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Today is: March 19, 2024  
 

 

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.
 

March 2024 Newsletter Highlights    Download Newsletter  

Recent Developments:  The Telephone Consumer Protection Act

In January and February 2024, a number of new developments occurred impacting the federal Telephone Consumer Protection Act, 47 USC 227 et seq. (TCPA), and the FCC’s implementing rules, 47 CFR 64.1100 et seq.  First, the FCC issued a declaratory ruling in which it concluded that an artificial intelligence (AI)-generated voice communication falls within the TCPA’s definition of an “artificial or prerecorded voice,” and therefore requires the prior express consent of the called party prior to initiating such communications. 

Corporate Transparency Act Ruled Unconstitutional

On March 1, 2024, the U.S. District Court for the Northern District of Alabama declared the Corporate Transparency Act (CTA) unconstitutional in the case Nat’l Small Bus. United v. Yellen, No. 5:22-cv-01448-LCB (N.D. Ala. 2022).  By way of background, on January 1, 2021, U.S. Congress enacted the Anti-Money Laundering Act of 2020 (“AMLA”) as part of the Nationwide Protection Authorization Act, which is intended to reform and modernize BSA-related laws and regulations.

U.S. Supreme Court Declines to Review Second Circuit Case Ruling that Syndicated Loans are Not Securities

As previously reported by BCG in the October 2023 Newsletter, in the matter of Marc S. Kirshner v. JP Morgan Chase Bank, N.A., No. 21-2726 (2d Cir. Aug. 24, 2023), the United States Court of Appeals for the Second Circuit addressed the issue of whether syndicated loans qualify as securities.

NCUA Announces Overdraft Reporting Proposal for $1 Billion+ Credit Unions

On February 6, 2024, NCUA Chair Todd Harper stated in an interview with the Brookings Institute that an NCUA proposal would require credit unions with more than $1 billion in assets to report data to the NCUA on overdraft and NSF fees.

U.S. Chamber of Commerce Sues to Prevent California’s Climate Disclosure Laws from Going into Effect

On October 7, 2023, Governor Newsom signed into law two bills that will require California businesses that exceed certain revenue thresholds, including financial institutions, to publicly disclose certain information regarding their carbon footprint and climate-related financial risk. 

 

Table of Contents

CONSUMER FINANCE

  • Recent Developments:  The Telephone Consumer Protection Act
  • CFPB Updates Its Internal Supervisory Appeals Process
  • FEMA Proposes Updates to the Current Standard Flood Insurance Policy
  • FFIEC Issues Examination Principles on Appraisal Bias

BANKING OPERATIONS & FINTECH

  • Corporate Transparency Act Ruled Unconstitutional
  • OCC Fines City National Bank for Alleged Risk Management Shortcomings
  • California Attorney General Issues Letter Warning of Overdraft Fee UDAP Risk
  • FTC Warns that Changing Online Privacy Policies without Notifying Consumers Could be an Unfair or Deceptive Practice
  • California Attorney General Reaches Second CCPA Settlement with DoorDash

COMMERCIAL LENDING

  • U.S. Supreme Court Declines to Review Second Circuit Case Ruling that Syndicated Loans are Not Securities
  • Regulators Release 2023 SNC Program Review Results

CREDIT UNIONS

  • NCUA Announces Overdraft Reporting Proposal for $1 Billion+ Credit Unions

CORPORATE GOVERNANCE

  • U.S. Chamber of Commerce Sues to Prevent California’s Climate Disclosure Laws from Going into Effect
  • Federal Bank Regulatory Agencies Seek Comment on Interagency Effort to Reduce Regulatory Burden
  • OCC Issues Proposed Rule to Amend Bank Merger Regulations 

 

 
 
 

 

 

 

* Janet Bonnefin is retired from the practice of law with the firm.
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