On July 26, 2024, the CFPB sued Acima and its former chief executive officer Aaron Allred for illegal lending activities in connection with as many as five million consumer financing agreements. The CFPB alleges Acima used deceptive dark patterns and other tricks to trap consumers in high-cost credit agreements to finance the purchase of household goods.

On July 25, 2024, the FDIC, the FRB, and the OCC issued a notice requesting comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council (FFIEC) and federal bank regulatory agencies to review their regulations every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their supervised institutions.

On July 25, 2024, the FDIC, the FRB and the OCC requested additional information on a broad range of bank-fintech arrangements, including with respect to deposit, payments, and lending products and services. Additionally, the agencies issued a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services.

On July 24, 2024, the CFPB issued a circular to law enforcement agencies and regulators explaining how companies may be breaking the law by requiring employees to sign broad nondisclosure agreements that could deter whistleblowing. The circular explains how imposing sweeping nondisclosure agreements that do not clearly permit communication with law enforcement may intimidate employees from disclosing misconduct or cooperating with investigations.

On July 23, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a new reporting requirement for financial institutions holding Russian sovereign asset as part of implementing the historic Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (the “REPO for Ukrainians Act”). The new reporting requirement mandates all financial institutions at which Russian sovereign assets are located, and that know or should know of such assets, to provide notice of such assets to OFAC no later than August 2, 2024 or within 10 days of the detection of such assets, and can do so via OFAC’s new form.