On January 24, 2024, the CFPB proposed a new rule to block banks and other financial institutions from one potential source of new junk fee revenue. The proposed rule would prohibit non-sufficient funds (NSF) fees on transactions that financial institutions decline in real time such as declined debit card purchases and ATM withdrawals, as well as some declined peer-to-peer payments.

On January 19, 2024, the Federal Reserve Board issued an enforcement action and fined the Industrial and Commercial Bank of China Ltd. and its New York branch approximately $2.4 million for their unauthorized use and disclosure of confidential supervisory information. It is illegal to disclose confidential supervisory information which includes reports of bank examinations and other confidential communications by banking regulators without prior approval of the appropriate banking regulator.

On January 12, 2024, the FDIC updated sections of the Consumer Compliance Examination Manual. The Consumer Compliance Examination Manual is a primary resource and reference tool for FDIC compliance examination staff when conducting Consumer Compliance and CRA examinations. It incorporates examination policies, procedures, and guidance and is available on the FDIC website as a resource for FDIC staff, bankers, and other members of the public.

On January 11, 2024, the CFPB issued guidance to consumer reporting companies to address inaccurate background check reports, as well as sloppy credit file sharing practices. In particular, the Bureau issued two advisory opinions with the aim to ensure that the consumer reporting system produces accurate and reliable information and does not keep people from accessing their personal data. 

On January 5, 2024, the FDIC revised parts of its Risk Management Manual of Examination Policies. The FDIC conducts examinations to help ensure the stability of insured depository institutions by identifying undue risks and weak risk management practices. 

The FDIC revised section 3.1 Asset Quality to to separate FDIC-only explanatory instructions from the specific Uniform Financial Institutions Rating System (UFIRS) Asset Quality component rating language.

The updated RMS manual can be found here.

On January 10, 2024, the ABA Banking Journal reported that the senate failed to override President Biden’s veto of a joint resolution to overturn the CFPB’s 0171 final rule. The Resolution cleared both houses of Congress by bipartisan votes but Biden vetoed the resolution in December.