Bankers Compliance Group

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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FRB Response to the Recent Bank Failures: Bank Term Funding Program*

In response to the failures of Silicon Valley Bank (SVB) and Signature Bank, on March 13, 2023, the FRB announced the establishment of the Bank Term Funding Program (BTFP). The purpose of the program is to provide an additional source of liquidity against high-quality securities, and to eliminate the need for an institution to quickly sell those securities in times of stress. Read more.

CFPB Finalizes Section 1071 Small Business Lending Data Rule*

Dodd-Frank Act Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to compile, report, and maintain specified information regarding certain women-owned, minority-owned, or small business loan applicants, in accordance with regulations to be issued by the CFPB. After a long wait, on September 1, 2021, the CFPB issued its proposal to implement Section 1071 (“Proposed Rule”), and then (finally) finalized the rule on March 30, 2023 (the “Final Rule”). Read more.

E-Commerce Lighting, Inc. v. E-Commerce Trade, LLC

: Impact of Third-party Arbitration on Lenders*

In general, lenders do not include arbitration clauses in commercial loan documents in orderto preserve the lender’s right to seek judicial relief in the event a borrower defaults on the loan.However, could lenders now find themselves needing to intervene in arbitration between theirborrowers and another party involving collateral pledged for the loan? Read more.