On July 14, 2025, the OCC, the Federal Reserve Board, and the FDIC issued a joint statement in their continued efforts to provide clarity on banks’ engagement in crypto-asset-related activities. The joint statement, which focuses on safekeeping crypto-assets, discusses how existing laws, regulations, and risk-management principles apply to the activity and does not create any new supervisory expectations.

Jul 14
Jul 14 HUD and OMB Streamline Home Appraisal Process

Adam Witmer

Regulatory Update, Fair Lending

On July 10, 2025, the HUD and the OMB announced the termination of “burdensome” policies introduced under the Property Appraisal and Valuation Equity (PAVE) task force. The PAVE task force is an interagency group of 13 federal agencies formed during the Biden administration to address alleged discrimination in the appraisal process.

Jul 10
Jul 10 Treasury Extends Fentanyl Orders' Effective Dates

Adam Witmer

Regulatory Update, BSA

On July 9, 2025, FinCEN extended the effective dates for orders issued on June 25, 2025, prohibiting certain transmittal of funds involving three Mexico-based financial institutions. Covered financial institutions will now have an additional 45 days or until September 4, 2025 to implement the orders prohibiting certain transmittal of funds involving CIBanco S.A., Institution de Banca Multiple (CIBanco), Intercam Banco S.A., Institución de Banca Multiple (Intercam), and Vector Casa de Bolsa, S.A. de C.V. (Vector).

Jul 8
Jul 8 CFPB Terminates Consent Order Against Fay Servicing

Adam Witmer

Regulatory Update

On July 7, 2025, the Credit and Collection News reported that the CFPB has terminated its consent order against Fay Servicing over alleged illegal foreclosure practices. This cancellation releases Fay Servicing from any alleged noncompliance regarding a 2024 settlement agreement.

Jul 7
Jul 7 FDIC Consumer Compliance Supervisory Highlights Spring 2025

Adam Witmer

Regulatory Update

On July 3, 2025, the FDIC issued its Summer 2025 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high-level overview of consumer compliance issues identified in 2024 through the FDIC’s supervision of state non-member banks and thrifts.

Jul 7
Jul 7 CFPB Cancels $95 million Settlement with Navy Federal Credit Union

Adam Witmer

Regulatory Update

On July 1, 2025, the Reuters reported that the CFPB canceled a $95 million settlement with Navy Federal Credit Union, accused of illegally charging surprise overdraft fees. Navy Federal Credit Union is the largest credit union in the United States and serves active duty military members, veterans, Department of Defense civilian employees, and their families.

Jul 4

Jul 4 VIDEO: When is an FCRA Adverse Action Notice Required?

Adam Witmer

FCRA

In this Compliance Clip (video), discusses when and Adverse Action Notice is required under the Fair Credit Reporting Act. Adam provides instances when financial institutions need to furnish Adverse Action Notice to a consumer when an adverse action is taken.

Jul 1
Jul 1 OCC Releases Semiannual Risk Perspective

Adam Witmer

Regulatory Update

On June 30, 2025, the OCC released their Spring 2025 edition of the publication Semiannual Risk Perspective. The publication addresses key issues facing banks, focusing on those that pose threats to the safety and soundness of banks and their compliance with applicable laws and regulations.

Jun 30
Jun 30 FinCEN Allows Banks Alternative TIN Collection Method

Adam Witmer

Regulatory Update, BSA

On June 27, 2025, FinCEN issued an order permitting banks to collect Tax Identification Number (TIN) information from a third party rather than from the bank’s customer. FinCEN said that this action is aimed at providing banks with greater flexibility in fulfilling compliance obligation without presenting a heightened risk of money laundering, terrorist financing, or other illicit finance activity.

Jun 30
Jun 30 FinCEN Issues Orders Against Mexico-based Financial Institutions For Money Laundering

Adam Witmer

BSA, Regulatory Update

On June 25, 2025, FinCEN issued unprecedented orders identifying three Mexico-based financial institutions as being of primary money laundering concern in connection with illicit opioid trafficking, and prohibit, respectively, certain transmittals of funds involving the institutions. The named instituiosn include CIBanco S.A., Institution de Banca Multiple, Intercam Banco S.A., Institución de Banca Multiple, and Vector Casa de Bolsa, S.A. de C.V.

Jul 15
Jul 15 Agencies Release Joint Statement on Crypto-Asset Safekeeping Risks

Jul 14
Jul 14 HUD and OMB Streamline Home Appraisal Process

Jul 10
Jul 10 Treasury Extends Fentanyl Orders' Effective Dates

Jul 8
Jul 8 CFPB Terminates Consent Order Against Fay Servicing

Jul 7
Jul 7 FDIC Consumer Compliance Supervisory Highlights Spring 2025

Jul 7
Jul 7 CFPB Cancels $95 million Settlement with Navy Federal Credit Union

Jul 4 VIDEO: When is an FCRA Adverse Action Notice Required?

Jul 1
Jul 1 OCC Releases Semiannual Risk Perspective

Jun 30
Jun 30 FinCEN Allows Banks Alternative TIN Collection Method

Jun 30
Jun 30 FinCEN Issues Orders Against Mexico-based Financial Institutions For Money Laundering

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