On November 15, 2024, the Federal Reserve Board issued its November 2024 Supervision and Regulation Report. The report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chair for Supervision.

On November 13, 2024, the CFPB released a study revealing significant disparities in how lenders treat Black and white small business owners seeking loans. The study was a result of a matched-pair testing conducted by the CFPB and the DOJ to test for and detect differential treatment of fictitious well-qualified Black and white small business owners seeking credit at large bank lenders in two counties.

On November 13, 2024, FinCEN issued a notice and request for comments on the proposed information collection associated with the requirement to report information about certain residential real estate transfers, as required by the Anti-Money Laundering Regulations for Residential Real Estate Transfers final rule published on August 29, 2024. Comments will be accepted until January 13, 2025.

On November 12, 2024, the CFPB published a report ‘State Consumer Privacy Laws and the Monetization of Consumer Financial Data” which summarizes the state laws that give consumers more control over their data, how these rights complement the protections under federal law, and the gaps in protection that result from state law exemptions for financial institutions subject to the Gramm-Leach-Bliley Act (GLBA) or the Fair Credit Reporting Act (FCRA). 

On November 7, 2024, the CFPB took action against Navy Federal Credit Union for charging illegal overdraft fees. In a statement, CFPB Director Rohit Chopra said that Navy Federal illegally harvested tens of millions of dollars in junk fees, including from active duty servicemembers and veterans.

On November 5, 2024, the FTC took action against online cash advance app Dave for allegedly using misleading marketing to deceive consumers about the amount of its cash advances, charging consumers undisclosed fees, and charging so-called “tips” to consumers without their consent. Samuel Levine, Director of the FTC’s Bureau of Consumer Protection, said that Dave lured in consumers living paycheck-to-paycheck with false claims of big-dollar advances, then reached into their pockets to give itself a so-called ‘tip’.

On November 4, 2024, the Federal Emergency Management Agency (FEMA) issued a final rule revising the National Flood Insurance Program’s  (NFIP) regulations to offer NFIP policyholders the option of paying their annual flood insurance premium in monthly installments. The NFIP is a voluntary program in which interested persons can purchase flood insurance for their property if it is located in a community that participates in the NFIP by adopting and enforcing a set of minimum floodplain management requirements to reduce future flood damages.