On May 16, 2022, the CFPB announced that they are launching a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce federal consumer financial law. To promote consistency among enforcers and fair competition in the market, the CFPB will issue Consumer Financial Protection Circulars to the different government agencies responsible for enforcing federal consumer financial law.

On May 16, 2022, the State Department, Treasury and FBI issued an advisory to alert the international community, the private sector, and the public to attempts by the Democratic People’s Republic of Korea (DPRK) and DPRK information technology workers to obtain employment while posing as non-DPRK nationals. The advisory provides detailed information on how DPRK IT workers operate and identifies red flags to help companies avoid hiring DPRK freelance developers and to help freelance and digital payment platforms identify DPRK IT workers abusing their services.

On May 17, 2022, the FDIC issued a final rule implementing its statutory authority to prohibit any person or organization from making misrepresentations about FDIC deposit insurance or misusing the FDIC’s name or logo. The FDIC has observed an increasing number of instances where financial services providers or other entities or individuals have misused the FDIC’s name or logo or have made false or misleading representations about deposit insurance. The final rule establishes the process, standards, and procedures for investigating potential violations of the Federal Deposit Insurance Act and enforcing necessary provisions of the law.

On May 17, 2022, Acting Comptroller of the Currency Michael J. Hsu discussed the importance of risk management in remarks at Bloomberg Risk & Regulation Week 2022. According Hsu, banks need to assess exposures and adjust risk profiles ahead of possible uncertainty and volatility in interest rates and loan performance.

On May 16, 2022, the CFPB released a second metrics report providing the observations of data obtained from 16 large mortgage servicers to identify areas of risk in the servicers’ COVID-19 pandemic response. The report addresses similar topics, including call center data, COVID-19 hardship forbearance exits, delinquency, and borrower profiles for the period May through December 2021.

On May 12, 2022, Acting Comptroller of the Currency Michael J. Hsu spoke at the Asian Real Estate Association of America Diversity and Fair Housing Summit where he discussed the OCC’s efforts to support fair housing access for all by addressing barriers to diversity and inclusion and expanding minority homeownership access.