On December 4, 2024, five federal financial regulatory agencies, FinCEN, and state financial regulators issued a statement to provide supervised institutions with examples of risk management and other practices that may be effective in combatting elder financial exploitation. The statement is intended to raise awareness and provide strategies to supervised institutions and does not replace previous guidance nor impose new regulatory requirements on this subject issued by any of the agencies.

On December 4, 2024, the CFPB took action to permanently ban Student Loan Pro and Judith Noh, its owner, from offering or providing consumer financial products. The CFPB alleges that the company and its owner violated federal law by charging borrowers upfront fees to file paperwork on their behalf to access free debt-relief programs available to consumers with federal student loans.

On December 3, 2024, the federal bank regulatory agencies announced their third notice requesting comment to reduce regulatory burden. The agencies are required to review their regulations at least once every 10 years to identify outdated or otherwise unnecessary regulatory requirements for their supervised institutions.

On November 21, 2024, the CFPB finalized a rule to supervise the largest nonbank companies offering digital funds transfer and payment wallet apps. The rule will help the CFPB to ensure that these companies follow federal law just like large banks, credit unions, and other financial institutions already supervised by the CFPB. 

On November 15, 2024, the Federal Reserve Board issued its November 2024 Supervision and Regulation Report. The report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chair for Supervision.