On July 6, 2022, the FDIC, the Federal Reserve Board, FinCEN, the NCUA, and the OCC issued a joint statement to remind banks of the risk-based approach to assessing customer relationships and conducting customer due diligence (CDD). The agencies clarify that the statement does not alter existing BSA/AML legal or regulatory requirements, nor does it establish new supervisory expectations.

On July 7, 2022, the CFPB issued a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act. The advisory opinion clarifies that credit reporting companies and users of credit reports have specific obligations to protect the public’s data privacy.

On July 5, 2022, HUD announced that it is charging 21 Palms RV Resort, Inc. and Nathan Dykgraaf, owner and manager of 21 Palms RV Resort Park in Davenport, Florida, with discriminating against a former tenant, who is a transgender woman, because of her gender identity. HUD’s Charge of Discrimination resulted from a complaint that the tenant filed with HUD, which alleges that Mr. Dykgraaf gave the tenant a letter stating that he was aware she was transitioning and telling her to act as a man, talk as a man, and dress as a man to avoid trouble.

On July 1, 2022,, the OFAC issued a reminder to holders of blocked property to provide the office with a comprehensive list of all blocked property held as of June 30 of the current year by September 30, pursuant to the Reporting, Procedures and Penalties Regulations. OFAC emphasizes that persons that do not hold blocked property as of June 30 do not need to file an Annual Report of Blocked Property.

On June 29, 2022, the FDIC updated sections of the Consumer Compliance Examination Manual. The Consumer Compliance Examination Manual is a primary resource and reference tool for FDIC compliance examination staff when conducting Consumer Compliance and CRA examinations. It incorporates examination policies, procedures, and guidance and is available on the FDIC website as a resource for FDIC staff, bankers, and other members of the public.

On June 29, 2022, the CFPB issued an advisory opinion affirming that federal law often prohibits debt collectors from charging “pay-to-pay” fees. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to make a payment in a particular way, such as online or by phone.

On June 23, 2022, the OCC issued the Semiannual Risk Perspective for Spring 2022 that details the key issues facing the federal banking system. The report, which covers risks facing national banks, federal savings associations, and federal branches and agencies, presents information in five main areas - the operating environment, bank performance, a special section on climate-related topics in emerging risks, trends in key risks, and supervisory actions.