The Federal Deposit Insurance Corporation (FDIC) has rescinded its Biden-era supervisory guidance that cautioned banks against charging multiple non-sufficient funds (NSF) fees on a declined transaction. In announcing the rescission, the FDIC stated that its prior guidance, called Supervisory Guidance on Multiple Re-Presentment NSF Fees, was “overly broad in scope” and “raised uncertainty” about when disclosures concerning multiple attempts to initiate a payment after a …
Part 3: Looking Ahead – Novel Cybersecurity Issues and Department Priorities
In prior posts, we discussed the amendments to 23 NYCRR Part 500 (Part 500) ahead of the April 15 deadline to certify compliance with Part 500 and the increasing focus on multifactor authentication (MFA) as a key cybersecurity control. While Part 500 sets out formal cybersecurity requirements, the New York State Department of Financial Services (NYDFS) regularly uses industry letters and guidance to signal how …
CSBS Interpretive Guidance Clarifies Some Stablecoins May Be Included in Tangible Net Worth Calculations for Money Transmitters
The Conference of State Bank Supervisors (CSBS) recently issued interpretive guidance addressing the accounting treatment of stablecoins in the tangible net worth (TNW) calculation under its Model Money Transmission Modernization Act (MTMA). The guidance clarifies that CSBS intends for the definition of TNW under the MTMA to include, as “tangible financial assets,” stablecoins that meet certain criteria. The guidance is nonbinding, and it is uncertain …
Part 2: NYDFS Sharpens Its Focus on Multifactor Authentication
Financial institutions covered by 23 NYCRR Part 500 (Part 500) (covered entities) must annually certify their compliance with these cybersecurity regulations. As the April 15 date for certifying compliance approaches, the New York Department of Financial Services (NYDFS) has been reinforcing its focus on one particular element of the updated requirements – multifactor authentication (MFA). On February 26, 2026, NYDFS hosted a public cybersecurity presentation …
FDIC Issues 2026 Consumer Compliance Supervisory Highlights
The FDIC recently published its annual Consumer Compliance Supervisory Highlights, covering examination results and consumer complaint trends for FDIC-supervised state-chartered banks and thrifts that are not members of the Federal Reserve System (supervised institutions). The report, summarized below, describes the FDIC’s findings from approximately 825 consumer compliance examinations of supervised institutions and from a review of approximately 32,000 consumer complaints. Most frequently cited violations identified …
NYDFS Refresher Series – Part 1: What Companies Need to Know Ahead of Annual Certifications of Compliance
Upcoming compliance certification Every year by April 15, financial entities subject to the New York Department of Financial Services (NYDFS) oversight (covered entities) are required to certify their compliance with the NYDFS’ cybersecurity regulations, 23 NYCRR Part 500 (Part 500). This year’s deadline will be the first time covered entities must certify compliance with all of the amendments to Part 500 that were phased in …
Executive Order Seeks to Expand Access to Mortgage Credit
On March 13, 2026, the White House issued an executive order that directs the Consumer Financial Protection Bureau (CFPB) and federal housing and banking agencies to consider a series of mortgage-related regulatory and supervisory changes, with a particular focus on community banks (generally under $30 billion in assets) and “smaller banks” (under $100 billion in assets). The order aims to “improve the availability and affordability …
US Treasury Releases New AI Risk Management Resources for Financial Institutions
The US Department of the Treasury recently announced two new resources to assist with the adoption of artificial intelligence (AI) in the financial services sector. The resources were developed by the Artificial Intelligence Executive Oversight Group (AIEOG), a public-private partnership between Treasury’s Financial and Banking Information Infrastructure Committee and the nonprofit Financial Services Sector Coordinating Council. They are part of a broader initiative to improve …
CFPB Adds Disclosures to Consumer Complaint Portal
The Consumer Financial Protection Bureau (CFPB) recently added two new disclosures and an attestation requirement to the CFPB portal through which consumers may submit complaints about a financial product or service. The recent additions are under the heading “Credit and consumer reporting complaint notice” and appear to be limited to complaints against consumer reporting agencies (CRAs) regarding inaccurate or incomplete information on a consumer report. …
Executive Order Seeks to Limit Large Institutional Investors From Purchasing Single-Family Homes
On January 20, 2026, the Trump administration issued an executive order to limit the purchase of single-family homes by Wall Street investors. Declaring it the administration’s policy that “large institutional investors should not buy single-family homes that could otherwise be purchased by families,” the executive order aims to “preserve the supply of single-family homes for American families and increase the paths to homeownership.” While the …