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Today is: September 27, 2021  
 

 

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.
 

September 2021 Newsletter Highlights    Download Newsletter  


U.S. Supreme Court Finally Decides CDC Eviction Moratorium is Unconstitutional; No Change to California's Eviction Moratorium
Last month’s U.S. Supreme Court ruling declaring that the CDC’s Order preventing landlords from evicting tenants who were unable to make rental payments due to the COVID-19 pandemic is unconstitutional was its second in the matter.

White House Issues Executive Order On Access To Banking Data
On July 9, 2021 President Biden signed the “Executive Order on Promoting Competition in the American Economy” (EO).  Among other things, the EO encourages (but does not demand) the Consumer Financial Protection Bureau to issue rules allowing customers to download their banking data.

SEC Approves NASDAQ Board Diversity Rule in August; Compliance Required in 2022
On August 6, 2021, the Securities and Exchange Commission (SEC) approved NASDAQ’s “Board Diversity Rule” (diversity rule), which was later published in the Federal Register on August 12, 2021 at 86 FR 44424.

ARRC Publishes FAQs on Best Practices Related to Using the SOFR Term Rate
Last month, the Alternative Reference Rates Committee (ARRC) published “Frequently Asked Questions (FAQs) on Best Practice Recommendations Related to Scope of Use of the Term Rate” on its website.  The FAQs answer the most frequently asked questions regarding the ARRC’s recommended best practices for the scope of use of the Secured Overnight Financing Rate (SOFR) Term Rate in contracts.

Table of Contents

 

Consumer Finance

  • 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            

Banking Operations & FinTech

  • White House Issues Executive Order On Access To Banking Data
  • New York Enacts Overdraft Law Placing Limits on Check Transaction Processing Order

Corporate Governance

  • 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

Commercial Lending

  • 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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