Banking Regulators’ Recent Announcements, Speeches, Rules, and Guidance

Banking regulators have been busy this summer, with a flurry of announcements, speeches, rules, and guidance being issued to ensure the financial health and security of consumers. Acting Comptroller of the Office of the Comptroller of the Currency (OCC), Michael Hsu, recently gave a speech emphasizing the importance of banks helping customers avoid fraud, based on a report released by the OCC in June. The report identifies three aspects of consumer financial health – security, stability, and resilience – and provides suggestions for banks to support customers in times of financial distress.

The Consumer Financial Protection Bureau (CFPB) has also been active, issuing an interim rule extending compliance deadlines for the Small Business Lending Rule and releasing its quarterly Supervisory Highlights. The CFPB has focused on proper debt collection practices and monitoring how medical professionals market financial products to patients. Additionally, the CFPB issued a proposed interpretive rule regarding paycheck advance products and addressed the issue of broad non-disclosure agreements potentially violating whistleblower protections.

In conjunction with the Financial Crimes Enforcement Network (FinCEN), four banking regulators issued an Interagency Statement regarding the issuance of the AML/CFT Program Notices of Proposed Rulemaking, highlighting the importance of modernizing anti-money laundering efforts. Acting Comptroller of the Currency, Michael Hsu, also addressed the Exchequer Club on trends reshaping banking, emphasizing the need to address the challenges posed by large banks and the blurring lines between banks and commerce.

Overall, banking regulators are working diligently to ensure the stability and security of the financial system, providing guidance and rules to protect consumers and promote financial health.