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Today is: June 25, 2019  


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.

June 2019 Newsletter Highlights    Download Newsletter  

NFIP Extended Through June 14, 2019
On May 30, 2019, a day before the National Flood Insurance Program (NFIP) was set to expire, Congress passed the National Flood Insurance Program Extension Act of 2019 (S. 1693), extending the NFIP just until June 14, 2019.

Safe Deposit Box Escheatment Refresher
In April 2019, the California State Controller’s Office (SCO) released a new fact sheet titled Remitting Unclaimed Property to California. Among other topics, the fact sheet addresses the remittance of safekeeping property.

OCC Final Rule Extends National Bank Powers to Eligible Savings Associations
The 2019 Regulatory Relief Act Section 206 gives certain federal savings associations the option to operate as a national bank without converting to a national bank charter. On May 24, 2019, the OCC published a final rule to implement this statutory provision. 84 FR 23991.

ARRC Issues Fallback Language for Bilateral Business Loans and Securitizations
With the demise of the London Interbank Offered Rate (LIBOR) only a couple of years way, financial institutions need to begin now to transition to a replacement index. Recall that the Alternative Reference Rates Committee (ARRC) (formed by the Department of the Treasury and the Commodity Futures Trading Commission) selected the Secured Overnight Financing Rate (SOFR) as a replacement index.

Loan-related Negotiations
Question: Some loan officers in our branches speak languages other than English, for example Spanish. If in connection with a business loan request, an applicant requests that we conduct all discussions or negotiations about the loan request in Spanish, may or should we do so?

Proposed Rule Would Raise Nonmember Shares Limit to 50 Percent
On May 23, 2019, the NCUA issued a proposed rule that would permit federal credit unions (FCU) to receive funds for regular shares, share certificates and share draft accounts from certain nonmembers up to 50 percent of certain unimpaired capital and surplus.


Table of Contents

Consumer Finance

  • 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

Banking Operations & FinTech

  • 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

Corporate Governance

  • 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

Commercial Lending

  • ARRC Issues Fallback Language for Bilateral Business Loans and Securitizations
  • California Supreme Court Affirms Deficiency Judgment for Same Senior and Junior Lienholder

Commercial Lending Q&A

  • Loan-related Negotiations

Credit Unions

  • Proposed Rule Would Raise Nonmember Shares Limit to 50 Percent
  • NCUA Mulling Changes to Lending Compensation Rules








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