BCG Monthly Newsletter

Bankers’ Compliance Group® is pleased to provide its members with a monthly online Newsletter that keeps members informed on current topics related to Dodd-Frank Regulatory Reform, Consumer Finance, Operations, Commercial Lending, etc. BCG members can view the current Newsletter by selecting the download button below.
 

Governor Signs Amendments to California Consumer Privacy Act
Governor Newsom signed four overlapping amendments to the California Consumer Privacy Act (CCPA) at the constitutional deadline on October 13, 2019. While the amendments contain a crosshatch of technical fixes mixed in with major substantive changes, the bill of greatest import was AB 25 which adds two major exemptions to the CCPA.

DBO Issues Cannabis Banking Guidance
On October 3, 2019, the California Department of Business Oversight (DBO) issued guidance to state-chartered financial institutions to help them navigate the risks associated with banking cannabis-related businesses (DBO Cannabis Guidance). According to the DBO’s press release announcing the guidance, the agency expects that it will serve as an additional resource for financial institutions as more and more of them begin to accept cannabis-related businesses as customers.

Banking Agencies Increased Major Assets Prohibition Thresholds for Management Interlocks
Last month, the banking agencies issued a final rule that increased the thresholds in the major assets prohibition for management interlocks for purposes of the Depository Institutions Management Interlocks Act (Interlocks Act). The Interlocks Act prohibits a director, officer or branch manager (“management officials”) of a bank, thrift or credit union from contemporaneously serving in a management capacity of a competing financial institution.

NCUA Amends Supervisory Committee Audits and Verifications
Credit unions are required to obtain an annual supervisory committee audit at least once every calendar year covering the period since the last audit. 12 CFR Part 715. A “supervisory committee” is one component of a credit union’s management team and its members are appointed by the board of directors.

Table of Contents

Consumer Finance

• 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

Banking Operations & Fintech

• 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

Corporate Governance

• 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

Credit Unions

• NCUA Amends Supervisory Committee Audits and Verifications
• NCUA Issues Final Rule for Credit Union Bylaws