Aug 11
Aug 11 FDIC Issues Guidance on the Use of Pre-Populated Information in Customer Identification Programs

On August 5, 2025, the FDIC issued guidance to update its supervisory approach regarding whether an FDIC-supervised institution can use pre-populated customer information for the purpose of opening an account to satisfy Customer Identification Program (CIP) requirements.

Aug 7
Aug 7 FinCEN Exchange Promotes Innovation and Addresses Digital Fraud and Scam Risks

Adam Witmer

Regulatory Update, BSA

On August 6, 2025, FinCEN published a Readout regarding its latest FinCEN Exchange held on July 15 where it convened Treasury components, law enforcement agencies, financial institutions, regulatory technology companies, and trade groups to share insights on driving innovation in the digital assets ecosystem while protecting consumers from emerging fraud and scam threats. The FinCEN Exchange event, titled “Advancing Digital Assets Innovation While Safeguarding Consumers Against Fraud and Scam Risks,” focused on industry trends, fraud prevention, law enforcement's role in combating financial crimes related to digital assets, and compliance best practices.

Aug 5
Aug 5 FinCEN Issues Notice on the Use of CVC Kiosks for Scam Payments

Adam Witmer

Regulatory Update, BSA

On August 4, 2025, FinCEN issued a Notice urging financial institutions to be vigilant in identifying and reporting suspicious activity involving convertible virtual currency (CVC) kiosks. The Notice provides an overview of typologies associated with illicit activity involving CVC kiosks.

Aug 5
Aug 5 Fed Unveils Online Toolkits for Scams and Check Fraud Mitigation

Adam Witmer

Regulatory Update

The Federal Reserve has released two new toolkit intended to support education and increase awareness about scams and check fraud. According to the Fed, the Scams Mitigation Toolkit and the Check Fraud Mitigation Toolkit will enable the payments industry to better identify and mitigate scams and check fraud.

Aug 4
Aug 4 Fed Allows Alternative Method for Collecting Certain Customer Identification Information

Adam Witmer

Regulatory Update

On July 31, 2025, the Federal Reserve Board joined other federal financial institution regulatory agencies, as well as FinCEN, in providing banks the flexibility to use an alternative method for collecting certain customer identification information. Specifically, the agencies now permit banks and credit unions to obtain a tax identification number from a third party, rather than directly from the customer.

Jul 30
Jul 30 CFPB Announces Plans to Revise the Personal Financial Data Rights Final Rule

Adam Witmer

Regulatory Update

On July 29, 2025, the PYMNTS reported that the CFPB asked a judge to stay a lawsuit challenging the open banking rule implemented last year by the Bureau’s previous leadership under the Biden administration. On October 22, 2024, the CFPB issued the Personal Financial Data Rights Final Rule that will give consumers greater rights, privacy, and security over their personal financial data.

Jul 29
Jul 29 Community Groups File Lawsuit Asking CFPB to Implement Section 1071 Rule

Adam Witmer

Regulatory Update, Regulation B

On July 25, 2025, the Ballard Spahr reported that a number of community groups filed a complaint with the U.S. District Court for the District of Columbia against Acting CFPB Director Russell Vought and the CFPB seeking to force the agency to implement the section 1071 rule. The community groups that filed the lawsuit include Rise Economy, fka California Reinvestment Coalition (Rise), the National Reinvestment Coalition (NCRC), the Main Street Alliance (MSA) and Reshonda Young.

Jul 28
Jul 28 Federal Court Reinstates Dismissed NCUA Board Members

Adam Witmer

Regulatory Update

On July 23, 2025, the ABA Banking Journal reported that a federal court ruled that the firings of two former NCUA board members by President Trump were unlawful and therefore both individuals can remain on the board. Trump removed Todd Harper and Tanya Otsuka in April from the NCUA board despite both having several years left in their board terms.

Jul 28
Jul 28 CFPB Reaches Settlement with FirstCash, Inc. for Military Lending Act Violations

Adam Witmer

MLA, Regulatory Update

On July 11, 2025, the CFPB and FirstCash, Inc., along with its nineteen subsidiaries, resolved the November 12, 2021 lawsuit alleging FirstCash of violations of the Military Lending Act (MLA). The parties jointly filed a stipulated final judgment and proposed order, which the court promptly entered the same day.

Jul 22
Jul 22 Agencies Seek Further Comment on Interagency Effort to Reduce Regulatory Burden

Adam Witmer

Regulatory Update

On July 21, 2025, the federal bank regulatory agencies announced their fourth notice requesting public comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) requires the agencies to review their regulations at least once every 10 years to identify outdated, unnecessary, or unduly burdensome regulatory requirements for their supervised institutions.