On November 13, 2023, the CFPB announced that 845 former Student Aid Institute (SAI) consumers will receive checks in the mail in response to a lawsuit filed against Frank Ronald Gebase Jr., the founder, owner, and operator of Processingstudentloans, a student loan debt-relief company that illegally withdrew hundreds of thousands of dollars from the bank accounts of former SAI consumers without their authorization. The total distribution amount is $240,994.00, and the money will come from the CFPB’s victims relief fund.

On November 13, 2023, the OCC announced that registration is open for its symposium on the tokenization of real-world assets and liabilities on February 8, 2024, at its headquarters in Washington, D.C. The symposium will include panel discussions among thought leaders, academics, community groups, and the banking industry on tokenization and is open to the public for in-person or virtual attendance.

On November 9, 2023, the Federal Reserve Board issued its November 2023 Supervision and Regulation Report. The report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, in conjunction with semiannual testimony before Congress by the Vice Chair for Supervision.

On November 7, 2023, the CFPB issued a notice of proposed rulemaking to supervise larger nonbank companies that offer services like digital wallets and payment apps. According to the CFPB, the rule proposed would ensure that these nonbank financial companies adhere to the same rules as large banks, credit unions, and other financial institutions already supervised by the CFPB.