On June 12, 2024, the Treasury issued sweeping new measures guided by G7 commitments to intensify the pressure on Russia for its continued cruel and unprovoked war against Ukraine. Treasury’s actions increase the risk of secondary sanctions for foreign financial institutions that deal with Russia’s war economy, restrict the ability of Russian military-industrial base to take advantage of certain U.S. software and information technology (IT) services, and target more than 300 individuals and entities both in Russia and outside its border whose products and services enable Russia to sustain its war effort and evade sanctions.

On June 11, 2024, the OCC issued version 2.0 of the “Retail Nondeposit Investment Products'' booklet of the Comptroller’s Handbook. The booklet discusses risks and risk management practices associated with the recommendation or sale of non-deposit investment products to retail customers. 

On June 6, 2024, the Treasury released a request for information on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in the Financial Services Sector. The Treasury is particularly interested in understanding how AI innovations can help promote a financial system that delivers inclusive and equitable access to financial services.

On June 3, 2024, the CFPB issued a rule to establish a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders. The new registry is part of the CFPB’s ongoing focus on holding lawbreaking companies accountable and stopping corporate recidivism.

On May 31, 2024, the CFPB sued student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA), which does business as American Education Services (AES), for illegally collecting on student loans that have been discharged in bankruptcy and sending false information about consumers to credit reporting companies. The CFPB seeks to stop PHEAA’s illegal conduct and fine the company for its illegal practices.