On November 20, 2023, the CFPB and 11 states announced that Prehired will provide more than $30 million in relief to student borrowers for making false promises of job placement, trapping students with “income share” loans that violated the law, and resorting to abusive debt collection practices when borrowers could not pay. In July this year, the CFPB and several state attorneys general and a state regulator filed a complaint against Prehired for deceptive marketing and debt collection practices.

On November 17, 2023,the CFPB released their semi-annual report for the Spring 2023.  This version of the regular report to Congress covers the period beginning on October 1, 2022 and ending March 31, 2023.

On November 13, 2023, the CFPB announced that 845 former Student Aid Institute (SAI) consumers will receive checks in the mail in response to a lawsuit filed against Frank Ronald Gebase Jr., the founder, owner, and operator of Processingstudentloans, a student loan debt-relief company that illegally withdrew hundreds of thousands of dollars from the bank accounts of former SAI consumers without their authorization. The total distribution amount is $240,994.00, and the money will come from the CFPB’s victims relief fund.

On November 13, 2023, the OCC announced that registration is open for its symposium on the tokenization of real-world assets and liabilities on February 8, 2024, at its headquarters in Washington, D.C. The symposium will include panel discussions among thought leaders, academics, community groups, and the banking industry on tokenization and is open to the public for in-person or virtual attendance.

On November 9, 2023, the Federal Reserve Board issued its November 2023 Supervision and Regulation Report. The report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chair for Supervision.

On November 7, 2023, the CFPB issued a notice of proposed rulemaking to supervise larger nonbank companies that offer services like digital wallets and payment apps. According to the CFPB, the rule proposed would ensure that these nonbank financial companies adhere to the same rules as large banks, credit unions, and other financial institutions already supervised by the CFPB.