All in Regulatory Update

On July 15, 2026, CFPB Acting Director Russell Vought testified before House lawmakers, recommending that Congress enact legislation to better define "unfair, deceptive, or abusive acts or practices" and fund the bureau through congressional appropriations to ensure greater responsiveness to elected officials. Additionally, he announced that the bureau is nearing the proposal of a new open banking rule.

On July 13, 2026, the FDIC, OCC, and NCUA issued guidance to remind supervised financial institutions of their existing obligations with respect to credit risk management, particularly as it relates to borrowers who are not legally authorized to work in the United States. The guidance was issued consistent with President Trump’s Executive Order 14406, Restoring Integrity to America’s Financial System to mitigate systemic risks associated with lending and providing services to individuals who are inadmissible or subject to removal.

On July 9, 2026, the CFPB issued a notice of request for information about potential regulatory changes that may reduce regulatory burdens and promote access to mortgage credit, as appropriate and consistent with applicable law. Specifically, the CFPB is requesting information on industry and consumer burdens related to TILA-RESPA integrated disclosures (TRID), the right of rescission, and reverse mortgage disclosures.

The CFPB recently released its 2026 Regulatory Plan and Unified Agenda, which outlines the Bureau's anticipated regulatory priorities for the coming year. These updates provide critical insight for financial institutions regarding the evolving regulatory landscape and upcoming compliance expectations.

On June 25, 2026, the FDIC Board of Directors approved a notice of proposed rulemaking to amend Part 309 of its regulations governing the disclosure of confidential information by the FDIC and other entities. The proposed rule would update, clarify, and supplement the FDIC's regulations regarding the disclosure of confidential information by the FDIC and other parties without seeking prior authorization from the FDIC. 

On June 30, 2026, FinCEN issued a supplemental Alert regarding fuel smuggling and tax evasion schemes on the southern border associated with Mexico-based cartels. The Alert advises financial institutions to be vigilant in detecting, identifying, and reporting suspicious activity connected to Cartel de Jalisco Nueva Generacion (CJNG) and other Mexico-based transnational criminal organizations.