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Today is: October 26, 2021  
 

BCG Monthly Newsletter Archive

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BCG Monthly Newsletter Archive 2020

 

Newsletter Highlights

 

January 2020
  • FDIC and OCC Propose CRA Modernization
  • CRA Asset-Size Thresholds Adjusted for 2020
  • FFIEC Releases 2020 Community Reinvestment Act (CRA) Data Entry Software
  • Two Banking Agencies Propose Rules on “Valid When Made” Loan Doctrine
  • FDIC Requests Comments on Proposed Revisions to Brokered Deposit Regulations
  • FDIC Intends to Promote Clarity with the Release of its Enforcement Actions Manual
  • TARP Special Inspector General Launches Financial Institution Crimes & Fines Database
  • NCUA Delays Risk-Based Capital Rule by Another Two Years
  • Private Lawsuits Can Be Filed Under the CCPA; California’s AG Must Wait
  • Banks Not Always Required to File a SAR Just Because a Customer Cultivates Hemp
  • CFPB Proposes Changes to the Remittance Transfer Rules; Requests Comments
  • New York Federal Court Enters Judgment Against Bank for TCPA Violations
  • PMI Must be Reported on Form 1098
  • Insurance Commissioner Issues a One Year Moratorium on Policy Non-Renewals
  • Regulators Issue Interagency Statement on the Use of Alternative Data in Credit Underwriting
 
 

 

 

February 2020
  • CFPB Issues UDAAP “Abusive” Standard Guidance
  • Looks Like CFPB will Extend QM Patch, Remove DTI Limits from ATR Rule
  • FICO 10 Credit Score Introduced
  • CFPB Issues TRID Construction Loan Guidance
  • CFPB Issues Supervisory Highlights Consumer Reporting Special Edition
  • CFPB Publishes Updated HMDA Small Entity Compliance Guide
  • It’s Law; MIP Must Be Reported on Form 1098 Through the 2020 Tax Year
  • California Consumer Privacy Act
  • Governor Newsom Proposes Converting DBO Into a Mini-CFPB
  • CFPB Issues Policy Statement on Compliance Aids
  • ARRC Seeks Public Feedback on its Spread Adjustment Methodologies for LIBOR Transition
  • FSB Issues Warning to Banks that Have Not Started to Transition from LIBOR
  • OCC Announces its Regulatory Oversight to Evaluate Preparedness for LIBOR’s End
  • SEC Adopts Changes to Security-based Swaps Regulatory Regime
  • FDIC’s Supervisory Highlights Include a Focus on Commercial Real Estate Lending
  • Some Finance Lenders Rent-a-charter to Avoid AB 539
  • NCUA Proposes to Allow Credit Unions to Issue Subordinated Debt
  • NCUA Announces its Supervisory Priorities for 2020
  • FRB Has its Own Ideas for CRA Reform Separate and Apart from OCC and FDIC
  • FDIC and OCC’s Proposed CRA Regulations Published in the Federal Register
 
 

 

 

March 2020
  • CFPB Proposes Supplemental Rule on Time-barred Debt
  • DOD Amends MLA FAQs on GAP Financing; Adds New Q&A on ITIN MLA Scrubs
  • “Member FDIC” to Go High-Tech
  • GSEs Release Interactive URLA and Omit Language Preference Question
  • IRS: Taxpayer First Act Only Applies to PostDecember 28, 2019 Transcripts
  • U.S. Supreme Court Resolves FDCPA Statute of Limitations Circuit Split
  • Conditioning Credit on a Credit Report
  • Class Action Complaint Cites CCPA
  • CCPA Regulations Expected to be Effective on July 1, 2020
  • FDIC’s FDiTech Releases New Guide to Help FinTechs Connect with Banks
  • DBO Soliciting Comments on Proposed Public Bank Rulemaking
  • What Happens if Your Chief Operating Officer Contracts the Coronavirus?
  • House Passes Insider Trading Bill
  • SB 1235 Disclosure Regulations Still in Works; Questions Purchasers Should Consider
  • CFPB Ordered to Issue Final Small Business HMDA Rule
  • FRB Publishes SOFR Averages and SOFR Index
  • Fannie and Freddie to Discontinue Purchasing LIBOR-based ARMs; Updated ARM Notes and Riders
  • SBA Issues Interim Final Rule; Raises CCPA Concerns
  • FDIC and OCC Extend Comment Period for Proposed CRA Rules
 
 

 

 

April 2020
  • COVID-19 Interagency Loan Modifications Statement; They’re Generally Not TDRs
  • Mortgage Servicing – Financial Regulators Confirm a Flexible Supervisory and Enforcement Approach
  • Federal Regulators Want Institutions to Work with Customers Affected by the Coronavirus
  • CFPB Updates its Consumer Financial Resources in Response to COVID-19’s Impact
  • CFPB Extends Comment Period for FDCPA SNPR
  • BASEL IV Standards Delayed
  • FRB Supports the Flow of Credit to Businesses and American Families
  • March 31, 2020 Call Report Deadline Extended if Necessary
  • SBA Providing Paycheck Protection and Disaster Assistance Loans to COVID-19 Impacted Small Businesses
  • Financial Institution Business Continuity and Recovery Operations
  • Homeland Security Issues COVID-19 “Hall Pass” so Essential Workers Can Report for Duty
  • FAQs for COVID-19 Affected Financial Institutions
  • FRB Adjusts Supervisory Activities Due to COVID-19
  • NCUA Amends Bylaw Regulations Effective Immediately
  • COVID-19 Affected LICUs Can Request Urgent Needs Grants from NCUA
  • FDIC Statement on Working with Customers
  • Banking Agencies Issue Guidance on CRA Activities in Response to COVID-19
  • CFPB Issues TRID Lender Credit FAQs
  • CFPB Implementing Advisory Opinion Program
  • Preview of April 2020 Mortgage Lending Seminar ? Loan Modifications
  • Scams Involving Gift Cards Purchased with a Debit Card
  • ARC, BOC, POP and RCK ACH Debit Entries
  • California Consumer Privacy Act – What is a Covered Business?
  • DBO Extends Deadline to Make Comments on Public Bank Regulations
  • CECL Interagency Policy Statement Finalized; Agencies Authorize Transitions Delay Due to Pandemic & CARES Act
  • CFPB Clarifies How to Report Ethnicity, Race and Sex under HMDA
 
 

 

 

May 2020
  • CFPB Issues ECOA/TILA Waiver Guidance
  • NFIP’s Grace Period – No Impact on Forced Placement
  • CARES Act Payments Exempt From Levy
  • Six-Transfer Limit Suspended
  • CFPB Will Be Flexible on Remittance Transfer Rule
  • Brokered Deposit NPR’s Comment Period Extended
  • NCUA Issues Temporary Regulatory Relief
  • PPP Loans a Key Focus During Pandemic
  • Congress Increases PPP Funding
  • PPPLF Recent Developments
  • Certain PPP Loan Temporarily Exempt from Regulation O
  • Five PPP Lawsuits Filed in April
  • Banking Agencies’ Temporary Appraisal Extension
  • SBA Express Loan Programs Interim Final Rule Rescinded
  • “Responsible Conduct” Guidance Updated
  • FFIEC Releases New APR Computational Tool
  • OCC Updates Third-Party Relationships FAQs
  • FFIEC Releases New APY Computational Tool
  • BSA/AML Examination Manual Updated
  • Illicit Cash Act Requires Beneficial Ownership Reporting
  • CFPB Proposes Whistleblower Award Law to Congress
  • Libor Transition Guidance for Hedge Accounting
  • FRB Outlines Framework to Determine Company Control
  • Residential Real Estate Appraisal Threshold Increased
  • FRB Funds Main Street Lending Program
  • Lending Oversight Reform Act Final Rule
  • Commercial Lease Holdover Provision Upheld
  • HMDA Final Rule Lowers Thresholds
  • FRB’s CRA Analytics Data Tables Published
 
 

 

 

June 2020
  • Paycheck Protection Program (PPP) Loans Continue to Dominate the Headlines
  • SBA Issues PPP Loan Processing Fee Guidance
  • SBA Publishes Additional PPP FAQs
  • PPPLF & MMLF Loans Excluded from Liquidity Coverage Ratio
  • NCUA PPP Loan Developments
  • SBA Issues PPP Foreign-language Resources
  • DOJ and FBI Warn of SBA Loan Scams
  • DOJ and FBI Also Prosecuting SBA Loan Fraud
  • CFPB Issues No-Action Letter Templates for Small-Dollar Loans & Risk Mitigation Program
  • Agencies Issue Statement on Responsible Small-Dollar Loans Lending Principles
  • GSEs: When COVID-19-impacted Borrowers Can Refinance or Get a New Loan
  • CFPB Extends Comment Period for Proposed Time-Barred Debt Disclosures - Again
  • CFPB Tries to Define Dwelling and Loan Modification under the ECOA Valuations Rule
  • COVID-19’s Impact on Flood Insurance Regulations
  • CFPB Issues Final Remittance Transfer Rule
  • FDIC Proposes to Mitigate Deposit Insurance Assessment Effects of PPP, PPPLF and MMLF Participation
  • OCC Permits Electronic Director, Shareholder and Member Meetings
  • Conducting Virtual Shareholder Meetings under California Law
  • CARES Act Temporarily Increases SBA Express Loan Lending Limit Through 2020
  • Main Street Lending Program Should be Operational Soon
  • USDA to Provide $1 Billion in Loan Guarantees for Rural Businesses and Agricultural Producers
  • FRB’s Commonly Cited Consumer Compliance Violations
  • CFPB Issues Mortgage Servicing Transfer Guidance
  • CFPB Issues 2020 Fair Lending Report
  • PACE Lending Developments
  • CCPA: Still a Big Deal
  • FRB Issues Q&As on Removal of Six-Per-Month Limit For Saving Accounts and MMDAs
  • New Ballot Initiative: California Privacy Rights and Enforcement Act of 2020
  • Regulation CC Amendments
  • Financial Regulators Issue Final ACL Interagency Policy Statement
  • NCUA Modifies Military Personnel Consideration for Low-Income Designation
  • Recent LIBOR Developments
  • CFPB’s Small Business Fair Lending Focus
  • OCC Issues Final Rule Modernizing CRA Regulations
  • FDIC Is Not Prepared to Finalize the CRA Proposal at this Time
  • CFPB Updates HMDA Small Entity Compliance Guide
 
 

 

 

July 2020
  • PPP Loan Program Developments
  • June 2020 Amendments
  • PPP Loan Forgiveness Application Developments
  • SBA Issues EIDL Refinance Guidance for PPP Lenders
  • June 22, 2020 Interim Final Rule
  • Additional Interim Final Rules and Additional Efforts to Revise the PPP Again
  • Bank and Credit Union Interest in the Main Street Lending Program
  • CFPB Issues COVID-19 Credit Reporting FAQs
  • FHA Extends Foreclosure/Eviction Moratorium and California’s Efforts Fail
  • CFPB Issues COVID-19 Credit Card E-Disclosure Flexibility
  • FHFA COVID-19 Servicing Scripts and Mortgage Assistance Application Available in Six Languages
  • Financial Institution Executives Forecast Credit Writedowns Later This Year; Offer Suggestions for Financial Institutions to Prepare
  • U.S. Supreme Court: CFPB Director Must Be Removable at President’s Will
  • CFPB Launches Pilot Advisory Opinion Program
  • CFPB Issues New TRID Factsheet & FAQs
  • CFPB Issues ATR/QM Proposals
  • CFPB Updates Reverse Mortgage Examination Procedures
  • CFPB Issues LIBOR Transition Proposal & Guidance
  • Fannie and Freddie Publish LIBOR Transition Playbook & FAQs
  • CCPA Regulations Should Be Effective Soon
  • CFPB Updates Remittance Rule SECG
  • FraudClassifier Model Aids in Consistent ACH, Wire or Check Payments Fraud Classification
  • Host State Loan-To-Deposit Ratios Updated
  • The Impact of Civil Unrest on Banks
  • Financial Regulators Issue Final ACL Interagency Policy Statement
  • FRB Resumes Examinations
  • FDIC and OCC Issue Final Rules in Response to Madden Decision
  • FRB Chairman: AMERIBOR® is an Appropriate LIBOR Replacement Rate for Certain Institutions
 
 

 

 

August 2020
  • FRB Extends COVID-19 Related Lending Facilities Through December 31, 2020
  • SBA Issues Notice Outlining PPP Loan Forgiveness Process
  • SBA Issues FAQs on PPP Loan Forgiveness
  • SBA Updates PPP Loan Processing Fee Guidance
  • FRB Extends Reg O’s Temporary PPP Loan Exemption
  • Main Street Lending Program Operational; Expanded for Nonprofits
  • CFPB Adds COVID Exception to RESPA Loss Mitigation Option Rules; NCUA Alerts Credit Unions to CFPB’s Interim Final Rule
  • Federal and State Regulators Issue COVID-19 Safety and Soundness Guidance
  • Face Masks in Financial Institutions
  • CFPB Ratifies Prior Regulatory Actions in Response to Seila Law
  • Bureau Finalizes Changes to Payday Lending Rule
  • U.S. Supreme Court Nixes TCPA Exemption For Government Debt-related Collection Calls
  • Agencies Propose Updated Flood Insurance Q&As
  • OCC Issues New UDAP/UDAAP Booklet
  • CFPB Adjusts Certain Regulation Z Thresholds for 2021
  • CFPB Releases its Spring 2020 Regulatory Agenda
  • FFIEC Announces Availability of 2019 Mortgage Lending Data
  • FDIC Updates Flood Insurance CMP Process
  • CFPB Proposes HPML Amendments
  • AG Posts CCPA FAQs
  • FCC Adopts Call-Blocking Order; Issues Lawful Calls Proposal
  • DBO Amends “Agent of Payee” Proposal to Clarify “Payee”
  • FinCEN Issues Due Diligence Guidance for Hemp-related Business Customers
  • Agencies Modify Volcker Rule’s Covered Funds Prohibitions
  • OCC Clarifies Federally Chartered Banks and Thrifts May Provide Crypto Assets Custody Services
  • OCC Proposes to Define “True Lender”
  • ARRC Releases LIBOR Transition Tool
  • NCUA Issues Regulatory Alert on CFPB’s COVID Exception to RESPA Loss Mitigation Rules
 
 

 

 

September 2020
  • Agencies Issue Additional COVID Loan Accommodation Guidance: The Party’s Ending?
  • CFPB Proposes New “Seasoned” QM
  • Federal Foreclosure Moratorium Extended Through December 31, 2020
  • CFPB’s RFI on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System
  • CCPA Regulations Finalized
  • FinCEN Publishes Customer Due Diligence FAQs, Issues Statement on BSA Due Diligence for Politically Exposed Persons
  • FinCEN Issues BSA Enforcement Statement on its Enforcement of the BSA
  • Dealing with Face Mask Guidance, Orders and Policies
  • Fed Could Launch 24x7x365 FedNowSM Service as Early as 2023
  • OCC Proclaims Banks Affected by the California and Colorado Wildfires May Close
  • California Will Require Certain California Corporations to have Board Members from Underrepresented Communities in Addition to Women
  • Community Bank Leverage Ratio Temporarily Becomes Eight Percent on October 1
  • New Final Rule Amends “Eligible Retained Income” Under Regulatory Capital Rule
  • Final Rule Mitigates CECL’s Effect for Institutions Adopting the New Accounting Standard in 2020
  • FDIC Codifies Changes to Provide More Employment Opportunities for Individuals with Certain Minor Criminal Convictions
  • FRB Releases Annual Large Bank Stress Test Results; Halts Stock Buybacks and Limits Dividends for Large Banks
  • ARRC Releases SOFR Starter Kit; Summer Series Webcasts Available Online
  • ARRC Updates its Recommended Best Practices for Completing LIBOR Transition
  • ARRC Issues ARM and Student Loan Resource Guides
  • SBA Clarifies PPP Loan Forgiveness Limits of C- and S-Corp. Owner-Employee Compensation and Certain Nonpayroll Costs
  • Banks Win First PPP Suit Regarding Payment of Agents’ Fees
  • Several Attorneys General Sue FDIC and OCC Over Interest Rate Rules
  • NCUA Approves Changes to Field of Membership Rule
  • CFPB Issues FAQs for “Relied on” HMDA Data Points
  • CFPB Releases 2021 HMDA FIG and Supplemental Guide for Quarterly Filers
 
 

 

 

October 2020
  • California Forms its Own Mini-CFPB and Passes Numerous Consumer Financial Protection Laws
  • HUD Issues Final Rule Amending Its Disparate Impact Standard
  • California Enacts COVID-19 Tenant, Homeowner and Small Landlord Relief Law
  • CFPB Publishes Latest Edition of Supervisory Highlights
  • Agencies Extend Proposed Flood Q&As’ Comment Period
  • Reg Z APR Q&A
  • Naming the Trustee on a Deed of Trust
  • CCPA Relief for Employment and Business Data Extended For One More Year
  • U.S. Supreme Court to Resolve Circuit Split on TCPA’s “Autodialer” Definition
  • OCC Confirms National Bank and FSA Authority to Hold Stablecoin Reserves
  • FDIC Established Deposit Insurance Fund Restoration Plan
  • SEC Modernizes Accredited Investor Definition
  • FTC and DOT Seek Comments on Proposed Antitrust M&A Rules
  • Forgiven PPP Loan Amounts: Tax Developments
  • Many California City and County Commercial Tenant Evictions Moratoriums Are Extended
  • FRB Updates Main Street Lending Program FAQs
  • ARRC Publishes Revised Fallback Language for LIBOR-Indexed Business Loans
  • CFPB Outlines Small Business Lending Data Collection Proposal
  • DBO Proposes Commercial Financing Disclosures Regulations
 
 

 

 

 

November 2020
  • Banking Agencies Adopt Temporary Interim Final Rule for Appraisals/Evaluations
  • CFPB Extends Temporary GSE QM
  • CFPB Issues New-ish FAQs on RESPA Section 8 and MSAs
  • Agencies Update TILA Exam Procedures
  • CFPB Releases Early Termination Process for Consent Orders
  • CFPB Issues TRID Assessment; “Finance Charge” Definition Unchanged
  • DFPI & California Fair Lending Notice
  • AG Proposes Further Modifications to CCPA Regulations
  • Federal Reserve Amends Implementation Date for Changes to Facilitate Same-Day ACH Service
  • USAA Sues PNC Bank Over Mobile Deposit Capture Technology
  • FDIC Urges Banks to Work with Borrowers Affected by the California Wildfires
  • FinCEN and OFAC Issue Ransomware Advisories
  • Ransomware Risk Mitigation Tool Jointly Released by Federal, State Authorities and BECTF
  • CIP Exemption for Property and Casualty Insurance Premiums Loans Expanded
  • Community Bank Leverage Ratio Finalized
  • ISDA Updated Fallback Provisions for 2006 Swap Definitions
  • SEC Modernizes Auditor Independence Rules
  • FDIC Approves Temporary Relief from Part 363’s Audit and Reporting Requirements
  • Agencies Adopt Final Rule for Institutions Implementing CECL in 2020
  • Loan Forgiveness Applications for Loans of $50K and Less are Simplified
  • SBA Outlines Procedures for PPP Borrowers with Ownership Changes
  • SBA Updates PPP FAQs
  • OCC Finalizes “True Lender” Rule
  • Recent NCUA Board Actions Affecting Credit Union Corporate Governance
  • Federal Reserve Begins the CRA Reform Process
  • Bureau Updates HMDA Data Collection Chart for 2021
 
 

 

 

December 2020
  • CFPB Issues Final Regulation F – Fair Debt Collection Practices
  • CFPB’s Final Rule Amends Disclosure of Records and Information Rules
  • Agencies’ 2021 Thresholds for Certain Consumer Lending Rules Remain the Same
  • CFPB Issues Small-Dollar Loan NAL to Bank of America
  • CFPB Issues ANPR on Consumer Access to Financial Records
  • CFPB Issues Payday Loan Disclosure Request for Comment
  • California Rosenthal Fair Debt Collection Practices Act Q&A
  • Furnishers are Required to Report Disputes Made Through E-Oscar
  • Charities and Non-profit Organizations Share Spotlight in Regulatory Joint Fact Sheet
  • FDIC’s Final Rule Amends Branch Application Procedures to Remove NHPA and NEPA Statement Requirements
  • FinCEN and FRB Propose to Amend BSA Rules’ International Transactions Threshold
  • New Interagency Proposal Seeks Public Comment on Role of Supervisory Guidance
  • PPP Borrowers May Not Deduct Certain Expenses on Income Tax Returns
  • FRB Revises Main Street Lending Program
  • Treasury Secretary Asks Fed To Unwind All, But Four, Credit Facilities
  • SBA Proposes Newly Created Loan Necessity Questionnaires to PPP Borrowers of $2M or More
  • CFPB Issues Consent Order for Bank’s Alleged Inaccurate HMDA Reporting
 
 
 
 
 
 
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