On June 6, 2024, the Treasury released a request for information on the Uses, Opportunities, and Risks of Artificial Intelligence (AI) in the Financial Services Sector. The Treasury is particularly interested in understanding how AI innovations can help promote a financial system that delivers inclusive and equitable access to financial services.

On June 3, 2024, the CFPB issued a rule to establish a registry to detect and deter corporate offenders that have broken consumer laws and are subject to federal, state, or local government or court orders. The new registry is part of the CFPB’s ongoing focus on holding lawbreaking companies accountable and stopping corporate recidivism.

On May 31, 2024, the CFPB sued student loan servicer Pennsylvania Higher Education Assistance Agency (PHEAA), which does business as American Education Services (AES), for illegally collecting on student loans that have been discharged in bankruptcy and sending false information about consumers to credit reporting companies. The CFPB seeks to stop PHEAA’s illegal conduct and fine the company for its illegal practices.

On May 29, 2024, the OCC issued an alert warning against a scam using the name of OCC. According to the OCC, consumers  have reported receiving various forms of fictitious correspondence via email, Google Chat, and the U.S. Postal Service related to up-front fee scams involving fictitious inheritance or beneficiary payouts.

On May 30, 2024, the CFPB announced a public inquiry into junk fees that are increasing mortgage closing costs. The Bureau aims to get a clear picture why closing costs are increasing, who is benefiting, and how costs for borrowers and lenders could be lowered. 

On May 23, 2024, HUD issued a letter to announce that FHA-approved mortgagees are required to notify HUD when a “Cyber Incident” occurs. Specifically, FHA-approved mortgagees are to report cyber incidents to HUD within 12 hours of detection.

On May 22, 2024,  the FDIC  published its 2024 Risk Review which summarizes conditions in the U.S. economy, financial markets, and banking industry. According to the FDIC, economic conditions remained strong in 2023, and financial market conditions improved toward the end of the year. In addition, the banking industry demonstrated resilience after a period of stress in early 2023 as full-year net income remained high, overall asset quality metrics were favorable, and liquidity stabilized.