The Office of the Comptroller of the Currency (OCC) recently announced a stop to fair lending examinations of the banks it supervises until early 2026, in the most recent change in the federal government’s policy shift away from fair lending enforcement and supervision. As reported by Bloomberg Law, an internal OCC email from Chief National Bank Examiner Jay Gallagher announced that the agency would “defer” all …
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FinCEN Clarifies Certain Ambiguities in SARs Requirements
The US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently issued answers to FAQs to clarify certain requirements related to suspicious activity reports (SARs). The FAQs were jointly issued with the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency. The FAQs do not establish …
SBA Provides Some Clarity to Smaller Lenders in Complying with Debanking Efforts
The US Small Business Administration (SBA) recently provided additional guidance to the smaller lenders in its network on how to comply with its prior directive on eliminating “politicized or unlawful debanking” activities. The initial letter to lenders came in response to a Trump administration executive order (EO) that directs the SBA and other “Federal banking regulators”[1] to identify and remediate past instances and prevent against …
Leadership Change at NYDFS
News out of New York: Department of Financial Services (NYDFS) Superintendent Adrienne Harris is stepping down after four years in the role. Kaitlin Asrow, currently executive deputy superintendent of the Research & Innovation Division, will take over as acting superintendent effective October 18, 2025. According to the announcement, over the last four years, Asrow has overseen the regulation of virtual currency companies as well as …
CFPB Rescinds Amendments to Confidentiality of Nonbank Supervisory Proceeding Outcomes
The Consumer Financial Protection Bureau (CFPB) announced a final rule that rescinds Biden-era amendments made to its procedures for supervisory designations of nonbanks. The amended rule reestablishes that decisions and orders in contested supervisory designation proceedings held pursuant to section 1024(b)(7) of the Consumer Financial Protection Act (CFPA) are confidential. This change effectively reinstates the confidentiality standard for supervisory designation proceedings first established in a …
NYDFS Extends Blockchain Analytics Guidance to State Banks Engaging in Crypto Activities
On September 17, the New York State Department of Financial Services (NYDFS) issued a notice to all New York banking organizations[1] engaging or considering engaging in cryptocurrency activities, advising such organizations to follow April 2022 guidance on utilizing blockchain analytics as a compliance tool and risk identifier and mitigant. When issued in April 2022, this guidance applied only to licensed virtual currency business entities or …
OCC Bulletins Announce Plans to Eliminate Debanking
The Office of the Comptroller of the Currency (OCC) recently issued two bulletins aimed at preventing banks from engaging in “politicized or unlawful debanking,” aligning with a recent executive order (EO) from President Donald Trump. The OCC warns banks that debanking practices may negatively impact their Community Reinvestment Act (CRA) reviews and licensing applications, and reiterates their legal obligations under the Right to Financial Privacy …
Fed Signals Fraud a Top Priority in Special Compliance Outlook Issue
The Federal Reserve focused its latest Consumer Compliance Outlook on fraud, shining a light on a significant issue impacting consumers and financial institutions alike. The issue details a surge in check fraud and mail-related scams, emphasizing that traditional payment methods remain highly vulnerable, and encourages banks to strengthen fraud prevention efforts and increase consumer education initiatives. As further exemplified by the banking agencies’ recent joint …
To Carry Out EO, SBA Orders Its Lenders to Review and End Debanking Practices
The US Small Business Administration (SBA) has sent letters to its network of more than 5,000 lenders to stop “politicized or unlawful debanking” practices. The directive follows President Donald Trump’s recent executive order to cease debanking based on political, religious or ideological beliefs. Lenders must take specific actions to ensure compliance with the new federal mandate and avoid discriminatory banking practices. Read more ›
CFPB Narrows Its Supervision of Nonbanks
The Consumer Financial Protection Bureau (CFPB) recently proposed a rule that would likely limit the nonbanks it supervises to those whose activities “pose a high likelihood of significant harm to consumers” in connection with offering or providing consumer financial products or services. The CFPB’s rule would more narrowly construe a provision of the Consumer Financial Protection Act that the CFPB has relied on to supervise …