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Today is: October 26, 2021  
 

BCG Monthly Newsletter Archive

BCG members can view a Newsletter below by selecting the download button.
 

BCG Monthly Newsletter Archive 2021

 

Newsletter Highlights

 

January 2021
  • CFPB Issues Two Final Rules Amending ATR/QM Rules
  • CFPB Issues Final Rule to Amend Regulation F
  • BCG 01/21 4 Residential Foreclosure and Eviction Moratoria, FHA Forbearance Extended
  • CFPB Unveils Fall 2020 Rulemaking Agenda
  • Bureau Increases HPML Escrow Account Small Creditor Asset-size Threshold
  • CFPB Issues Final Advisory Opinions Policy, Two New Advisory Opinions
  • CFPB Issues Advisory Opinion on Special Purpose Credit Programs
  • CFPB Publishes Section 1071 Small Business Review Panel Report
  • CFPB Issues Consent Order to Auto Lender Stemming from FCRA Violations
  • Are Weblinks for Customers Facing Financial Difficulties Required?
  • AG Proposes Another Round of Modifications to CCPA Regulations
  • Congress Passes Veto-proof AML Reforms; Eases Beneficial Ownership CDD Requirements
  • FinCEN Publishes Guidance on Information Sharing Practices
  • SBA Notice Highlights IRS Reporting Resulting From CARES Act Subsidies
  • FinCEN Issues Proposed Rule on Reporting Convertible Virtual Currency and Digital Assets
  • California Consumer Privacy Act (CCPA) Q&As
  • Agencies Issue Temporary Relief to Community Banks Who Exceed Asset Thresholds
  • OCC Proposes Rule to Offer and Provide Fair Access to Financial Services
  • FDIC Issues Final Brokered Deposit Rule
  • OCC Issues Interpretive Letter on Preemption
  • Failure to Prepare for USD Libor Disruptions Could Undermine Financial Stability, Safety and Soundness
  • ARRC Publishes a Guide to US Dollar LIBOR’s Endgame
  • FDIC Proposes Amendments to Insurance Assessments for Large and Complex IDIs Implementing CECL
  • DFPI Issues Proposed Regulations for Public Banks
  • New COVID-19 Relief Package Signed Into Law
  • SBA Updates FAQs To Address PPP Questionnaire for Loans over $2 Million
  • NCUA Proposed Rule Would Lift Ban on Capitalization of Interest
  • NCUA Announces Changes to its Fraud Hotline
  • Bureau Increases HMDA Exemption Asset-size Threshold
  • FRB and FDIC Publish CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions
  • FFIEC Announces Availability of 2019 CRA Data
  • FFIEC Announces 2020 CRA File Specifications and Edits
 
 

 

 

February 2021
  • New Administration, First Changes
  • Dreamers Case Settled in January
  • DFPI Announces CCFPL Enforcement
  • CFPB Issues LEP Statement
  • CFPB Advisory Opinion Addresses SPCPs
  • CFPB Issues Final Rule Implementing Regulatory Relief Act’s HPML Exemption
  • CFPB Issues Consent Order with Omni over MLA, EFTA and CFPA Violations
  • Are Weblinks for Mortgagors Facing Financial Difficulties Required?
  • Is the Fannie/Freddie URLA a Requirement?
  • IRS Addresses Reporting for PPP and SBA Loans
  • OCC Seeks Comment on New Real Estate Premises Ownership Rules
  • CDC Recommends Financial Services Employees for Inclusion in COVID-19 Vaccine Phase 3
  • FCC Issues Order Amending TCPA Rules
  • Which ACH consumer account debit transactions are subject to Regulation E?
  • Regulators Approve Final Rule Clarifying the Role of Supervisory Guidance
  • FDIC Revises Guidelines for Appeals of Material Supervisory Decisions
  • OCC Interpretive Letter Permits Stablecoin Payment Processing
  • OCC Finalizes Rule to Promote Fair Access to Financial Services and then Pauses It
  • SBA Issues New PPP Interim Final Rules, Guidance, FAQs and Loan Forgiveness Forms
  • FRB Extends Temporary Reg O Exception for PPP Loans Through March 31
  • SBA PPP Notices
  • Several Lawsuits Against PPP Lenders Rendered Moot by New COVID-19 Relief Legislation, Other Suits Remain Pending
  • NCUA Announces its 2021 Supervisory Priorities
  • NCUA and CFPB Sign MOU to Improve Agency Coordination
  • NCUA Proposes to Raise Risk-based Capital Rule Asset Threshold
  • NCUA Issues Subordinated Debt Final Rule
  • NCUA Proposes Amendments to FOM Rules for Multiple Common Bond FCUs
  • NCUA Proposes Rule on Purchasing of Mortgage Servicing Rights
  • NCUA Issues Proposal to Amend FCU Overdraft Policies
  • Loan Modification Applications & HMDA Reporting
 
 

 

 

March 2021
  • Reminder: Biden’s Regulatory Freeze Pending Review
  • Update on Eviction and Foreclosure Moratoria; GSE Forbearances
  • State Extends Forbearance Denial Notice Requirement
  • President Orders HUD to Review Final Disparate Impact Rule
  • Recent ATR/QM Developments
  • CFPB Publishes Special Edition of Supervisory Highlights
  • CFPB’s New Enforcement Priorities
  • Are TRID Disclosures Required When a Decedent’s Beneficiaries Assume a Mortgage Loan?
  • OAL Approves Bureau of Cannabis Control’s Emergency Regulations
  • FinCEN Begins Publishing BSA-Specific PPP FAQs
  • FCC Indefinitely Delays New TCPA Requirements’ Effective Date
  • Agencies Propose Adding New Breach Notification Requirements
  • Virginia Set to Pass Comprehensive CCPA-Type Data Privacy Law
  • Agencies Finalize Temporary Reporting Relief to Community Banks Who Exceed Asset Thresholds
  • OCC Provides LIBOR Transition Self-Assessment Tool
  • FDIC Amends Insurance Assessments for Large and Complex IDIs Implementing CECL
  • OCC Fines Former Wells Fargo General Counsel $3.5 Million
  • New Orleans Bank Executives and Borrowers Indicted for Bank Fraud
  • SBA Issues New PPP Rule for IRS Form 1040 Schedule C Filers
  • SBA Adds PPP FAQs; Economic Aid Act Revisions Pending
  • PPP/SBA 7(a) Lenders Must Register for SAM Identifier
  • PPP Lenders Must Use New Loan Forgiveness Forms Starting March 5
  • SBA Provides Methods to Resolve PPP Loan Hold Codes and Compliance Check Error Messages
  • NCUA Approves Final Rule Amending Share Insurance Regulations for Joint Accounts
 
 

 

 

April 2021
  • CFPB Rescinds COVID Temporary Compliance Flexibility Statements
  • Federal Residential “Eviction” News
  • CFPB Rescinds its Policy Statement on Abusive Practices
  • CFPB Issues Interpretive Rule on Sexual Orientation and Gender Identity Discrimination
  • Agencies Propose PFI Q&As; Big Changes to CAS Acceptance
  • CFPB Issues Fourth Status Report on Reform Act Section 1071
  • 2021 HMDA Getting It Right Issued
  • Can a Lender Charge an Extension Fee as a Condition to Extend A Residential Construction Loan
  • What are an Institution’s SAFE Act Obligations in Addition to NMLSR Registration?
  • US Supreme Court Narrows TCPA Definition of “Autodialer”
  • ABA Publishes Comment Letter Opposing OCC’s Proposed Bank Premises Rule
  • OAL Finalizes AG Modifications to CCPA Regulations
  • California Privacy Protection Agency Board Members Announced
  • FDIC’s Revised Brokered Deposits Regulation Is In Effect
  • LIBOR Transition News
  • Banking Agencies Implement Emergency Capital Investment Program
  • PPP Loan Program Extended to Take Advantage of American Rescue Plan Provisions
  • SBA Revises PPP Platform Procedures for Addressing Hold Codes and Compliance Check Error Messages
  • Fed Extends PPP Liquidity Facility Through June 30; Three Others Expired March 31
  • NCUA Issues Interim Final Rule for Central Liquidity Facility
  • NCUA Issues Asset Thresholds Interim Final Rule to Mitigate COVID-19 Related Transition Costs
  • NCUA Proposed Rule to Update CAMEL to CAMELS
  • NCUA Extends Comment Period for Proposed Rule Expanding CUSO Permissible Activities and Services
 
 

 

 

May 2021
  • CFPB Extends Temporary GSE QM; GSEs May Nonetheless Kill It
  • CFPB Proposes Foreclosure Moratorium Through End of 2021
  • CFPB Issues Mortgage Forbearance Complaint Bulletin
  • Additional Federal Court Places Halt on CDC Eviction Moratorium
  • CFPB Releases Annual Fair Lending Report
  • New Dreamers Suit Sheds Light on Immigration Status Discrimination; With an FCRA Twist
  • Debt Collection Recent Developments
  • FTC Clarifies No Transaction Limits to Holder in Due Course Rule
  • Los Angeles Cities Remain Eligible for NFIP Coverage
  • FDIC Issues New Edition of Consumer Compliance Supervisory Highlights
  • Fed Issues Consumer Compliance Outlook First Issue 2021
  • BCG 05/21 15 Federal Financial Regulators Inquire Into Financial Institutions’ Use of Artificial Intelligence
  • Starting May 1, Legacy URLA Loan Submissions NOT Accepted
  • Model Risk Management for Bank Systems Supporting BSA/AML Compliance
  • Japan Added to IRS “No TIN” List
  • California DFPI Amends “Agent of Payee” Proposal to Clarify Scope of “Payee” Definition
  • House Passes Safe Secure and Fair Enforcement (SAFE) Banking Act of 2021
  • Fed Issues Guidance for LIBOR Transition Planning Examinations; is Your Institution Ready?
  • LIBOR Replacement Rate Principles a Focus Last Month
  • New York is Transitioning from LIBOR; Passes the First State Law
  • May is the Last Month for Borrowers to Apply and June is the Last Month for SBA to Process PPP Loans
  • SBA Defines "Presently Involved in Bankruptcy" for PPP Loan Eligibility
  • SBA Notice Directed to Lenders Involved in M&A Transactions with PPP Loans in Portfolio
  • CFPB’s Small Business Fair Lending Focus & Section 1071 Update
  • NCUA Restarts 2020 COVID-19 Interim Final Rule
  • DFPI Issues Second Round of Modifications to Credit Union Regulations
 
 

 

 

June 2021
  • A Friendly Reminder to Only Impose Contractually Authorized Fees
  • FHFA Extends COVID-19 Multifamily Forbearance through September 30
  • Debt Collection Recent Developments
  • FDIC Imposes $1.8 Million Civil Money Penalty for FTC Act Section 5 Violations
  • What Qualifies as the Most Recent Installment to Avoid the Pyramiding of Late Charges?
  • CFPB Regulation E FAQs
  • VA Finalizes Rule on COVID-19 Veterans Assistance
  • FRB Issues Proposed Rule to Amend Regulation J To Address Real Time Payment System
  • Host State Loan-To-Deposit Ratios Updated
  • Federal Banking Agencies Extend Comment Period on Request for Information on Artificial Intelligence
  • Congress Expected to Disapprove OCC’s True Lender Rule; OCC Will Not Reconsider its Valid When Made Rule
  • FSB Declares Continued Reliance on LIBOR Poses Clear Risks to Global Financial Stability
  • OCC Increasing LIBOR Transition Oversight in 2021
  • California DFPI Publishes Diversity Survey
  • Recent Developments in Climate-Related Financial Risk Mitigation
  • Fed Extends Reg O Exception for PPP Loans
  • NCUA Adopts Final Rule On Derivative Authority for Federal Credit Union
  • OCC Reconsiders 2020 CRA Final Rule Except Those Provisions with October 2020 Compliance Date
 
 

 

 

July 2021
  • CFPB Issues RESPA Escrow Rules FAQs
  • CFPB’s Foreclosure Limitations Apply Only to Large Servicers
  • Federal, State and Local Foreclosure and Eviction Moratoriums Extended Last Month
  • New June 19 Federal Holiday’s (Juneteenth’s) Impact on Rescission and TRID
  • CFPB Resumes MLA Supervision
  • CFPB Issues Rulemaking Agenda
  • CFPB Issues Manufactured Home Loan Report
  • DFPI Modifies Proposed Debt Collection Licensing Act Regulations
  • Sixth Circuit Finds “Confusion and Anxiety” Does Not Provide FDCPA Standing
  • Supreme Court Rules FHFA’s Single Director Structure Violates Separation of Powers
  • Does Regulation B Allow Creditors to Require Additional Guarantors After A Commercial Borrower’s Ownership Changes?
  • Updated Levy Exemption Amount
  • California Privacy Protection Agency Board's Inaugural Public Meeting
  • Colorado Set to Become Second State to Adopt CCPA-type Privacy Law
  • OCC’s Rule Disapproved by Congress and Signed by President
  • San Francisco Establishes Working Group to Form California’s First Public Bank
  • Federal Regulators Publish their Spring 2021 Rule Lists
  • DFPI Chief Deputy Commissioner Chris Schultz Serving as Acting Commissioner
  • Fed Extends the Paycheck Protection Program Liquidity Facility One Last Time
  • NCUA Issues Final CECL Transition Rule
 
 

 

 

August 2021
  • CDC and Federal Agencies Extend Eviction Moratoriums
  • CFPB Confirms Two FDCPA Final Rules will be Effective in November
  • CFPB Issues Juneteenth Guidance
  • CFPB Updates Mortgage Servicing Rules’ SECG
  • CFPB Issues Summer 2021 Supervisory Highlights
  • CFPB Issues Spanish-language Versions of Model Written Early Intervention Notices
  • Proposed Interagency Guidance on Third-Party Relationships: Risk Management
  • California AG publishes Interactive Enforcement Tool and CCPA Enforcement Case Examples
  • White House Issues Executive Order On Access To Banking Data
  • Fed Extends Period to Comment on its New FedNow℠ Service
  • Congress Proposes New Federal Breach Notification Law
  • FDIC Proposes Rule to Simplify the Deposit Insurance Coverage Rules
  • Federal Agencies Extend Review of Certain Credit Risk Retention Rule Exemptions
  • Fed Releases CECL Tool to Help Community Banks
  • FRB, FDIC and OCC Issue LIBOR Transition FAQs on Regulatory Capital Instruments
  • Second Circuit Rules in Favor of the OCC Over Fintech Charters
  • DFPI Publishes Fifth Notice of Modifications to Proposed CFL Regulations
  • Application Extension for Emergency Capital Investment Program
  • SBA Issues Interim Final Rule That Streamlines Loan Forgiveness Process and Extends Loan Deferment Period for Timely Appeals
  • SBA Issues Procedural Notice for Certain PPP Loan Purchases and Charge Offs
  • SBA Issues Interim Final Rule for 504 Loan Debt Refinancing
  • ARRC Recommends SOFR Conventions, Best Practices and Term Rates; Institutions Should be Ready for LIBOR Transition Homestretch
  • CFPB Issues Report on Commercial Lenders’ Credit Reporting Strategies
  • NCUA Lifted the Prohibition on Capitalization of Unpaid Interest Effective July; Issues FAQs in August
  • NCUA Proposes Capital Rule for Complex Credit Unions
  • NCUA Requests Information on How CUs Use Decentralized Finance and Digital Assets Applications
  • OCC to Propose Rescinding 2020 CRA Rule; Interagency CRA Statement Issued
 
 

 

 

September 2021
  • U.S. Supreme Court Finally Decides CDC Eviction Moratorium is Unconstitutional; No Change to California’s Eviction Moratorium
  • CFPB Finally Issues Section 1071 Small Business Lending Data Proposal
  • Fair Lending Insights from CFPB’s COVID Mortgage Servicing Report
  • Another Class Action Citizenship Discrimination Case Launched Against a Creditor
  • Bank Settles Redlining Charges that Include Failing to Advertise in Spanish Even Though Its Customers Do Not Primarily Speak Spanish
  • CFPB Reports Credit Card Limits are Rising after Stagnating During Pandemic
  • OCC Changes Address for CRA, FHA and ECOA Notices; Action Required by November 4
  • CFPB Requests Comments on Whether it Should Collect Consumer Data on Electronic Disclosures
  • DFPI Invites Comment on Draft Regulations for State’s New Financial Protection Law
  • White House Issues Executive Order On Access To Banking Data
  • New York Enacts Overdraft Law Placing Limits on Check Transaction Processing Order
  • SEC Approves NASDAQ Board Diversity Rule in August; Compliance Required in 2022
  • Federal and State Lawsuits Proceeding against California’s Board Diversity Statutes
  • OCC Informs Banks About Sound Risk Management Principles for SBA Loans
  • OCC Issues New Model Risk Management Booklet
  • NMLS Transition and PACE Program Administrators Final Rules Effective October 1
  • ARRC Publishes FAQs on Best Practices Related to Using the SOFR Term Rate
  • Banking Experts Recommend Auditing Your Institution’s PPP Loans Before the Feds Do
 
 

 

 

 
 
 
 
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