On October 21, 2026, the OCC announced a final rule to implement the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The final rule establishes requirements for permitted payment stablecoin issuers and foreign payment stablecoin issuers under the OCC’s jurisdiction, as well as certain custody activities conducted by OCC-supervised entities.

Oct 22
Oct 22 Treasury Targets Iran’s Shadow Fleet Networks

Adam Witmer

Regulatory Update, BSA

On October 21, 2026, the Treasury sanctioned Panama- and Greece-based law firm Karnakis and Karnakis as part of the Operation Economic Outcast. Accordion go the Treasury, Karnakis and Karnakis supported illicit Iranian shipping activity for years, indirectly aiding Tehran’s ability to generate revenue to fund its military, weapons, and nuclear programs.

Oct 21
Oct 21 NCUA Releases Thirteenth Round of Deregulation Proposals

Adam Witmer

Regulatory Update

On October 20, 2026, the NCUA announced the thirteenth round of proposed regulatory changes associated with its Deregulation Project. The NCUA is requesting comments on three proposals that would eliminate obsolete, unduly burdensome, and duplicative requirements in the Code of Federal Regulations.

Oct 20
Oct 20 FinCEN Flags $270M Student Aid Fraud

Adam Witmer

BSA, Regulatory Update

On October 19, 2026, the Treasury announced that FinCEN has identified approximately $270 million in suspicious financial activity potentially linked to fraud against federal student aid programs. According to the Treasury, FinCEN has referred these findings to federal investigators to pursue potential fraud schemes targeting federal student aid programs and help ensure those responsible are held accountable.

Oct 19
Oct 19 FinCEN Issues Alert on Iranian Abuse of Religious Charity Networks

Adam Witmer

Regulatory Update, BSA

On October 15, 2026, FinCEN issued an Alert asking financial institutions to report potential Iranian regime abuse of religious charity networks, including diversion of religious tithes, or khums. This action is part of Treasury’s Operation Economic Outcast, which targets Iran and its financial enablers.

Oct 15
Oct 15 OCC Releases Report on Large Banks’ Debanking Activities

Adam Witmer

Regulatory Update

On October 14, 2026, the OCC released a report of its findings from its supervisory review of debanking activities at the nine largest national banks it supervises, including JPMorgan Chase Bank, Bank of America, Citibank, Wells Fargo Bank, U.S. Bank, Capital One, PNC Bank, TD Bank, and BMO Bank. The review examined whether these banks’ policies or practices influenced them to deny or limit financial services to Americans based on their political or religious beliefs or lawful business activities.

Oct 15
Oct 15 NCUA Announces Twelfth Round of Deregulation Proposals

Adam Witmer

Regulatory Update

On October 14, 2026, the NCUA released its twelfth round of proposed regulatory changes associated with its Deregulation Project. The project is an ongoing review of NCUA’s regulations to ensure regulations are focused on credit unions’ safety, soundness, and resilience.

Oct 14
Oct 14 Treasury Takes Action Against Bank of America for AML and Sanctions Violations

Adam Witmer

BSA, Regulatory Update

On October 13, 2026, the Treasury announced enforcement actions imposing more than $1.21 billion in penalties against Bank of America for violations of anti-money laundering and sanctions laws. The actions include a $1.2 billion penalty from FinCEN, a $750 million penalty from the OCC, and an $11.6 million settlement with the OFAC.

Oct 12
Oct 12 OCC Fines American Express $350M for BSA/AML Deficiencies

Adam Witmer

BSA, Regulatory Update

On October 8, 2026, the OCC announced a cease-and-desist order and a $350 million civil money penalty against American Express National Bank, Sandy, Utah, for deficiencies in the bank’s BSA and AML compliance program. The OCC found that the bank failed to establish and maintain a BSA/AML compliance program reasonably designed to assure and monitor compliance with the BSA and its implementing regulations.

Oct 12
Oct 12 Coinme to Shut Down Crypto Kiosks in Multiple States Under $25 Million Settlement

Adam Witmer

Regulatory Update

On October 8, 2026, the ABA Banking Journal reported that Coinme, a cryptocurrency exchange, has agreed to close down its virtual currency kiosk operations in multiple states as part of a settlement with 34 state financial regulatory authorities over alleged BSA and anti-money laundering violations. According to the article, Coinme currently collaborates with coin-counting kiosk operator Coinstar to provide approximately 6,000 Bitcoin ATMs in the U.S.

Oct 22
Oct 22 OCC Issues GENIUS Act Final Rule

Oct 22
Oct 22 Treasury Targets Iran’s Shadow Fleet Networks

Oct 21
Oct 21 NCUA Releases Thirteenth Round of Deregulation Proposals

Oct 20
Oct 20 FinCEN Flags $270M Student Aid Fraud

Oct 19
Oct 19 FinCEN Issues Alert on Iranian Abuse of Religious Charity Networks

Oct 15
Oct 15 OCC Releases Report on Large Banks’ Debanking Activities

Oct 15
Oct 15 NCUA Announces Twelfth Round of Deregulation Proposals

Oct 14
Oct 14 Treasury Takes Action Against Bank of America for AML and Sanctions Violations

Oct 12
Oct 12 OCC Fines American Express $350M for BSA/AML Deficiencies

Oct 12
Oct 12 Coinme to Shut Down Crypto Kiosks in Multiple States Under $25 Million Settlement

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