On 10/18/21, the Federal Trade Commission (FTC) issued their annual report to Congress on protecting older adults. This report highlights updated findings from the FTC’s fraud reports showing trends in how older adults report being affected by fraud. The report also includes information on the FTC’s efforts to protect older consumers through law enforcement actions and outreach and education programs, as well as highlighting the FTC’s work to combat scams related to the COVID-19 pandemic.

On 10/15/2021, the U.S. Department of the Treasury issued a press release explaining their ongoing efforts to combat ransomware. Specifically, the Treasury announced additional steps to help the virtual currency industry prevent exploitation by sanctioned persons and other illicit actors.

On October 15, 2021, the Office of the Comptroller of the Currency (OCC) released its bank supervision operating plan for 2022. The plan provides the foundation for policy initiatives and for supervisory strategies as applied to individual financial institutions regulated by the OCC. OCC staff members use this plan to guide their supervisory priorities, planning, and resource allocations.

On October 13, 2021, the Federal Trade Commission (FTC) sent letters to hundreds of businesses warning them about risks of using fake reviews and misleading endorsements. In their release, the FTC explained that they are blanketing industry with a clear message that, if they use endorsements to deceive consumers, the FTC will be ready to hold them responsible with every tool at its disposal.

On October 13, 2021, one day after Rohit Chopra assumed the office as the 3rd Director of the Consumer Financial Protection Bureau (CFPB), the CFPB announced leadership changes within the organization. The positions announced were: Deputy Director; Associate Director for Consumer Education & External Affairs; Chief of Staff; and Chief Technologist.

On 10/13/21, the U.S. Department of the Treasury launched a new effort to study the impact of climate change on households and communities. The Financial Literacy and Education Commission (FLEC) convened a meeting, which was chaired by Under Secretary for Domestic Finance Nellie Liang to begin to explore the financial risks to households and communities, especially low-income and historically disadvantaged communities, of climate change and climate transition.

On 10/6/2021, the Federal Trade Commission put 70 for-profit higher education institutions on notice that the agency is cracking down on any false promises they make about their graduates’ job and earnings prospects and other outcomes and will hit violators with significant financial penalties. In addition, the FTC announced that it is resurrecting its Penalty Offense Authority, found in Section 5 of the FTC Act, to ensure that bad actors pay a price when they break the law.

In early October, 2021, the CFPB issued a new “Compliance Aid” -27 frequently asked questions and answers (i.e. FAQS) - to assist creditors with understanding the new debt collection rule. The new FAQs are divided into 5 different topics and include 27 total questions and answers.