On July 26, 2022, the FTC published a proposed rule and is seeking public comment on the proposed revisions to its Guides Concerning the Use of Endorsements and Testimonials in Advertising. The Guides are designed to assist businesses and others in conforming their endorsement and testimonial advertising practices to the requirements of section 5 of the FTC Act, also known as “Unfair or Deceptive Acts or Practices”.

On July 25, 2022, the OCC announced that it is soliciting academic-and policy-focused research on the impact of financial technology (fintech) entities and nonbanks on banking and the markets for lending, deposit-taking, and payment services through August 21, 2022. Submissions related to the impacts of competition and challenges for community banks are especially encouraged.

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.