On July 27, 2023, three bank regulatory agencies requested comments on a proposal to increase the strength and resilience of the banking system. The proposal would modify large bank capital requirements to better reflect underlying risks and increase the consistency of how banks measure their risks.

In July 2023, the CFPB released the Summer 2023 Edition of its Supervisory Highlights that notes recent supervisory findings of abusive acts or practices supervised institutions engaged in across multiple product lines. The findings included in the report cover examinations in the areas of auto origination, auto servicing, consumer reporting, debt collection, deposits, fair lending, information technology, mortgage origination, mortgage servicing, payday and small dollar lending, and remittances that were completed from July 1, 2022, to March 31, 2023.

On July 25, 2023, the OCC announced a $15 million civil money penalty against American Express National Bank (American Express) for failing to govern and oversee a third-party affiliate and for violations of regulations relating to certain efforts to retain small business customers. The OCC penalty has been paid to the U.S. Department of the Treasury.

On July 13, 2023, the CFPB joined with several state attorneys general and a state regulator to take action against Prehired for deceptive marketing and debt collection practices. The attorneys general from Washington, Oregon, Delaware, Minnesota, Illinois, Wisconsin, Massachusetts, North Carolina, South Carolina, and Virginia joined the action, along with California’s Department of Financial Protection and Innovation.

On July 13, 2023, Secretary of the Treasury Janet L. Yellen announced the appointment of Andrea Gacki as the Director of the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). Acting FinCEN Director Himamauli “Him” Das will continue in his role during the transition period and assist Gacki in her onboarding process.