On October 18, 2024, FinCEN published a final rule in the Federal Register to clarify an exemption under the beneficial ownership information reporting rule that FinCEN published on September 30, 2022. The rule modifies the language exempting certain public utilities from the definition of “reporting company” in the beneficial ownership information reporting rule to more clearly implement the language of the exemption found in the Corporate Transparency Act (CTA).

On October 17, 2024, the FDIC announced that it is providing financial institutions additional time to get new processes and systems in place by extending the compliance date for the new FDIC signage and advertising rule from January 1, 2025, to May 1, 2025.  The extension applies only to a portion of the final rule designed to modernize the rules governing the use of the official FDIC signs and advertising statements, that is Part 328, subpart A.

On October 7, 2024, the OCC announced that it is soliciting academic research papers on the use of artificial intelligence (AI) in banking and finance. The deadline to submit paper is December 15, 2024.

On October 7, 2024, the CFPB published a new edition of Supervisory Highlights describing the agency’s supervisory findings related to illegal practices in auto finance, including lenders repossessing consumers’ cars after the borrower made timely payments or received loan extensions. The report also highlights significant problems with add-on products that are packaged at the front-end of the auto loan, increasing the loan costs, and then not properly refunded at the back end upon early loan termination, when the consumer can no longer use the products.

On October 4, 2024, the CFPB published three threshold changes. Two of the threshold changes relate to Regulation Z while one change relates to consumer leasing under Regulation M.  The changes were based on the 3.4 percent increase in CPI-W as of June 1, 2024.