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Today is: February 20, 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.
 

February 2019 Newsletter Highlights    Download Newsletter  


CFPB Asks Congress for MLA Supervision Authority
Last month the newly confirmed CFPB Director, Kathleen Kraninger, submitted a draft legislative proposal to Congress asking it to grant the CFPB nonexclusive authority to conduct Military Lending Act (MLA) compliance examinations. According to Kraninger, the requested authority would  complement the work the CFPB already does to enforce MLA.

Two Percent Interest on Impounded Insurance Proceeds
Question: Must we pay two percent interest when we hold fire insurance proceeds received on damaged mortgage property? We hold the proceeds to enable the borrower to rebuild the home.

CFPB Settles USAA Federal Savings Bank Alleged EFTA Violations
On January 3, 2019, the CFPB entered into a settlement with USAA Federal Savings Bank (USAA) for violations of the Electronic Fund Transfer Act (EFTA), Regulation E and the Consumer Financial Protection Act of 2010 (CFPA).

U.S. Supreme Court Declines to Hear Another CFPB Constitutionality Case
Last month, the United States Supreme Court denied a petition for writ of certiorari to hear an appeal from the District of Columbia (D.C.) Circuit Court of Appeals regarding another case challenging the CFPB’s constitutionality. State Nat’l Bank of Big Spring v. Mnuchin, 2019 U.S. LEXIS 664 (Jan. 14, 2019).

Unlawful Detainer Statutes Must Be Strictly Followed After Nonjudicial Foreclosure
In December 2018, the California Supreme Court reversed an appellate court decision over when a hold-over tenant, in possession of a property sold in a nonjudicial foreclosure, may be served with a notice to quit. Dr. Leevil, LLC. v. Westlake Health Care Center, 431 P. 3d 151 (Cal. 2018). Westlake Village Property, L.P.

NCUA Letter Advises of 2019 Supervisory Priorities
On January 8, 2019, the NCUA issued a letter to federally insured credit unions summarizing its 2019 supervisory priorities. Letter No. 19-CU-01 (Letter). The Letter advises that the NUCA will fully implement this year its extended exam cycle introduced in 2017 (refer to NCUA Letter 16-CU-12 for more information regarding the extended exam cycle).

Increase Made to Asset-size Threshold for Defining Small and Intermediate Small Banks
On an annual basis, the federal banking agencies (the FDIC, FRB and OCC) adjust the asset-size thresholds used to define “small institution” and “intermediate small institution” for CRA purposes. The agencies base the annual adjustment on the annual percentage change in the CPI-W. On December 20, 2018, the agencies increased the CRA asset threshold for 2019 as a result of an increase in the CPI-W.


Table of Contents

Consumer Finance

  • CFPB Asks Congress for MLA Supervision Authority
  • CFPB Issues TRID FAQS
  • Deceptive Disclosures Permanently Bar Lender from Future Consumer Lending
  • U.S. Supreme Court Rules that Courts May Not Override Arbitration Provisions
  • Private Flood Insurance Rule in the Works

Consumer Finance Q&A

  • Two Percent Interest on Impounded Insurance Proceeds

Banking Operations & FinTech

  • CFPB Settles USAA Federal Savings Bank Alleged EFTA Violations

Corporate Governance

  • U.S. Supreme Court Declines to Hear Another CFPB Constitutionality Case

Commercial Lending

  • Unlawful Detainer Statutes Must Be Strictly Followed After Nonjudicial Foreclosure

Credit Unions

  • NCUA Letter Advises of 2019 Supervisory Priorities

CRA/HMDA Corner

  • Increase Made to Asset-size Threshold for Defining Small and Intermediate Small Banks

 

 

 

 
 
 

 

 

 

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