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BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive 2019


Newsletter Highlights


January 2019
  • NFIP Extended Until May 31, 2019
  • Bureau Increases HPML Escrow Account Small Creditor Asset-size Threshold
  • HMDA Beta Testing Complete; Start Filing 2018 Data Now
  • Bureau Increases HMDA Exemption Asset-size Threshold
  • Bureau Issues Policy Guidance on Modifying Loan-Level HMDA Data
  • FDIC Issues Final Rule on Reciprocal Deposits; Seeks Comments on Brokered Deposit Rule
  • Agencies Adopt Relief Act Small Bank Exam Schedule
  • Notice of Proposed Rulemaking to Implement Volcker Rule Amendments
  • Banking Agencies Propose to Update Management Interlock Rules
  • Banks Have Three Years to Phase in “Day-One” Impact of CECL
  • FDIC Proposes to Increase Asset Threshold for Banks Subject to Stress Testing
  • NCUA & State Regulators Launch Alternating Exam Pilot Program



February 2019
  • CFPB Asks Congress for MLA Supervision Authority
  • Deceptive Disclosures Permanently Bar Lender from Future Consumer Lending
  • U.S. Supreme Court Rules that Courts May Not Override Arbitration Provisions
  • Private Flood Insurance Rule in the Works
  • Two Percent Interest on Impounded Insurance Proceeds
  • CFPB Settles USAA Federal Savings Bank Alleged EFTA Violations
  • U.S. Supreme Court Declines to Hear Another CFPB Constitutionality Case
  • Unlawful Detainer Statutes Must Be Strictly Followed After Nonjudicial Foreclosure
  • NCUA Letter Advises of 2019 Supervisory Priorities
  • Increase Made to Asset-size Threshold for Defining Small and Intermediate Small Banks



March 2019
  • Bureau Issues 2019 List of Rural or Underserved Counties
  • Bureau Updates HMDA Data Collection Chart for Collecting 2019 HMDA Data
  • FDIC’s Standardized Export of Imaged Loan Documents Initiative
  • Bureau Proposes Changes to Payday Lending Rule and Effective Date
  • Loan Originator Policy
  • CFPB Opens System for Submitting Prepaid Account Agreements
  • ADA Website Lawsuits Remain a Hot Topic
  • FDIC Proposes to Amend Assessment Regulations for Community Banks
  • FASB Proposes an Accounting Standards Update to Ease Transition to CECL
  • NCUA Proposes Changes to its Supervisory Committee Audits and Verification Rules



April 2019
  • PFI Compliance Aid Statement: It Does Exist!
  • Recent HMDA Developments
  • Citibank Pays $49 Million for Discriminatory Pricing of Mortgage Loans
  • What is the Status of the Dreamers Case Against Wells Fargo?
  • U.S. Supreme Court Holds Nonjudicial Foreclosures Are Not Subject to FDCPA
  • DOJ Issues $80,000 Consent Order Against California Auto Finance
  • NACHA Delays Third Phase of Same-Day ACH Processing Window
  • Do Not Ignore FTC Subpoenas or CIDs
  • FCC Proposes Truth in Caller ID Amendments
  • CFPB Issues Report on Elder Financial Exploitation
  • FDIC Eliminates Annual Disclosure Requirement
  • Wells Fargo May Receive $320 Million for Account Scandal
  • Federal Banking Agencies Revise Call Reports for CECL and S. 2155
  • The End is Near for LIBOR
  • L.A. Federal Court Upholds Default Rate on Commercial Construction Loan



May 2019
  • CFPB Proposes HMDA Amendments
  • NBA Does Not Preempt California Interest on Impound Accounts Law
  • HUD Charges Facebook with Discriminatory Advertising Practices
  • Interest Rate Limitations: Servicemembers
  • FDIC Proposes Changes to Signature Card Requirements for Joint Ownership Accounts
  • FDIC Proposes Changes to Recordkeeping for Timely Deposit Insurance Determination for Large Banks
  • Deposit Account Escheatment
  • CFTC Expands De Minimis Exception for Swaps Conducted by Banks
  • SEC Final Rule Simplifies Certain Disclosure Requirements
  • Developments in Anticipation of LIBOR’s End
  • CECL Implementation Delayed Three Months; FAQs Updated
  • HMDA Happenings



June 2019
  • NFIP Extended Through June 14, 2019
  • Activist Group Suing CFPB for Failing to Require Data Collection
  • Bureau Proposes Debt Collection Rule
  • The Ninth Circuit Rules the CFPB’s Structure is Constitutional
  • Right to Reinstate Mortgage Cannot Be Waived in California
  • Safe Deposit Box Escheatment Refresher
  • FRB Requests Comments on Modifications to Support Same-Day ACH Processing Window
  • CFPB Requests Comment on Regulation E Overdraft Rule
  • DBO Cautions About Potential Confusion of Similar FDIC Website Name
  • Updated Host State LTD Ratios Released
  • OCC Final Rule Extends National Bank Powers to Eligible Savings Associations
  • Fed Proposes Changes to Rules for Determining Bank Control
  • Governor Newsom Appoints Manuel Alvarez as DBO Commissioner
  • Clarification: Annual Disclosure Requirement for State-chartered Banks
  • SEC Proposes Amendments to Accelerated and Large Accelerated Filer Definitions
  • ARRC Issues Fallback Language for Bilateral Business Loans and Securitizations
  • California Supreme Court Affirms Deficiency Judgment for Same Senior and Junior Lienholder
  • Loan-related Negotiations
  • Proposed Rule Would Raise Nonmember Shares Limit to 50 Percent
  • NCUA Mulling Changes to Lending Compensation Rules



July 2019
  • CFPB Extends Comment Period for Proposed HMDA Amendments
  • Freedom Mortgage Must Pay $1.75 Million CMP for HMDA Violations
  • CFPB Settles with Mortgage Servicer Over TILA, RESPA and CFPA Violations
  • CFPB Publishes TRID Construction Loan FAQs
  • CFPB Releases its Spring 2019 Regulatory Agenda
  • FDIC Issues its First Edition of Consumer Compliance Supervisory Highlights
  • Eleventh Circuit Rules the City of Miami May Proceed with FHA Claim
  • List of Distressed and Underserved Non-MSA Middle-income Census Tracts Updated
  • Private Flood Insurance
  • HMDA Triggering Loan & Assumptions
  • Loan Purpose
  • FCC Issues Declaratory Ruling Expressly Permitting Call-blocking Measures
  • CFPB’s Spring 2019 Rulemaking Agenda
  • FDIC’s Supervisory Highlights
  • Agencies Adopt Liquidity Coverage Ratio Rule
  • NCUA Proposes Delaying Effective Date of Risk-based Capital Rule until 2022
  • Agencies Streamline FFIEC 051 Call Report Even More
  • FDIC Approves Joint Agency Capital Rule
  • Small Business Administration Issues Proposed Rule Affecting the 7(a) Loan Program



August 2019
  • Equifax to Pay More Than $600 Million to Settle Data Breach Claims
  • Freedom Debt Relief to Pay $20 Million to Affected Consumers
  • FHFA Designates ARM Index, Effective Immediately
  • Erratum
  • FinCEN Issues Advisory on Email Compromise Fraud Schemes
  • CFPB Updates Elder Abuse Guidance
  • FDIC Amends Part 330 for Joint Ownership Deposit Accounts
  • California Bot Disclosure Law Takes Effect
  • FDIC Posting Applications Procedures Manual Online
  • Agencies Issue Final Rule Affecting Common Equity Tier 1 Capital and Calculation of Minority Interest for Community Banks
  • Agencies Adopt Final Volcker Rule Exemption
  • 23 States Join Vision 2020’s Multistate Money Transmitter/MSB Licensing Scheme
  • Margin Rules for Non-centrally Cleared Derivatives Delayed by One Year
  • Regulatory Relief Act Prompts OCC to Update a National Bank and Federal Savings Association Comparison Publication
  • Agencies Further Revise the HVCRE Exposure Definition
  • NCUA Increases Commercial Real Estate Appraisals Threshold to $1 million
  • LIBOR Ends 901 Days from July 15, 2019



September 2019
  • HUD Proposes to Amend Its Disparate Impact Standard
  • FFIEC Releases 2018 Mortgage Lending HMDA Data, 2019 Census Data Products and the 2019 Geocoding System
  • CFPB Adjusts Certain Regulation Z Thresholds for 2020
  • A CRA’s and Furnisher’s FCRA Obligations Are to a Consumer
  • CFPB Issued Additional TRID FAQs
  • Do Not Put an Account Number on an Envelope, Even if by QR Code
  • FHFA Plans to Eliminate the Language Preference Question on the URLA
  • Ninth Circuit Affirms Summary Judgment Against Mass Joinder Mortgage Relief Scammers
  • Simplified Volcker Rule Approved and Future Changes Announced
  • Technical Regulatory Amendments to Implement CECL
  • FASB Extends CECL Deadline for Most BCG Members
  • FRB Proposes the Modernization of Rules Governing Confidential Supervisory Information and Freedom of Information Act Requests
  • Judicial Watch Files Lawsuit Over Women Director Law
  • President Trump Signs the Family Farmer Relief Act.
  • DBO Requested Comments on Proposed Regulations for Commercial Financing Disclosures
  • SBA 7(a) Lending Program Alert
  • SEC Made Technical Corrections to the S-K Disclosure Requirements
  • Banking Agencies and FinCEN Issue Joint Statement on BSA/AML Supervision
  • D.C. Circuit Court Rules in Favor of the NCUA’s 2016 Field of Membership Rule
  • NCUA Issues Business Email Compromise Fraud Alert



October 2019
  • HMDA Quarterly Reporting Begins January 1, 2020
  • CFPB Issues Policies to Promote Innovation and Facilitate Regulatory Compliance
  • Bureau Issues 19th Edition of its Supervisory Highlights
  • CFPB Updates its HMDA Webinars for the Regulatory Relief Act and its 2018 Rule
  • Private Flood Insurance & the Compliance Aid Statement
  • Prepaid vs. Prepaid Finance Charges
  • FRB and CFPB Amend Regulation CC for Inflation
  • Judicial Council Adjusts the Automatic Exemption Amounts for Certain Judgment Levies
  • IRS Issues Guidance on Nonresident Alien Depositor Foreign TIN and DOB Requirements
  • DBO Outlines Proactive Steps for Financial Institutions to Mitigate Data Breaches
  • Regulation E Error Investigation
  • California Establishes a Public Bank
  • Eleventh Circuit Upholds FDIC’s $5 Million Jury Award Against a Bank’s Board of Directors
  • FDIC Proposes Amendments to Small Bank Assessment Credit Regulations
  • Two Challenges to the OCC Fintech Charter and Two Different Rulings
  • OCC Implements “Covered Savings Associations”
  • Federal Credit Unions Can Offer PALs II Loans Starting December 1
  • NCUA Issues Regulatory Alert to FCUs Serving Hemp Businesses
  • ABA Petitions for En Banc Hearing Over NCUA’s FOM Rule




November 2019
  • Governor Signs Amendments to California Consumer Privacy Act
  • AG Proposes Regulations Under California Consumer Privacy Act
  • CFPB Issues Final Rule to Implement Regulatory Relief Act’s HMDA Amendments
  • Dollar Thresholds Increase for Certain Consumer Lending Rules
  • Recent SAFE Act Developments: To Care or Not to Care?
  • Supreme Court Takes On CFPB Constitutionality Case
  • Sixth Circuit: Mortgagees May Not Bring RESPA Suits
  • Another City’s FHA Case Proceeds Against a Big Bank
  • DBO Issues Cannabis Banking Guidance
  • CA District Court: EFTA Does Not Prohibit Stop-Payment Fees
  • SB 616 Adds New Category of Monies Automatically Exempt from a Levy
  • Ninth Circuit Validates ADA Website Claims
  • Banking Agencies Increased Major Assets Prohibition Thresholds for Management Interlocks
  • Agencies Issue Community Bank Leverage Ratio Final Rule and Guidance
  • FRB Approves Volcker Rule Revisions
  • Agencies Increase De Minimis Residential Real Estate Appraisal Exemption Threshold
  • Banking Agencies Propose CECL Interagency Policy Statement
  • FASB Formally Delays CECL Implementation for Some Institutions
  • LIBOR Transition News
  • NCUA Amends Supervisory Committee Audits and Verifications
  • NCUA Issues Final Rule for Credit Union Bylaws



December 2019
  • Effective this Month, Taxpayer First Act Amends Taxpayer Consent Requirements
  • HUD and DOJ Sign MOU to (it is hoped) Encourage More Banks to Engage in FHA Lending
  • NFIP Extended Through Dec. 20, 2019
  • Seventh Circuit Confirms that Debt Validation Notices Sent by Email Are Insufficient
  • U.S. House of Representatives Passes the Corporate Transparency Act of 2019
  • FFIEC Replaces Business Continuity Planning with Business Continuity Management Booklet
  • FDIC Proposes Amendments to the National Rate and National Rate Cap Regulations
  • DBO Forms Cannabis Banking Task Force
  • FDIC Risk-Focused, Forward-Looking Safety and Soundness
  • Banking Agencies Issue Final HVCRE Rule
  • New York Federal Reserve Bank to Publish SOFR Term Rates to Transition from LIBOR
  • ARRC Releases Fallback Language for Residential ARMs; Fannie and Freddie Plan to Use It
  • FASB Officially Delays CECL for Certain Entities
  • NCUA Proposes to Increase Threshold Level for Required Residential Real Estate Appraisals
  • NCUA Re-Adopts Field of Membership Rule and Responds to DC Circuit Court
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