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Today is: December 14, 2018  
 

 

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.
 

December 2018 Newsletter Highlights    Download Newsletter  


Congress Extends NFIP Until December 21
As BCG previously reported, the National Flood Insurance Program (NFIP) was set to expire on December 7, 2018.  On that expiration date, President Trump signed Joint Resolution H.J. 143, extending NFIP funding through December 21, 2018. The law firm will continue to monitor and report on the NFIP program’s status.

Agencies Encourage Innovative Approaches to AML Compliance
On December 3, 2018, the FDIC, FRB, NCUA and OCC, together with FinCEN, issued a joint statement encouraging financial institutions to implement innovative approaches for meeting compliance with the Bank Secrecy Act and anti-money laundering (BSA/AML) rules.

FDIC Announces Initiatives to Encourage De Novo Banks
On December 6, 2018, the FDIC announced several initiatives to streamline and promote transparency in the federal deposit insurance application process to encourage more applications from de novo banks.

DBO Requests Comments on Proposed Commercial Financing Disclosures
Earlier this year, Governor Brown signed SB 1235 into law to require certain disclosures in connection with commercial financing.  The law requires a “provider,” defined as a person who extends a specific offer of commercial financing to a recipient, to disclose specific information to the potential borrower.

DOJ and Hudson Valley FCU Settle SCRA Allegations
The Department of Justice and Hudson Valley Federal Credit Union (HVFCU) recently entered into a settlement to resolve allegations that the credit union violated the Servicemembers Civil Relief Act (SCRA) by repossessing vehicles owned by SCRA-protected servicemembers without first obtaining the required court orders. 


Table of Contents

Consumer Finance

  • Congress Extends NFIP Until December 21
  • CFPB Launches Beta Version of HMDA Platform for Data Collected in 2018
  • Agencies Increase Dollar Thresholds for Certain Consumer Lending Rules
  • Agencies Propose Increase to Appraisal Exemption Threshold for Residential Real Estate-Secured Loans
  • FDIC Requests Information on Small Dollar Lending
  • Judge Stays CFPB’s Payday Loan Rule August 2019 Compliance Date

Banking Operations & FinTech

  • Agencies Encourage Innovative Approaches to AML Compliance
  • Bureau and FRB Propose Amendments to Reg CC

Corporate Governance

  • FDIC Announces Initiatives to Encourage De Novo Banks
  • Agencies Propose Community Bank Leverage Ratio
  • Valuable Information from Keynote Speaker at BCG Management & Directors Seminar
  • FASB Extends CECL Effective Date for Non-public Business Entities

Commercial Lending

  • DBO Requests Comments on Proposed Commercial Financing Disclosures

Credit Unions

  • DOJ and Hudson Valley FCU Settle SCRA Allegations

 

 

 
 
 

 

 

 

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