On April 12, 2022, the CFPB filed a lawsuit against TransUnion, two of its subsidiaries, and longtime executive John Danaher for violating a 2017 law enforcement order. The order was issued to stop TransUnion from engaging in deceptive marketing, however, CFPB reports that the company continued its unlawful behavior, disregarded the order’s requirements, and continued employing deceitful digital dark patterns to profit from customers.

On April 8, 2022, Acting Comptroller of the Currency Michael J. Hsu spoke before the Institute of International Economic Law at Georgetown University Law Center, where he shared his thoughts on the architecture of stablecoins.

On April 4, 2022, FinCEN Acting Director Himamauli Das, spoke at the FDIC-FinCEN Digital Identity Tech Sprint Demonstration Day. Das, in his remarks, explained how the Tech Sprint and its focus on digital identity fit into the broader FinCEN picture.

On April 7, 2022, the FDIC published a letter to notify all FDIC-supervised institutions that intend to engage in, or that are currently engaged in, any activities involving or related to crypto assets or “digital assets” should notify the FDIC. FDIC-supervised institutions are requested to provide information described in the letter and the FDIC will review the information and provide relevant supervisory feedback.

On April 8, 2022, the CFPB issued a proposed rule amending Regulation V that would implement amendments to the Fair Credit Reporting Act that assist consumers who are victims of trafficking. The proposed rule would establish a procedure for a victim of trafficking to submit documentation to consumer reporting agencies, including information identifying any adverse item of information about the consumer that resulted from certain types of human trafficking. In addition, the proposed rule would prohibit the consumer reporting agencies from furnishing a consumer report containing the adverse item(s) of information.

On April 6, 2022, the CFB published a report which reveals few payday loan borrowers are benefiting from no-cost extended payment plans, which are required to be offered to borrowers in the majority of states that do not prohibit payday lending. According to the CFPB, borrowers continue to pay for costly loan rollovers instead of using the payment plans. While no-cost extended payment plans are meant to help borrowers exit the cycle of rollovers and fees, the payday business model continues to depend on high rollover rates and fees.

On April 5, 2022, the OFAC sanctioned the world’s largest and most prominent darknet market, Hydra Market (Hydra), in a coordinated international effort to disrupt proliferation of malicious cybercrime services, dangerous drugs, and other illegal offerings available through the Russia-based site. The operation was a collaborative initiative joined by the DOJ, FBI, DEA, IRS Criminal Investigation, and ICE.