Newsletter Archive 2017 | Bankers Compliance Group

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BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive

2017

Newsletter Highlights

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OCC Eliminates Certain Outdated Rules to Reduce Reg Burden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

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

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

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

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

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

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

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

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

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

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

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

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

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