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Today is: February 18, 2020  
 

 

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 2020 Newsletter Highlights    Download Newsletter  


CFPB Issues UDAAP "Abusive" Standard Guidance
On January 24, 2020, the CFPB issued a policy statement providing what the agency calls a “common-sense framework” on how the Bureau intends to apply the “abusiveness” standard in Dodd-Frank’s UDAAP.

It's Law, MIP Must Be Reported on Form 1098 Through the 2020 Tax Year
As reported in the January 2020 BCG Newsletter, the IRS asked the president in 2019 to sign a bill to extend the expired mortgage insurance premium deduction under Section 163 of the Internal Revenue Code.

Governor Newsom Proposes Converting DBO Into a Mini-CFPB
Last month, Governor Newsom proposed that legislators enact the California Consumer Financial Protection Law (CCFPL) which he included in his 2020-21 state budget. The governor’s proposal includes a $44 million plan to modernize and revamp the DBO.

Some Finance Lenders Rent-a-charter to Avoid AB 539
California’s Fair Access to Credit Act (AB 539) was enacted in 2019.  Section 5 of the Act added Section 22304.5 to the California Financial Code which authorizes, among other things, a finance lender, with respect to a loan of a bona fide principal amount of $2,500 or more but less than $10,000, to contract for or receive charges at a rate not exceeding an annual simple interest rate of 36 percent plus the “Federal Funds Rate” (defined as the rate published by the Board of Governors of the Federal Reserve System in its Statistical Release H.15 Selected Interest Rates).

NCUA Proposes to Allow Credit Unions to Issue Subordinated Debt
On January 23, 2020, the NCUA issued a proposed rule that would update its risk-based capital rule (RBC Rule) to allow eligible credit unions to issue subordinated debt for purposes of regulatory capital treatment.

FRB Has its Own Ideas for CRA Reform Separate and Apart from OCC and FDIC
Last month, a day before the FDIC issued its proposed modernization plan for Community Reinvestment Act (CRA) regulations, the point person for the Federal Reserve Board (FRB), Lael Brainard, delivered a speech to Washington D.C.’s Urban Institute entitled, “Strengthening the Community Reinvestment Act by Staying True to its Core Purpose.”

Table of Contents

Consumer Finance

  • CFPB Issues UDAAP “Abusive” Standard Guidance
  • Looks Like CFPB will Extend QM Patch, Remove DTI Limits from ATR Rule
  • FICO 10 Credit Score Introduced
  • CFPB Issues TRID Construction Loan Guidance
  • CFPB Issues Supervisory Highlights Consumer Reporting Special Edition
  • CFPB Publishes Updated HMDA Small Entity Compliance Guide

Banking Operations & FinTech

  • It’s Law; MIP Must Be Reported on Form 1098 Through the 2020 Tax Year
  • California Consumer Privacy Act

Corporate Governance

  • Governor Newsom Proposes Converting DBO Into a Mini-CFPB
  • CFPB Issues Policy Statement on Compliance Aids
  • ARRC Seeks Public Feedback on its Spread Adjustment Methodologies for LIBOR Transition
  • More LIBOR Transition News
  • FSB Issues Warning to Banks that Have Not Started to Transition from LIBOR
  • OCC Announces its Regulatory Oversight to Evaluate Preparedness for LIBOR’s End
  • SEC Adopts Changes to Security-based Swaps Regulatory Regime
  • FDIC’s Supervisory Highlights Include a Focus on Commercial Real Estate Lending

Commercial Lending

  • Some Finance Lenders Rent-a-charter to Avoid AB 539

Credit Unions

  • NCUA Proposes to Allow Credit Unions to Issue Subordinated Debt
  • NCUA Announces its Supervisory Priorities for 2020

CRA/HMDA Corner

  • FRB Has its Own Ideas for CRA Reform Separate and Apart from OCC and FDIC
  • FDIC and OCC’s Proposed CRA Regulations Published in the Federal Register

 

 

 

 

 
 
 

 

 

 

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