On November 1, 2023, the OCC issued a bulletin to inform banks about policy guidance that applies to commercial loans to early-, expansion-, and late-stage companies, referred to as “venture loans.” The bulletin applies to all OCC-regulated banks, including community banks, that engage in or are considering engaging in venture lending.

On November 1, 2023, the OCC published the revised interagency examination procedures for the Telephone Consumer Protection Act (TCPA). The OCC, Federal Deposit Insurance Corporation, and the National Credit Union Administration have revised the interagency examination procedures to reflect amendments to the TCPA that became effective on October 25, 2021.

The Federal Reserve System recently published its Second/Third Issue of Consumer Compliance Outlook for 2023. Consumer Compliance Outlook is the agency’s publication focusing on consumer compliance topics.

On October 26, 2023, the Credit Union Times and Bloomberg reported that the CFPB’s small business lending data collection rule is now on pause nationwide after a Texas federal judge expanded an order that previously applied only to certain banks. In late July 2023, Chief Judge Randy Crane of the US District Court for the Southern District of Texas imposed a preliminary injunction stopping the CFPB from requiring members of the American Bankers Association, Texas Bankers Association, as well as Rio Bank of McAllen, Texas, to comply with the regulation until the Supreme Courts issues its ruling which is expected by June 2024.

On October 19, 2023, the CFPB proposed a rule that would accelerate a shift toward open banking, where consumers would have control over data about their financial lives and would gain new protections against companies misusing their data. According to the CFPB, the proposed rule would jumpstart competition by forbidding financial institutions from hoarding a person’s data and by requiring companies to share data at the person’s direction with other companies offering better products.