On August 7, 2025, the FTC published its latest Consumer Protection Data Spotlight, which shows a more than four-fold increase since 2020 in reports from older adults who say they lost $10,000 or more to scammers who impersonate trusted government agencies or businesses. These scams generally involve someone contacting consumers to alert them to a fake and urgent problem and then proceeding to try to persuade them to transfer their money to “keep it safe” or for some other false reason. 

On August 11, 2025, the Banking Dive reported that the CFPB is preparing to file an adversary proceeding complaint against now-bankrupt Synapse Financial Technologies for alleged unfair acts or practices and failure to maintain adequate records of consumer funds. Synapse was a banking-as-a-service (BaaS) company that facilitated partnerships between fintech companies and banks.

On August 7, 2025, U.S. President Donald Trump issued an Executive Order titled “Guaranteeing Fair Banking For All Americans.” The E.O. aims to prevent financial institutions from restricting access to services based on political or religious beliefs. 

On August 5, 2025, the FDIC issued guidance to update its supervisory approach regarding whether an FDIC-supervised institution can use pre-populated customer information for the purpose of opening an account to satisfy Customer Identification Program (CIP) requirements.

The Federal Reserve has released two new toolkit intended to support education and increase awareness about scams and check fraud. According to the Fed, the Scams Mitigation Toolkit and the Check Fraud Mitigation Toolkit will enable the payments industry to better identify and mitigate scams and check fraud.

On July 31, 2025, the Federal Reserve Board joined other federal financial institution regulatory agencies, as well as FinCEN, in providing banks the flexibility to use an alternative method for collecting certain customer identification information. Specifically, the agencies now permit banks and credit unions to obtain a tax identification number from a third party, rather than directly from the customer.

On July 29, 2025, the PYMNTS reported that the CFPB asked a judge to stay a lawsuit challenging the open banking rule implemented last year by the Bureau’s previous leadership under the Biden administration. On October 22, 2024, the CFPB  issued the Personal Financial Data Rights Final Rule that will give consumers greater rights, privacy, and security over their personal financial data.