On January 27, 2023, the Federal Reserve Board issued a policy statement to promote a level playing field for all banks with a federal supervisor, regardless of deposit insurance status. The statement makes clear that uninsured and insured banks supervised by the Board will be subject to the same limitations on activities, including novel banking activities, such as crypto-asset-related activities.

On January 25, 2023, the CFPB published a blog post analyzing the results of an analysis issued by the CFPB’s Office of Research in April of 2021 indicating that the distribution of credit scores shifted upward during the pandemic. The report shows that fewer consumers had difficulty paying a bill in the initial months of the COVID-19 pandemic than one year earlier and that both credit scores and CFPB financial well-being scores increased.

On January 24, 2023, the CFPB issued a request for information seeking public feedback on how the consumer credit market is functioning as part of a biennial review of the industry. The CFPB is seeking more and current information on various aspects of the consumer experience with credit cards as mandated by the Credit Card Accountability Responsibility and Disclosure Act of 2009 (CARD Act).

On January 23, 2023, the OCC announced that it is soliciting academic research papers on emerging risks in the banking system or related policy and supervisory issues for submission by March 3, 2023. The papers must be original and present unpublished research.

On January 19, 2023, the CFPB issued a new circular affirming that companies offering “negative option” subscription services must comply with federal consumer financial protection law. Negative option programs include subscription services that automatically renew unless the consumer affirmatively cancels, and trial marketing programs that charge a reduced fee for an initial period and then automatically begin charging a higher fee. The circular highlights examples of unlawful behavior by companies that have used dark patterns and other manipulative tactics to trick consumers into paying recurring charges for products and services they do not want.

On January 17, 2023,  FinCEN issued a request for comments on the application that will be used to collect information from individuals who seek to obtain a FinCEN identifier, consistent with the Beneficial Ownership Information Reporting Requirements final rule that was published on September 30, 2022. Individuals who seek to obtain a FinCEN identifier must submit an application and update the information provided on the application as necessary. 

On January 17, 2023, Acting Comptroller of the Currency Michael J. Hsu spoke at the Brookings Institution. In his speech, Hsu talked about the limits of large bank manageability, or what some call the too-big-to-manage (TBTM) problem. Hsu stressed the contribution of large banks to the economy and how, as they are becoming bigger and more complex, managing large banks is becoming more challenging.