On March 19, 2024, the FDIC issued letters demanding three companies and certain associated parties to cease and desist from making false and misleading statements about FDIC deposit insurance. PrizePool, Inc., AmeriStar, LLC, and HighLine Gold, LLC were asked to take immediate corrective action to address the said false or misleading statements. 

On March 8, 2024, the CFPB published an article regarding the Appraisal Subcomittee’s’ (ASC) recent hearing on appraisal bias where the committee examined how state and federal regulators can address appraisal bias and increase diversity in the profession. The ASC of the provides federal oversight of state appraisal regulatory programs, and is chaired by CFPB Deputy Director Zixta Martinez.

On March 14, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a settlement with EFG International AG to settle its potential civil liability for apparent violations of multiple sanctions programs administered by OFAC. EFG International AG is a Switzerland-based global private banking group with approximately 40 global subsidiaries, providing a range of financial services, including banking, investment, asset management, and securities brokering, to institutional customers and individuals worldwide.

On March 7, 2024, the U.S. Chamber of Commerce filed a lawsuit in the Northern District of Texas seeking a preliminary injunction to stop the CFPB from implementing a rule that, according to the agency, “ punishes responsible credit card users who pay their bills on time”. On March 5, the CFPB issued a final rule that caps credit card late fees to $8 for large banks.

On March 8, 2024, the CFPB published a blog post highlighting the recent increase in closing costs in residential lending. Therefore, the Bureau is urging consumers to file complaints regarding unresolved mortgage or closing costs or share their experiences with mortgage companies as part of its initiative to analyze how issues like mortgage closing costs affect households and families.

On March 4, 2024, the FDIC revised parts of its Risk Management Manual of Examination Policies. The FDIC conducts examinations to help ensure the stability of insured depository institutions by identifying undue risks and weak risk management practices. 

On March 5, 2024, the CFPB finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers. According to the CFPB’s estimates, American families will save more than $10 billion in late fees annually once the final rule goes into effect by reducing the typical fee from $32 to $8.

On February 29, 2024, the CFPB issued a circular to law enforcement agencies and regulators explaining how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks. The CFPB found some comparison-shopping tools manipulate results or use digital dark patterns because of incentive payments from lenders. The circular explains how these practices may violate federal law and highlights examples of illegal arrangements.