On October 11, 2023, the CFPB released a special edition of its Supervisory Highlights focused on the agency’s efforts to protect consumers from illegal junk fees. According to the CFPB, the companies are refunding $140 million to consumers, $120 million of which is for surprise overdraft fees and double-dipping on non-sufficient funds fees. 

On October 11, 2023, the CFPB issued an advisory opinion regarding a provision enacted by Congress which generally prohibits large banks and credit unions from imposing unreasonable obstacles on customers, such as charging excessive fees, for basic information about their own accounts. The advisory opinion clarifies that people are entitled to get the basic information they need without having to pay junk fees.

On October 3, 2023, FinCEN Director Andrea Gacki spoke at the The Assembly by ACAMS where she enumerated FinCEN’s present priorities in terms of combatting financial crimes. In particular, Gacki discussed the agency’s updates on Beneficial Ownership Information implementation, anti-Corruption initiatives in the residential real estate and investment, efforts to combat fentanyl trafficking, and proposed whistleblower program.

On October 3, 2023, announced that the FedNow Service has experienced strong growth following its launch in July, with 108 institutions now sending and receiving on the network. According to the Federal Reserve’s press release, 21 financial institutions are providing liquidity and settlement services, and 20 service providers are supporting payment processing in the instant payments infrastructure.

On September 28, 2023, the OCC released its bank supervision operating plan for fiscal year 2024, which begins on October 1, 2023 and ends on September 30, 2024. The plan provides the foundation for policy initiatives and for supervisory strategies as applied to individual national banks, federal savings associations, federal branches, federal agencies, and technology service providers. The OCC staff will use this plan to guide their supervisory priorities, planning, and resource allocations.

FinCEN recently published a brochure titled An Introduction to Beneficial Ownership Information Reporting as a quick reference to the BOI final rule. The brochure serves as a quick reference on the requirements for who, how, and when to report to FinCEN for beneficial ownership information.