Court Rules that Debt Collector Violated FDCPA with Communication to Dunning Vendor -
A federal appellate court has recently ruled that a debt collector violated certain privacy requirements under the federal Fair Debt...more
6/1/2021
/ Appeals ,
Bank Holding Company ,
Bank Holding Company Act ,
Banking Sector ,
Biden Administration ,
Climate Change ,
Congressional Review Act ,
Cryptocurrency ,
Debt Collectors ,
Digital Assets ,
Executive Orders ,
FDCPA ,
FDIC ,
FinTech ,
Fintech Charter ,
OCC ,
Predatory Lending ,
Proposed Legislation ,
Public Comment ,
Qualified Mortgage Rule ,
Regulation Z ,
Risk Assessment ,
Special Purpose National Bank Charter ,
Third-Party Service Provider ,
Time Extensions ,
True Lender
CFPB Takes Steps to Avoid a Possible Wave of Home Mortgage Loan Foreclosures -
The CFPB has issued guidance to mortgage servicers, including banks that service mortgage loans for third-party noteholders, that the CFPB...more
4/29/2021
/ Banking Sector ,
Centers for Disease Control and Prevention (CDC) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Eviction ,
Fannie Mae ,
FDCPA ,
FEMA ,
Financial Services Industry ,
Foreclosure ,
Freddie Mac ,
Guidance Update ,
Moratorium ,
Mortgage Servicers ,
Mortgages ,
National Flood Insurance Program ,
Paycheck Protection Program (PPP) ,
Proposed Rules ,
Qualified Mortgage Rule ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Stock Purchase Agreement ,
Tax Allocation Agreements
Federal Reserve Issues New Guidance on Managing the LIBOR Transition -
The Federal Reserve has issued guidance on how examiners will assess a banking organization’s progress in preparing to transition to a replacement rate...more
3/30/2021
/ Abusive Acts ,
Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Flood Insurance ,
Libor ,
New Guidance ,
NPRM ,
Paycheck Protection Program (PPP) ,
Qualified Mortgage Rule ,
Regulation Z ,
Relief Measures ,
Rescission ,
SBA ,
Student Loans
HUD, VA, and USDA Coordinate Extensions of COVID-19 Relief for Homeowners -
The U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture...more
2/25/2021
/ Bank Secrecy Act ,
Banking Sector ,
Benchmarks ,
Call Reports ,
CARES Act ,
Coronavirus/COVID-19 ,
Current Expected Credit Losses (CECL) ,
Deposit Insurance ,
Disparate Impact ,
Fair Housing Act (FHA) ,
FDIC ,
FFIEC ,
Financial Institutions ,
FinCEN ,
Guidance Update ,
HUD ,
Libor ,
Mortgage Lenders ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Public Health Emergency ,
Time Extensions ,
USDA ,
Veterans Administration
Updated Annual Meeting Guidance for Mutual Banks and Mutual Holding Companies -
The Massachusetts Division of Banks has issued new guidance to mutual banks and mutual holding companies that have not yet held their 2020...more
1/28/2021
/ Annual Meeting ,
Bank Holding Company ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Data Breach ,
FDIC ,
Final Rules ,
Guidance Update ,
Mortgage Escrow Account ,
Mortgages ,
Notice Requirements ,
OCC ,
Supervisory Guidance ,
Suspicious Activity Reports (SARs)
A long-awaited bipartisan stimulus bill was signed into law by President Trump on December 27, 2020. Included in the law, known as the Consolidated Appropriations Act, 2021 (the “Act”), are economic stimulus measures and a...more
12/29/2020
/ Accounting ,
Banking Sector ,
CARES Act ,
Community Development ,
Community Development Financial Institution (CDFI) ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Debt Restructuring ,
Depository Institutions ,
Eviction ,
Financial Stimulus ,
Minority-Owned Businesses ,
Moratorium ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
U.S. Treasury
FDIC Modernizes Brokered Deposit Rule and Amends Interest Rate Restrictions -
The FDIC has adopted a final rule that establishes new standards for determining whether deposits made through certain kinds of arrangements...more
12/23/2020
/ Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Due Diligence (CDD) ,
FDIC ,
Financial Institutions ,
FinCEN ,
FinTech ,
Interest Rates ,
Libor ,
Suspicious Activity Reports (SARs)
Congress has passed the long-awaited bipartisan stimulus package on December 21, 2020 which is expected to be signed by the President. Included in this package are significant changes to the existing Paycheck Protection...more
Federal Banking Agencies Issue New Guidance on Managing the LIBOR Transition -
The member agencies of the Federal Financial Institutions Examination Council (“FFIEC”) have issued joint guidance for banking organizations...more
11/24/2020
/ Appraisal ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Due Diligence (CDD) ,
Debt Collection ,
Dodd-Frank ,
FDCPA ,
Federal Reserve ,
Final Rules ,
FinCEN ,
Libor ,
National Bank Charters ,
NCUA ,
New Guidance ,
OCC ,
Regulation F ,
Regulation M ,
Regulation Z ,
Secured Overnight Funding Rate (SOFR) ,
Supervision ,
Truth in Lending Act (TILA)
SBA Adopts Streamlined Loan Forgiveness Procedures for PPP Loans of $50,000 or Less -
The U.S. Small Business Administration (“SBA”) has adopted an interim final rule to streamline the loan forgiveness application process...more
10/29/2020
/ Appraisal ,
Bank Holding Company ,
Bank Secrecy Act ,
Banking Sector ,
Community Reinvestment Act ,
Compliance ,
Coronavirus/COVID-19 ,
Cybersecurity ,
FinCEN ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
True Lender
Federal Court in New York Dismisses Claims Against PPP Lenders for Agent Fees -
A federal court in New York has dismissed claims made in six class action lawsuits against several banks and other Small Business...more
10/1/2020
/ Banking Sector ,
CARES Act ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Dismissals ,
Disparate Impact ,
FDIC ,
Fees ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
HUD ,
Main Street Lending Programs ,
Paycheck Protection Program (PPP) ,
Transaction Fees
Federal Court Dismisses Class Action Claims Against PPP Lenders for Agent Fees -
A federal court in Florida has dismissed claims made in a class action lawsuit against several banks and other Small Business Administration...more
8/27/2020
/ Banking Regulators ,
Banking Sector ,
BSA/AML ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
FDIC ,
FFIEC ,
Financial Institutions ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Qualified Mortgage Rule ,
Relief Measures
SBA Issues Instructions to Lenders on Submitting PPP Loan Forgiveness Applications The U.S. Small Business Administration (the “SBA”) has issued a procedural notice announcing that the SBA will begin accepting forgiveness...more
7/30/2020
/ BSA/AML ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Eviction ,
FinCEN ,
Foreclosure ,
Loan Forgiveness ,
Moratorium ,
Paycheck Protection Program (PPP) ,
SBA ,
Single Director
Federal Regulators Ease Restrictions on Volcker Rule Covered Funds The federal banking agencies, along with the SEC and the CFTC, have issued a final rule to amend the regulations that implement Section 13 of the Bank...more
6/30/2020
/ Bank Holding Company Act ,
CFTC ,
Coronavirus/COVID-19 ,
Dodd-Frank ,
Federal Reserve ,
Main Street Lending Programs ,
Paycheck Protection Program (PPP) ,
Preemption ,
SBA ,
Securities and Exchange Commission (SEC) ,
Valid When Made Doctrine ,
Volcker Rule
The Massachusetts Division of Banks has issued guidance to Massachusetts-chartered mutual savings banks, mutual co-operative banks, and mutual holding companies on postponement of their annual meetings and alternative...more
Division of Banks Updates Guidance on COVID-19 Forbearance Under Emergency Law
The Massachusetts Division of Banks has updated its guidance in the form of answers to frequently asked questions (FAQs) about Chapter 65 of...more
On May 15, the SBA released its standard application that borrowers must complete to receive partial or full forgiveness for loans issued pursuant to the Paycheck Protection Program (PPP). Consequently, we have substantially...more
President Signs New COVID-19 Relief Bill into Law, Funding Additional PPP Loans -
The Paycheck Protection Program and Health Care Enhancement Act was signed into law by President Donald Trump on April 24, providing $484...more
5/1/2020
/ Banking Sector ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Electronic Notarization Standard ,
Eviction ,
Federal Reserve ,
Financial Institutions ,
Foreclosure ,
Governor Baker ,
HMDA ,
Leverage Ratio ,
Loan Modifications ,
Moratorium ,
Notarization ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
State and Local Government ,
Virtual Notarization Procedures
On April 9, 2020, the Federal Reserve established new liquidity facilities to support lending programs authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Federal Reserve’s press release...more
The Massachusetts Division of Banks has issued guidance that grants immediate supervisory relief to Massachusetts-chartered banks from statutory lending limits on loans to one borrower for loans made pursuant to the U.S....more
President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law on March 27. The CARES Act includes broad economic stimulus measures, and a number of provisions designed to provide relief to...more
On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. A core component of the CARES Act is the provision of approximately $350 billion to guarantee loans to small...more
Massachusetts Governor Charlie Baker has issued an emergency order closing the physical workplaces and facilities of all businesses and organizations that do not provide “COVID-19 Essential Services,” which does not apply to...more
Federal Reserve Announces Unlimited Quantitative Easing and New Emergency Lending Programs -
On March 23, the Federal Reserve announced new liquidity facilities, expanding its efforts to help shore up the U.S. economy....more
The FDIC, OCC, and Massachusetts Division of Banks (DOB) each have recently issued updated guidance on accommodations for customers that banks should consider to address the financial needs of borrowers and depositors who...more
3/18/2020
/ Banking Sector ,
Capital Controls ,
Commercial Loans ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Crisis Management ,
Debt Restructuring ,
Depository Institutions ,
Emergency Response ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Hardship Distributions ,
Hardship Extensions ,
Joint Policy Statements ,
Liquidity ,
OCC ,
Relief Measures