On July 25, 2024, the FDIC, the FRB and the OCC requested additional information on a broad range of bank-fintech arrangements, including with respect to deposit, payments, and lending products and services. Additionally, the agencies issued a statement reminding banks of potential risks associated with third-party arrangements to deliver bank deposit products and services.

On July 24, 2024, the CFPB issued a circular to law enforcement agencies and regulators explaining how companies may be breaking the law by requiring employees to sign broad nondisclosure agreements that could deter whistleblowing. The circular explains how imposing sweeping nondisclosure agreements that do not clearly permit communication with law enforcement may intimidate employees from disclosing misconduct or cooperating with investigations.

On July 23, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued a new reporting requirement for financial institutions holding Russian sovereign asset as part of implementing the historic Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (the “REPO for Ukrainians Act”). The new reporting requirement mandates all financial institutions at which Russian sovereign assets are located, and that know or should know of such assets, to provide notice of such assets to OFAC no later than August 2, 2024 or within 10 days of the detection of such assets, and can do so via OFAC’s new form.

On July 18, 2024, the CFPB, FDIC, FRB, NCUA, and OCC issued final guidance addressing reconsiderations of value (ROVs) for residential real estate transactions. The final guidance also provides examples of policies and procedures that a financial institution may choose to implement to help identify, address, and mitigate the risk of discrimination impacting residential real estate valuations.

On July 18, 2024, the CFPB issued a proposed interpretive rule explaining that many paycheck advance products, sometimes marketed as “earned wage” products, are consumer loans subject to the Truth in Lending Act. According to the CFPB, the guidance will ensure that lenders understand their legal obligations to disclose the costs and fees of these credit products to workers.