On July 11, 2025, the CFPB and FirstCash, Inc., along with its nineteen subsidiaries, resolved the November 12, 2021 lawsuit alleging FirstCash of violations of the Military Lending Act (MLA). The parties jointly filed a stipulated final judgment and proposed order, which the court promptly entered the same day.

Jul 25

Jul 25 VIDEO: When must a borrower receive the appraisal?

Adam Witmer

Regulation B, Appraisals

In this Compliance Clip (video), Adam breaks down the requirements in Regulation B as to when a borrower must get a copy of the appraisal used in their loan. Not only is the timeframe for delivering the appraisal discussed, Adam also covers when the appraisal delivery requirements of Regulation B apply. A transcript of this video is now available.

Jul 22
Jul 22 Agencies Seek Further Comment on Interagency Effort to Reduce Regulatory Burden

Adam Witmer

Regulatory Update

On July 21, 2025, the federal bank regulatory agencies announced their fourth notice requesting public comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) requires the agencies to review their regulations at least once every 10 years to identify outdated, unnecessary, or unduly burdensome regulatory requirements for their supervised institutions.

Jul 22
Jul 22 FinCEN Postpones the Implementation of the Investment Adviser Rule

Adam Witmer

Regulatory Update, BSA

On July 21, 2025, FinCEN announced it intention to postpone the effective date of the final rule establishing Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers (IA AML Rule). The action, according to FinCEN, is to ensure efficient regulation that appropriately balances costs and benefits.

Jul 17
Jul 17 FDIC Proposes Adjustments to Regulatory Thresholds for Inflation

Adam Witmer

Regulatory Update

On July 15, 2025, the FDIC issued a notice of proposed rulemaking that would update certain regulatory thresholds to reflect historical inflation, including those under 12 CFR part 363 related to annual independent audit and reporting requirements, and adjust those thresholds in the future based on a proposed indexing methodology. According to the FDIC’s press release, the proposal is the first of a multi-phase effort to reevaluate thresholds within the FDIC’s regulations.

Jul 16
Jul 16 Court Vacates Medical Debt Rule

Adam Witmer

Regulatory Update

On July 14, 2025, the ABA Banking Journal reported that a federal court in Texas vacated the CFPB’s medical debt reporting rule after the bureau’s current leadership joined with plaintiffs in asking it to be struck down. On January 7, 2025, the CFPB issued the final rule that bans the inclusion of medical bills on credit reports used by lenders and prohibits lenders from using medical information in their lending decisions.

Jul 16
Jul 16 OCC Removes References to Disparate Impact from the Comptroller’s Handbook

Adam Witmer

Regulatory Update, Fair Lending

On July 14, 2025, the OCC announced that it has removed references to supervising banks for disparate impact liability from the “Fair Lending” booklet of the Comptroller’s Handbook and has started removing references in other issuances. Concurrently, the OCC has instructed its examiners that they should no longer examine for disparate impact.

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

Adam Witmer

Regulatory Update

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 28
Jul 28 CFPB Reaches Settlement with FirstCash, Inc. for Military Lending Act Violations

Jul 25 VIDEO: When must a borrower receive the appraisal?

Jul 22
Jul 22 Agencies Seek Further Comment on Interagency Effort to Reduce Regulatory Burden

Jul 22
Jul 22 FinCEN Postpones the Implementation of the Investment Adviser Rule

Jul 17
Jul 17 FDIC Proposes Adjustments to Regulatory Thresholds for Inflation

Jul 16
Jul 16 Court Vacates Medical Debt Rule

Jul 16
Jul 16 OCC Removes References to Disparate Impact from the Comptroller’s Handbook

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

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