Bankers Compliance Group


Today is: April 19, 2024	Monthly Newsletter	Calendar of Events	Important Updates

Bankers' Compliance Group^® (BCG) is an organization of dozens of banks, credit unions, and savings associations that have associated for the purpose of retaining and sharing legal counsel for group legal services.

BCG members pay a monthly membership fee for monthly briefings, newsletters, all-day seminars, Standard Procedures Manuals, telephone access to legal counsel, and special projects that are of common interest to members.

The law firm of Aldrich & Bonnefin, PLC* acts as legal counsel for BCG and provides expertise in all areas of banking operations, consumer, mortgage and commercial lending, regulatory compliance, corporate governance, negotiable instruments, legal processes, new accounts, and much, much more.

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It's More Than Just Compliance!

Bankers' Compliance Group^® is known throughout California for advising, teaching and keeping its members informed about developments in legal and regulatory compliance matters.

Also available to BCG members and non-members alike is a full range of legal services for financial institutions.

Aldrich & Bonnefin* (counsel to Bankers' Compliance Group^®) is available to assist financial institutions with all aspects of loan structuring and documentation, as well as loan workouts and collections. Our experienced attorneys assist clients with questions about various issues regarding both consumer, mortgage, and commercial loans ranging from regulatory compliance to due diligence and structuring. We offer assistance in all aspects of documentation, from providing sample language for a specialized provision, to providing customized documentation for all or a portion of a loan transaction.

In addition, we offer a series of generic forms that will supplement most computer-generated documentation systems. Our form documents are designed to provide flexibility, that may not be available from an automated system, often needed in order to customize a document for special terms and conditions required for a specific transaction. We also offer assistance with setup and training for automated documentation systems.

Aldrich & Bonnefin* also provides legal and regulatory support in connection with all areas of banking operations and financial technology (fintech) services. We advise clients regarding regulatory compliance issues involving banking operations, including Regulations DD, CC and E, and prepare customer-facing account disclosures, account agreements and other documentation related to banking operations. The firm's unique involvement in “on-the-spot” telephone support to clients for immediate preventive advice provides reduced risk and promotes early resolution of operations claims and disputes.

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. Read more.

FTC Warns that Changing Online Privacy Policies without Notifying Consumers Could be an Unfair or Deceptive Practice*

On February 13, 2024, the Federal Trade Commission (FTC) published guidance entitled “AI (and other) Companies: Quietly Changing Your Terms of Service Could Be Unfair or Deceptive” (“AI Advisory”), warning companies that changing online privacy policies or terms of service without providing notice could be an unfair or deceptive practice. Read more.

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. Read more.

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

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