On May 24, 2022, the CFPB announced that it is opening a new office, the Office of Competition and Innovation, as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market entrants. The office will replace the Office of Innovation that focused on an application-based process to confer special regulatory treatment on individual companies. With the new office, the CFPB will be able to analyze obstacles to open markets, better understand how big players squeeze smaller ones out, and host incubation events, in order to enhance user choice in the financial world.

On May 24, 2022, Acting Comptroller to the Currency Michael J. Hsu spoke at the DC Blockchain Summit 2022 where he shared his observations on crypto from a bank regulator’s perspective. A self-confessed crypto skeptic, Hsu talked about the need to reset and recalibrate the problems that the crypt industry is trying to solve.

On May 19, 2022, the CFPB released an interpretive rule that describes states’ authorities to pursue lawbreaking companies and individuals that violate the provisions of federal consumer financial protection law. This action is part of the CFPB’s expansion of efforts to support state enforcement activity.

On May 20, 2022, the FDIC published its 2022 Risk Review which is a comprehensive summary of emerging risks in the U.S. banking system as observed in 2021. Compared to previous years' Risk Reviews, the 2022 Risk Review examines operational risk to banks, such as cyber threats and illicit activity, as well as climate-related financial risks to banks. Monitoring these risks is among the FDIC's top priorities.

On May 18, 2022, in line with the final rule to amend the deposit insurance regulations for trust accounts and mortgage servicing accounts, the FDIC published the Small Entity Compliance Guide to its website to assist insured depository institutions and community banking organizations in understanding and preparing for the said changes. The compliance guide includes information on applicable statutes, overview of changes for certain types of trust deposits, overview of changes for mortgage servicing accounts, and the changes’ effect on small entities.

On May 16, 2022, the CFPB announced that they are launching a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce federal consumer financial law. To promote consistency among enforcers and fair competition in the market, the CFPB will issue Consumer Financial Protection Circulars to the different government agencies responsible for enforcing federal consumer financial law.

On May 16, 2022, the State Department, Treasury and FBI issued an advisory to alert the international community, the private sector, and the public to attempts by the Democratic People’s Republic of Korea (DPRK) and DPRK information technology workers to obtain employment while posing as non-DPRK nationals. The advisory provides detailed information on how DPRK IT workers operate and identifies red flags to help companies avoid hiring DPRK freelance developers and to help freelance and digital payment platforms identify DPRK IT workers abusing their services.

On May 17, 2022, the FDIC issued a final rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo. The FDIC has observed an increasing number of instances where financial services providers or other entities or individuals have misused the FDIC’s name or logo or have made false or misleading representations about deposit insurance. The final rule establishes the process, standards, and procedures for investigating potential violations of the Federal Deposit Insurance Act and enforcing necessary provisions of the law.