On May 14, 2024, the CFPB distributed more than $384 million to about 191,000 consumers harmed by Think Finance due to its illegal lending practices. In November 2017, the CFPB filed a lawsuit against Think Finance, alleging that the company deceived consumers into repaying loans they did not owe.

On May 13, 2024, the Federal Reserve Board and the CFPB issued a final rule amending Regulation CC, which implements the Expedited Funds Availability Act (EFA Act), to adjust for inflation dollar amounts relating to availability of funds. In 2019, the Board and the CFPB finalized a rule that formally set a methodology for inflation adjustments which occur every five years.

On May 13, 2024, the HUD announced that it has entered into a Conciliation Agreement with Rocket Mortgage, LLC resolving allegations that Rocket Mortgage denied a mortgage loan application based on race because the home being purchased was located within the Tribal boundaries of a federally recognized reservation. 

On May 11, 2024, the ABC News reported that a federal judge in Texas issued a temporary nationwide injunction to the CFPB’s Credit Card Penalty Fees Final Rule that was set to take effect on May 14, 2024. On March 5, 2024, the CFPB finalized a rule to cut excessive credit card late fees by closing a loophole exploited by large card issuers.

On May 9, 2024, the CFPB issued a new report finding consumers encounter numerous problems with credit card rewards programs. In particular, consumers report losing benefits to devaluation, limited redemption opportunities, and vague or hidden terms and conditions.

On May 8, 2024, FinCEN issued an Advisory to assist financial institutions in detecting potentially illicit transactions related to Islamic Republic of Iran-backed terrorist organizations. The advisory was issued in light of the intensified terrorist activity in the Middle East where FinCEN  is urging vigilance in identifying potential suspicious activity related to the financing of Iran-backed militias and terrorist organizations, including Hamas, the Houthis, Hizballah, Palestinian Islamic Jihad (PIJ), and Iran-aligned militia groups in Iraq and Syria.

On May 7, 2024, the CFPB issued a consent order against Chime Financial for failing to give consumers timely refunds when their accounts were closed. Chime Financial is a nonbank that partners with banks to offer financial products, including checking accounts, savings accounts, and credit cards. 

On May 6, 2024, the OCC, the FDIC, the FHFA, and the NCUA issued a Notice of Proposed Rulemaking that seeks to implement section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Specifically, the proposal would establish new requirements for incentive-based compensation at certain covered institutions.

On May 3, 2024, the Federal Reserve, the FDIC, and the OCC jointly issued a guide to assist community banks in developing and implementing third-party risk management practices. The guide was issued as a resource for community banks and does not substitute the Interagency Guidance on Third-Party Relationships: Risk Management (TPRM Guidance) that the agencies issued in June 2023.

On May 2, 2024, the HUD released a guidance that explains how  the Fair Housing Act (FHA) applies to the advertising of housing, credit, and other real estate-related transactions through digital platforms. The guidance aims to addresses the increasingly common use of automated systems, such as algorithmic processes and Artificial Intelligence (AI), to facilitate advertisement targeting and delivery.

On April 29, 2024, the FDIC revised parts of its Risk Management Manual of Examination Policies. The FDIC conducts examinations to help ensure the stability of insured depository institutions by identifying undue risks and weak risk management practices. 

The Federal Reserve System recently published its First Issue of Consumer Compliance Outlook for 2024. Consumer Compliance Outlook is the agency’s publication focusing on consumer compliance topics.

On April 24, 2024, the CFPB published a report highlighting that overdraft/NSF Revenue in 2023 was down more than 50% versus pre-pandemic levels, saving consumers over $6 billion annually. This significant reduction in junk fees is attributed to the CFPB’s heightened its supervisory attention on overdraft and NSF fees in 2022.

On April 24, 2024, the CFPB issued its Supervisory Highlights Spring 2024 edition which covered select examinations regarding mortgage servicing that were completed from April 1, 2023 through December 31, 2023. Examiners found that mortgage servicers engaged in UDAAPs and regulatory violations while processing payments by overcharging certain fees, failing to adequately describe fees in periodic statements, and not making timely escrow account disbursements.

On April 24, 2024, the CFPB published an edition of Supervisory Highlights describing the agency’s actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. The CFPB found that servicers are charging illegal junk fees, such as prohibited property inspection fees; sending deceptive notices to homeowners; and violating loss mitigation rules that help struggling borrowers stay in their homes.

On April 22, 2023, coinciding with the Earth Day celebration, FinCEN issued a press release to remind financial institutions to remain vigilant in identifying and reporting suspicious activity related to environmental crimes. According to FinCEN, environmental crimes frequently involve transnational criminal activity related to several of FinCEN’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) National Priorities, including corruption, fraud, human trafficking, and drug trafficking.

On April 15, 2024, FinCEN, in close coordination with the Department of State’s Diplomatic Security Service (DSS), issued a Notice to financial institutions on fraud schemes related to the use of counterfeit U.S. passport cards. The Notice provides an overview of typologies associated with U.S. passport card fraud, highlights select red flags to assist financial institutions in identifying and reporting suspicious activity, and reminds financial institutions of their reporting requirements under the BSA.

On April 8, 2024, the CFPB published an edition of Supervisory Highlights to share key findings from recent examinations about continuing accuracy problems in the credit reporting system. The CFPB found that consumer reporting companies failed to ensure the accuracy of credit reports and that furnishers failed to correct false or fraudulent information sent to consumer reporting companies.

On April 5, 2024, the CFPB issued a report finding that more borrowers paid “discount points” upfront as overall interest rates rose. According to the CFPB, the percentage of homebuyers paying discount points roughly doubled from 2021 to 2023. 

On April 4, 2024, the Federal Reserve System published its First Issue of Consumer Compliance Outlook for 2024. Consumer Compliance Outlook is the agency’s publication focusing on consumer compliance topics.

On March 27, 2024, the CFPB issued a circular warning remittance transfer providers that false advertising about the cost or speed of sending a remittance transfer can violate federal law. The circular highlights several marketing practices relating to sending international money transfers that may violate the Consumer Financial Protection Act’s (CFPA) prohibition on deceptive acts or practices.

On March 29, 2024, the CFPB issued its latest Consumer Response Annual Report that analyzes complaints submitted by consumers to the CFPB between January and December 2023. The CFPB reported that it sent more than 1.3 million complaints to more than 3,400 companies for review and response in 2023.

On March 29, 2024, FinCEN issued a notice and request for information and comment regarding the Customer Identification Program (CIP) Rule requirement for banks to collect a taxpayer identification number (TIN), among other information, from a customer who is a U.S. person, prior to opening an account. Specifically, FinCEN seeks information to understand the potential risks and benefits, as well as safeguards that could be established, if banks were permitted to collect partial SSN information directly from the customer for U.S. individuals and subsequently use reputable third-party sources to obtain the full SSN prior to account opening. 

On March 28, 2024, the FDIC issued the March 2024 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high-level overview of consumer compliance issues identified in 2023 through the FDIC’s supervision of state non-member banks and thrifts.

On March 28, 2024, the FDIC updated sections of the Consumer Compliance Examination Manual. The Consumer Compliance Examination Manual is a primary resource and reference tool for FDIC compliance examination staff when conducting Consumer Compliance and CRA examinations. It incorporates examination policies, procedures, and guidance and is available on the FDIC website as a resource for FDIC staff, bankers, and other members of the public.

On March 27, 2024, the CFPB announced that the HMDA Modified Loan Application Register (LAR) data for 2023 are now available on the FFIEC’s HMDA Platform for approximately 5,089 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy.

On March 26, 2024, the federal and state agencies, CFPB, released agency-specific action statements on tech capacity. According to the CFPB press release, these statements reflect concrete actions to increase tech capacity to help enforce the laws on the book and design remedies that work for consumers, workers, small businesses, and others in the digital era.

On March 26, 2024, the FATF announced that the United States has been upgraded to “largely compliant” with FATF Recommendation 24, which relates to beneficial ownership transparency for legal persons. FATF is the global standard-setting body for anti-money laundering, countering the financing of terrorism, and countering proliferation financing (AML/CFT/CPF).

On March 25, 2024, the HUD announced that the it has charged the Grapevine Housing Authority (GHA), Jane Everett (Executive Director of GHA), and Bonnie McHugh (Vice-Chair of the GHA Housing Commission), with discriminating against, and failure to provide a reasonable accommodation for a tenant with a disability. Principal Assistant Deputy Secretary Demetria L. McCain said in a statement that the HUD’s action demonstrates the agency’s steadfast commitment to take appropriate action when housing providers fail to comply with the Fair Housing Act.

On March 25, 2024, Acting Comptroller of the Currency Michael J. Hsu talked about fairness and effective compliance risk management in his remarks at the Consumer Bankers Association (CBA) LIVE event. The event was held in Washington D.C. with the theme “For the People”.