On June 9, 2025, Michelle W. Bowman took the oath of office as Vice Chair for Supervision of the Federal Reserve Board on Monday. President Trump nominated Bowman on March 24, 2025, and the United States Senate confirmed her on June 4.

Jun 9
Jun 9 Fed Announces New Inspector General

Adam Witmer

Regulatory Update

On June 6, 2025, the Federal Reserve Board announced the appointment of Michael E. Horowitz to lead the Federal Reserve Board's Office of Inspector General (OIG) effective June 30, 2025. By law, the Federal Reserve's OIG also fulfills this role for the CFPB, which is funded by but operates independently of the Federal Reserve.

Jun 9
Jun 9 FinCEN Issues Advisory on Iran's Illicit Oil and Financial Activities

Adam Witmer

Regulatory Update, BSA

On June 6, 2025, FinCEN issued an Advisory to assist U.S. financial institutions in identifying and reporting potential sanctions evasion and other suspicious activity related to Iran. The Advisory supports President Trump’s maximum pressure campaign against Iran and replaces FinCEN’s 2018 Advisory on the Iranian Regime’s Illicit Activities.

Jun 3
Jun 3 CFPB Seeks to Vacate Section 1033 Data Sharing Rule

Adam Witmer

Regulatory Update

On June 2, 2025, the ABA Banking Journal reported that the CFPB asked a federal court to vacate its rule on financial data sharing, citing the rule’s “numerous legal infirmities.” The CFPB issued the final rule on October 22, 2024, that requires financial institutions, credit card issuers, and other financial providers to unlock an individual’s personal financial data and transfer it to another provider at the consumer’s request for free

Jun 2
Jun 2 CFPB Tells Staff to Clear Desks Amid Anticipated Layoffs

Adam Witmer

Regulatory Update

On May 31, 2025, the Bloomberg Law reported that the CFPB wants employees based in its Washington headquarters to collect their personal belongings, indicating the agency’s confidence that the federal appeals court will approve the reduction of its workforce. The report said that CFPB employees who used to work out of the agency’s headquarters in Washington began receiving an email from the agency’s facilities unit May 22 with those instructions.

Jun 2
Jun 2 CFPB Drops Lawsuit Against Snap Finance

Adam Witmer

Regulatory Update

On May 28, 2025, Businesswire reported that the CFPB has voluntarily dismissed its lawsuit against Snap Finance LLC and its affiliated entities with prejudice, effectively closing the matter. Snap Finance is a leading provider of innovative and flexible pay-over-time financing solutions.

May 27
May 27 FinCEN Issues Exceptive Relief to Prohibitions Imposed Against Commercial Bank of Syria

Adam Witmer

Regulatory Update, BSA

On May 23, 2025, FinCEN issued exceptive relief to covered financial institutions for requirements pursuant to its rule imposing special measures against the Commercial Bank of Syria. The exceptive relief permits covered financial institutions to open and maintain correspondent accounts for the Commercial Bank of Syria (CBoS) under certain conditions.

May 26
May 26 Treasury Lifts Sanctions on Syria

Adam Witmer

Regulatory Update, BSA

On May 23, 2025, the OFAC issued immediate sanctions relief for Syria in line with the President’s announcement for the cessation of all sanctions on Syria. The Syria General License (GL) 25 authorizes transactions prohibited by the Syrian Sanctions Regulations, effectively lifting sanctions on Syria.

May 21
May 21 Capital One Settles Lawsuit for $425 Million Over Savings Accounts

Adam Witmer

Regulatory Update

On May 17, 2025, Reuters reported Capital One had agreed to pay $425 million to settle a nationwide lawsuit that accused the bank of misleading savings account depositors. The lawsuit claimed that Capital One failed to inform customers about the option to transfer their funds to higher-yielding accounts, which would have provided them with much better interest rates.

May 19
May 19 CFPB Rescinds COVID-19 Emergency Protections Under RESPA

Adam Witmer

Regulatory Update, RESPA

On May 16, 2025, the CFPB issued an interim final rule that rescinds the final rule “Protections for Borrowers Affected by the COVID-19 Emergency Under the Real Estate Settlement Procedures Act (RESPA), Regulation X.” The final rule was initially implemented to provide relief and prevent foreclosures during the height of the pandemic's economic impact.

Jun 10
Jun 10 Bowman Sworns in as Fed’s Vice Chair for Supervision

Jun 9
Jun 9 Fed Announces New Inspector General

Jun 9
Jun 9 FinCEN Issues Advisory on Iran's Illicit Oil and Financial Activities

Jun 3
Jun 3 CFPB Seeks to Vacate Section 1033 Data Sharing Rule

Jun 2
Jun 2 CFPB Tells Staff to Clear Desks Amid Anticipated Layoffs

Jun 2
Jun 2 CFPB Drops Lawsuit Against Snap Finance

May 27
May 27 FinCEN Issues Exceptive Relief to Prohibitions Imposed Against Commercial Bank of Syria

May 26
May 26 Treasury Lifts Sanctions on Syria

May 21
May 21 Capital One Settles Lawsuit for $425 Million Over Savings Accounts

May 19
May 19 CFPB Rescinds COVID-19 Emergency Protections Under RESPA

View all membership plans.