On July 15, 2022, the FDIC issued a statement, adding a new Question and Answer (Q&A), and updating public information on the Banker Resource Center Brokered Deposits Page, to remind FDIC-insured depository institutions (IDIs) that deposits swept from broker dealers with a primary purpose exception to unaffiliated IDIs must be reported as brokered if there are any additional third parties involved that qualify as a deposit broker.

On July 12, 2022, the CFPB filed a lawsuit against payday lender ACE Cash Express for concealing free repayment plans from struggling borrowers as well as improperly withdrawing consumers’ funds. According to the complaint, ACE’s illegal practices generated at least $240 million in fees for the company while keeping borrowers in debt.

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.