On June 2, 2021, the Federal Trade Commission (FTC) issued a blog article titled “More money is coming to families…and scammers are ready” to alert consumer of potential scams as they start to receive monthly payments as part of the American Rescue Plan Act.

On 5/28/21, the OCC released the Spring 2021 edition of its publication Semiannual Risk Perspective. This edition reports key issues facing the banking industry and the effects of the COVID-19 pandemic on the industry. The report highlights credit, strategic, operational, and compliance risks.

On 5/17/2021, the FDIC announced that it is gathering information about insured depository institutions’ current and potential digital asset activities. In their release, the FDIC explains that banks are increasingly exploring the emerging digital asset ecosystem, so the FDIC has issued its request for information (RFI) to help inform its understanding of the industry’s and consumers’ interests in this area.

On 5/17/21, the Federal Reserve, CFPB, FDIC, NCUA, and OCC jointly announced that they extended the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021. Comments were originally due by June 1, 2021, but this extension was made to allow stakeholders more time to coordinate and prepare their comments.

On 5/14/21, the Federal Reserve Board announced the third extension of a rule related to the SBA’s Paycheck Protection Program (PPP). Like the prior extensions, this one will temporarily modify the Board's rules so that certain bank directors and shareholders can apply to their banks for PPP loans for their small businesses.

On 5/11/21, the Federal Deposit Insurance Corporation (FDIC) published its 2021 Risk Review, which outlines a list of emerging risks in the U.S. banking system. According to the FDIC’s release, they began reporting key banking sector risks in its Risk Review publication in 2019, and this year’s report expands coverage of key risks during a time of heightened uncertainty.

On 5/6/21, the CFPB announced the release of the annual report from the Bureau’s Office of Severvicemember Affairs. This publication outlines the CFPB’s continued steps to help servicemembers and their families. Among other things, the publication outlines complaints received by servicemembers.

On 5/4/2021, the CFPB released two reports where the CFPB explains that more work needs to be done to help mortgage borrowers coping with the COVID-19 pandemic and economic downturn. The first report documents that Black and Hispanic mortgage borrowers are much more likely to be delinquent or in a forbearance program than white borrowers. In a second report, the CFPB reports that overall mortgage complaints to the CFPB have risen to their highest level in three years.