Newsletter Archive 2019 | Bankers Compliance Group

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BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive

2019

Newsletter Highlights

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

CFPB Asks Congress for MLA Supervision Authority
CFPB Issues TRID FAQS
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

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

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

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

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

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

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

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

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

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

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

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

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