On January 18, 2023,  issued updates to the Mortgage Servicing Examination Procedures. The Examination Procedures describe the types of information that CFPB examiners gather to evaluate mortgage servicers’ policies and procedures; assess whether servicers are complying with applicable laws; and identify risks to consumers related to mortgage servicing. The updates to the procedures aim to provide transparency to stakeholders about how CFPB does its work.

On January 17, 2023, the Federal Reserve Board provided additional details on how its pilot climate scenario analysis exercise will be conducted and the information on risk management practices that will be gathered over the course of the exercise. In a previous blog, we wrote about the Board announcing that it will conduct a pilot climate scenario analysis exercise designed to enhance the ability of supervisors and firms to measure and manage climate-related financial risks.

On January 13, 2023, the FTC announced that investment advice company WealthPress has agreed to a proposed court order that would require it to refund more than $1.2 million to consumers and pay a $500,000 civil penalty for deceiving consumers with outlandish and false claims about their services. This case mark’s the first time that FTC has collected civil penalties against a company that received the Notice of Penalty Offenses regarding money-making opportunities and the first civil penalties for violations of the Restore Online Shoppers’ Confidence Act. (ROSCA).

On January 6, 2023, the FIC issued its January 2023 edition of the Consumer News where it talked about credit card checks and cash advances. Through the publication, the FDIC reminds consumers to know the costs associated with using these products, also known as convenience checks.

On January 5, 2023, the FTC proposed a new rule that would ban employers from including noncompete clauses on their workers contracts. According to the FTC, a noncompete requirement is a widespread and often exploitative practice that suppresses wages, hampers innovation, and blocks entrepreneurs from starting new businesses. The agency estimates that the new proposed rule could increase wages by nearly $300 billion per year and expand career opportunities for about 30 million Americans.

On January 5, 2023,, the OCC issued its annual report to Congress which provides an overview of the condition of the federal banking system. The annual report can be beneficial to compliance professionals as it discusses the OCC's strategic priorities and details agency regulatory and policy initiatives.

On January 3, 2023, federal bank regulatory agencies issued a statement highlighting key risks for banking organizations associated with crypto-assets and the crypto-asset sector. The statement also describes the agencies’ approaches to supervision in the area of crypto-Asset risks.