA Website May Necessitate Additional MLA Search
  • Spousal Credit Reports
  • Bank Assessed CMPs for Violating BSA
  • OCC Issues Revised Comptroller’s Licensing Manual Booklet
  • Agencies Release Swap Margin Compliance Guidance
  • NCUA Seeks Input on Alternative Forms of Capital for Meeting Capital Standards



April 2017
  • Bureau Proposes to Align RegB GMI Requirements with RegC
  • Sixth Circuit: Car Dealerships Can be Creditors Obligated to Issue Adverse Action Notices
  • Eleventh Circuit: RESPA Requires More Than Boilerplate Response to Notice of Errors
  • California District Court: Overdraft Opt-in Model Form May Not be Sufficient
  • CFPB Proposes to Delay Effective Date of Prepaid Accounts Rule
  • “How To” Guide Issued for Preparing Short Form Prepaid Account Disclosures
  • Seventh Circuit: CAMELS Rating Justiciable
  • CFPB Orders Nationstar to Pay $1.75 Million for HMDA Violations



May 2017
  • CFPB Issues Proposed Clarifications to Regulation C (HMDA)
  • Supreme Court: Your City Can Sue You for Fair Lending Violations
  • Ninth Circuit: Federal FDCPA Does Not Cover Nonjudicial Foreclosures
  • Reminder:Review Your Mortgage Servicing Agreements
  • Another Reminder:California Law Limits Per Diem Interest on Mortgages
  • Identifying the Provider of a Credit Score on Adverse Action Notices
  • Disclosing AMC Appraisal Fees
  • Providing TRID Disclosures Electronically
  • DOJ Remains Barred from Using Funds for State Medical Cannabis Prosecutions
  • Deposit Account Escheatment
  • FDIC Enhances Guide on Affordable Mortgage Lending



June 2017
  • ARM Disclosures Must Reflect 2014 Rate Change Notices
  • Ninth Circuit BAP: Post-petition Negative Credit Reporting Does Not Constitute Per Se Violation of Automatic Stay
  • Cal. Court of Appeal: Inaccurate Loan Modification Appeal Deadline is Material HBR Violation
  • NMLS ID Disclosure Requirements
  • Reminder: FDIC, FRB, OCC and NCUA Action Regarding FAST Act Exception for Annual Privacy Notices
  • FRB Amends Regulation CC
  • FRB Also Proposes Changes to Regulation CC
  • Supreme Court Reigns States Back in on General Jurisdiction
  • OCC Revises the Fiduciary Powers Booklet
  • DOL: Fiduciary Rule Goes Forward But With Enforcement Relief
  • Agencies Provide Guidance Regarding Potential Shortage of Appraisers
  • California Supreme Court: Day of Rest Based on Workweek Not Rolling 7-day Period
  • NCUA Proposes Revisions to Appeals Process
  • OCC, FDIC to Give Early Warning of Scheduled CRA Exams



July 2017
  • CFPB Issues Guidance on Early Compliance with Mortgage Servicing Rules; Makes Technical Corrections
  • FDIC, FRB & OCC Guidance on When Force-Placing Flood Insurance is a “Tripwire”
  • Cities’ FHA Lawsuits Take a Hit
  • FDIC Adopts FRB and OCC Guidance on Model Risk Management
  • Supreme Court: Purchaser of Debt is Not a Debt Collector
  • U.S. Attorney General Seeks to Resume Marijuana Enforcement
  • OCC Issues FAQ Supplement to Third-party Relationships Bulletin
  • Host State LTD Ratios Updated
  • FFIEC Releases Update to Cybersecurity Assessment Tool
  • Bureau Proposes Specified Changes to Prepaid Accounts Rule
  • Treasury Releases First Report on Core Principals of Financial Regulation
  • Supreme Court Resolves Conflicting Insider Trading Decisions
  • OCC Issues New Licensing Booklet
  • ICBA and State Associations Join in Challenging NCUA Field of Membership Rule
  • NCUA Opinion Authorizes Securitizing and Selling Loans
  • List of Distressed and Underserved Non-MSA Middle-Income Geographies Updated



August 2017
  • Bureau Proposes to Increase HMDA HELOC Volume Threshold to 500; ABA Seeks Delayed Effective Date
  • CFPB Issues Final Rule Prohibiting Class Action Waivers in Arbitration Clauses
  • Tenth Circuit: Cannabis-serving CU Mildly High on Vacated Ruling
  • OCC Updates Branch Closings Booklet
  • DOJ Scraps Plan to Address ADA Website Accessibility
  • FDIC Revises Exam Appeals Guidelines
  • FRB Issues Procedures for Requesting Extension of Volcker Rule’s One-Year Seeding Period
  • FDIC Issues Manual for Processing Deposit Insurance Applications; Requests Comments on Same
  • Agencies Propose Increased De Minimis Transaction Threshold Appraisal Exemption for Commercial Loans
  • DBO Proposes to Eliminate Submission of Credit Union Bylaws
  • CFPB Updates HMDA Resources; Issues New Resource



September 2017
  • Bureau Temporarily Increases HMDA’s HELOC Threshold and Makes Other Clarifying Changes
  • CFPB Adjusts HOEPA, Credit Card and QM Points and Fees Thresholds
  • New Development in Spokeo Saga: Ninth Circuit Allows Case to Proceed
  • Second Circuit: Consumers Cannot Revoke Contractual TCPA Consent
  • Private Flood Insurance
  • Follow up Questions from BCG HMDA Webinar
  • Bank’s ID Theft Add-on Product Hit With UDAP Allegations
  • New California Department of Tax and Fee Administration Formed
  • CFPB Releases Prototype Overdraft “Know Before You Owe” Disclosure
  • Fed Proposes Board Effectiveness Guidance
  • DOL to Delay Phase-in of Certain Fiduciary Rule Exemptions
  • OCC Updates Bank Accounting Advisory Series
  • Ninth Circuit: Mortgage Underwriters Are Non-exempt Employees
  • NCUA Task Force Conducts Reg Relief Review
  • FFIEC Adopts HMDA Exam Testing Guidelines



October 2017
  • California District Court: Unruh Act Lawsuit Against Wells Fargo May Proceed
  • NFIP Reauthorized until December 8
  • CFPB Issues New Webpage and Small Entity Compliance Guide for Arbitration Rule
  • CFPB’s Summer 2017 Supervisory Highlights Discusses TRID Violations
  • CFPB Final Rule Aligns Reg B GMI Requirements with Reg C
  • NACHA Issues Bulletin on Routing Number Scam
  • Regulation E Claims Against TCF National Bank Dismissed in OD Lawsuit
  • FinCEN Warns Financial Institutions of Public Corruption in Venezuela
  • DBO to Financial Institutions: Guard Against Breaches
  • IRS Issues Guidance on Nonresident Alien Depositor Foreign TIN and DOB Requirements
  • Agencies Propose Simplifying Regulatory Capital Rules
  • Federal Regulators Update FAQs on New Accounting Standard for Credit Losses
  • EEOC Puts an OMB-Mandated Freeze on 2017 EEO-1 Form
  • Agencies Propose Minor Edits to CRA Regulations
  • 2016 HMDA Data Released




November 2017
  • President Overturns CFPB Arbitration Rule
  • CFPB Releases More HMDA Help
  • Agencies Identify Key HMDA Data Fields for Transaction Testing
  • CFPB Launches Beta Version of HMDA Platform
  • Revised URLA Will Seek Applicants’ Preferred Language
  • CFPB Outlines Data Aggregation Principles
  • Data Collection for Small Business Lending
  • California Appellate Case Provides Example of MPAL Joint Account Presumption
  • IRS Issues Letter on Court-Ordered Write-offs and Form 1099-C
  • OCC Updates List of Permissible Activities
  • SEC Issues Guidance on Pay Disparity Ratio Disclosure Rule
  • OCC Issues Guidance for Downgrading CRA Ratings
  • NorCal Counties Declared Major Disaster Areas – Potential for CRA CD Credit
  • NCUA Proposes Changes to Advertising Rule
  • New Law Restricts Salary History Info Requests
  • New California Law Prohibits Questions About Criminal Convictions



December 2017
  • Mick Mulvaney is Acting CFPB Director For Now; Places 30-day Reg Freeze
  • Bureau Officially Withdraws Arbitration Rule
  • Agencies Revise Dollar Thresholds for Certain Consumer Lending Rules
  • CFPB Approves Use of “Language Preference” Redesigned URLA
  • Reminder: Borrowers Paying for Discount Points Need to Receive Discounts
  • CFPB’s Payday Lending Rule
  • ATM/Debit Cards and Online Banking access for Attorney-Client Trust Accounts
  • Public Administrator Written Certification: Probate Code Section 7660 vs. 7603
  • OCC Issues Guidance on Impact of CRA Ratings on Banking Applications
  • OCC Issues Risk Management Principles Guidance
  • OCC Updates Background Investigations Booklet
  • Regulatory Relief Bill Introduced in Senate
  • NCUA Issues Final Rule on MSD Appeals
  • Agencies Make Minor Edits to CRA Regulations
  • FFIEC Advises of Errors in Release of 2016 CRA Small Business and Small Farm Data
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