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.
 

PFI Compliance Aid Statement: It Does Exist!
As we discussed during the February 2019 BCG Monthly Telephone Briefing and will discuss again during the BCG Webinar on April 30, 2019, starting July 1, 2019, regulated lenders must start accepting private flood insurance (PFI) policies that meet what we refer to as the “Eight Criteria.”

NACHA Delays Third Phase of Same-Day ACH Processing Window
In September 2016, NACHA began a three-phase rollout of same-day processing for ACH entries. The final phase began on March 18, 2018. Among other things, the third phase adds an additional processing window to expand same-day ACH availability by two hours.

FDIC Eliminates Annual Disclosure Requirement
For decades, state nonmember banks have been required to prepare and make available an annual disclosure statement regarding the bank’s financial condition. The disclosure statement must be made available to the public upon request.

The End is Near for LIBOR
The London Inter-Bank Offered Rate (LIBOR) will not be calculated after December 2021. Financial institutions need to prepare for LIBOR’s end and the transition to a replacement index.

Table of Contents

Consumer Finance

• PFI Compliance Aid Statement: It Does Exist!
• Recent HMDA Developments
• Citibank Pays $49 Million for Discriminatory Pricing of Mortgage Loans
• What is the Status of the Dreamers Case Against Wells Fargo?
• U.S. Supreme Court Holds Nonjudicial Foreclosures Are Not Subject to FDCPA
• DOJ Issues $80,000 Consent Order Against California Auto Finance

Banking Operations & FinTech

• NACHA Delays Third Phase of Same-Day ACH Processing Window
• Do Not Ignore FTC Subpoenas or CIDs
• FCC Proposes Truth in Caller ID Amendments
• CFPB Issues Report on Elder Financial Exploitation

Corporate Governance

• FDIC Eliminates Annual Disclosure Requirement
• Wells Fargo May Receive $320 Million for Account Scandal
• Federal Banking Agencies Revise Call Reports for CECL and S. 2155

Commercial Lending

• The End is Near for LIBOR
• L.A. Federal Court Upholds Default Rate on Commercial Construction Loan