On January 13, 2023, the FTC announced that investment advice company WealthPress has agreed to a proposed court order that would require it to refund more than $1.2 million to consumers and pay a $500,000 civil penalty for deceiving consumers with outlandish and false claims about their services. This case mark’s the first time that FTC has collected civil penalties against a company that received the Notice of Penalty Offenses regarding money-making opportunities and the first civil penalties for violations of the Restore Online Shoppers’ Confidence Act. (ROSCA).

On January 6, 2023, the FIC issued its January 2023 edition of the Consumer News where it talked about credit card checks and cash advances. Through the publication, the FDIC reminds consumers to know the costs associated with using these products, also known as convenience checks.

On January 5, 2023, the FTC proposed a new rule that would ban employers from including noncompete clauses on their workers contracts. According to the FTC, a noncompete requirement is a widespread and often exploitative practice that suppresses wages, hampers innovation, and blocks entrepreneurs from starting new businesses. The agency estimates that the new proposed rule could increase wages by nearly $300 billion per year and expand career opportunities for about 30 million Americans.

On January 5, 2023,, the OCC issued its annual report to Congress which provides an overview of the condition of the federal banking system. The annual report can be beneficial to compliance professionals as it discusses the OCC's strategic priorities and details agency regulatory and policy initiatives.