On July 19, 2022, the HUD announced that it is charging Spring Creek Homeowners Association, the governing body of approximately 131 residential housing units in Jackson, Wyoming, with discriminating against two homeowners because of disability by imposing restrictions on their assistance animals and retaliating against them for filing a Fair Housing Act complaint.

On July 21, 2022, the NCUA announced during its seventh open meeting of 2022 that it is issuing a notice of proposed rulemaking on cyber incident notification requirements. The proposed rule would require a federally insured credit union (FICU) to notify the NCUA as soon as possible but no later than 72 hours after they reasonably believe that a reportable cyber incident has occurred.

On July 19, 2022, the Federal Reserve Board invited comment on a proposal that provides default rules for certain contracts that use the LIBOR reference rate, which will be discontinued in 2023. The proposal implements the Adjustable Interest Rate (LIBOR) Act, which Congress enacted earlier this year.

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.