On April 19, 2023, Acting Comptroller of the Currency Michael J. Hsu discussed the OCC’s approach to open banking during his talk at FDX Global Summit Spring 2023. Hsu highlighted the evolution of open banking and its potential impact on the OCC’s supervision in the context of liquidity, operational, third-party, and compliance risks. 

On April 18, 2023, the FDIC released its semiannual update on the Restoration Plan for the agency’s Deposit Insurance Fund (the Fund). On June 21, 2022, the FDIC amended the agency’s Restoration Plan and proposed to increase deposit insurance assessment rates by two basis points for all insured depository institutions. On October 18, 2022, the FDIC Board adopted a final rule to increase initial base deposit insurance assessment rate schedules by two basis points beginning in the first quarterly assessment period of 2023.

On April 17, 2023, the OFAC published a warning to U.S. entities about possible evasion of the price cap on crude oil of Russian Federation origin (Russian oil)l, pointing specifically to oil exported through the Eastern Siberia Pacific Ocean (ESPO) pipeline and ports on the eastern coast of Russia.  Through the alert, the OFAC has provided warning signs of deceptive practices and the recommended measures to ensure price cap compliance.

On April 17, the CFPB issued a copy of the sample data collection form in multiple file formats.  This form is available in an English version PDF, as well as a number of print and source code versions.  This sample form will be used to collect demographic information from applicants whose applications must be reported under the new 1071 final rule.

On April 14, 2023, the CFPB announced a revised version of its “Methodology for Determining Average Prime Offer Rates, which describes the calculations used to determine average prime offer rates (APOR) for purposes of federal mortgage rules. APORs are annual percentage rates derived from average interest rates, points, and other loan pricing terms currently offered to consumers by a representative sample of creditors for mortgage loans that have low-risk pricing characteristics.

On April 10, 2023, the HUD announced a groundbreaking $3 million settlement reached by two of its fair housing enforcement partners, the State of California Civil Rights Department (CRD) and Project Sentinel. The settlement resolves allegations that Vasona Management, Inc., a California property management company, and more than thirty apartment complex owners discriminated against families with children at more than forty-eight apartment complexes throughout the Bay Area by prohibiting any outdoor play activities and requiring parents to supervise children under the age of 14 in all common areas.

On April 10, 2023, the FTC approved a final consent order against The Bountiful Company for abusing a feature of Amazon.com to deceive consumers into thinking that its newly introduced supplements had more product ratings and reviews, higher average ratings, and “#1 Best Seller” and “Amazon’s Choice” badges. The Bountiful Company is a manufacturer, marketer, and distributor of various vitamins and supplements.

On April 3, 2023, the HUD announced that it is charging the Melinda Bautista Teruel 1992 Revocable Trust and Melinda Teruel, owners of an apartment building in Burlingame, California, with discriminating against a family with two minor children. The Fair Housing Act prohibits discrimination against families with children under the age of 18.

On April 3, 2023, the OFAC launched its new website at ofac.treasury.gov. The OFAC’s new website includes new functionalities such as a new streamlined landing page, enhanced Frequently Asked Questions (FAQs) search, sanctions program filter, recent actions information embedded in each sanctions page, and a new “mega menu” interface.