On August 14, 2023,  the FDIC  published its 2023 Risk Review, which summarizes conditions in the U.S. economy, financial markets, and banking industry. According to the FDIC, this year’s expanded report incorporates data and insights related to the recent stress to the banking sector through first quarter 2023.

On July 31 2023, the ABA Banking Journal published an article announcing a Federal judge’s decision to block the enforcement of the Consumer Financial Protection Bureau’s Section 1071 final rule while the Supreme Court hears a challenge to the constitutionality of the CFPB’s funding structure. This delay, however, does not apply to all financial institutions, so those needing more information regarding this delay should seek legal counsel.

On August 2, 2023, the CFPB filed a lawsuit in federal court against auto-loan servicer USASF Servicing (USASF) for a number of illegal practices that harmed individuals with auto loans. The CFPB is seeking to obtain redress for consumers and civil money penalties and stop any future violations.

On July 27, 2023, three bank regulatory agencies requested comments on a proposal to increase the strength and resilience of the banking system. The proposal would modify large bank capital requirements to better reflect underlying risks and increase the consistency of how banks measure their risks.

In July 2023, the CFPB released the Summer 2023 Edition of its Supervisory Highlights that notes recent supervisory findings of abusive acts or practices supervised institutions engaged in across multiple product lines. The findings included in the report cover examinations in the areas of auto origination, auto servicing, consumer reporting, debt collection, deposits, fair lending, information technology, mortgage origination, mortgage servicing, payday and small dollar lending, and remittances that were completed from July 1, 2022, to March 31, 2023.