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.
 

Equifax to Pay More Than $600 Million to Settle Data Breach Claims
Last month, Equifax reached an agreement with the FTC, the CFPB and 48 state attorneys general in connection with the 2017 data breach that exposed nearly half of the American population’s social security numbers and other sensitive personal information. According to California’s attorney general, Xavier Becerra, 15 million Californians (almost half of the state’s population) were affected.

FinCEN Issues Advisory on Email Compromise Fraud Schemes
On July 16, 2019, FinCEN released an update to its 2016 advisory on email compromise fraud schemes to alert financial institutions about the most recent trends reported regarding business email compromise fraud. The 2019 Update is titled, “Updated Advisory on Email Compromise Fraud Schemes Targeting Vulnerable Business Practices,” FIN-2019-A005 (2019 Guidance).

Agencies Issue Final Rule Affecting Common Equity Tier 1 Capital and Calculation of Minority Interest for Community Banks
As part of its ongoing efforts to reduce illegal and illegitimate telephone calls, on June 7, 2019, the FCC issued a declaratory ruling permitting telephone companies to immediately start providing call-blocking measures designed to identify calls that are “highly likely to be illegitimate,” while giving consumers the choice to opt out of such measures.

Agencies Further Revise the HVCRE Exposure Definition
On July 22, 2019, the OCC, FRB and FDIC (Agencies) issued a final rule that simplifies several requirements under the capital rules for non-advanced approaches banking organizations. 84 FR 35234. A “non-advanced approaches banking organization” is generally a bank with less than $250 billion in total consolidated assets and less than $10 billion in total foreign exposure.

Table of Contents

Consumer Finance

• Equifax to Pay More Than $600 Million to Settle Data Breach Claims
• Freedom Debt Relief to Pay $20 Million to Affected Consumers
• FHFA Designates ARM Index, Effective Immediately
• Erratum

Banking Operations & FinTech

• FinCEN Issues Advisory on Email Compromise Fraud Schemes
• CFPB Updates Elder Abuse Guidance
• FDIC Amends Part 330 for Joint Ownership Deposit Accounts
• California Bot Disclosure Law Takes Effect
• FDIC Posting Applications Procedures Manual Online

Corporate Governance

• Agencies Issue Final Rule Affecting Common Equity Tier 1 Capital and Calculation of Minority Interest for Community Banks
• Agencies Adopt Final Volcker Rule Exemption
• 23 States Join Vision 2020’s Multistate Money Transmitter/MSB Licensing Scheme
• Margin Rules for Non-centrally Cleared Derivatives Delayed by One Year
• Regulatory Relief Act Prompts OCC to Update a National Bank and Federal Savings Association Comparison Publication

Commercial Lending

• Agencies Further Revise the HVCRE Exposure Definition
• NCUA Increases Commercial Real Estate Appraisals Threshold to $1 million
• LIBOR Ends 901 Days from July 15, 2019