On June 20, 2024, FinCEN issued an advisory to alert U.S. financial institutions to new trends in the illicit fentanyl supply chain and urge vigilance in identifying and reporting suspicious activity associated with Mexico-based transnational criminal organizations and their illicit procurement of fentanyl precursor chemicals and manufacturing equipment from People’s Republic of China-based suppliers. The advisory is supplementary to the 2019 Advisory on Illicit Financial Schemes and Methods Related to the Trafficking of Fentanyl and Other Synthetic Opioids.

On June 18, 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 June 18, 2023, the CFPB filed a proposed order that would require Freedom Mortgage Corporation to pay a $3.95 million penalty for submitting error-riddled mortgage loan data to federal regulators. In particular, Freedom Mortgage has submitted incorrect mortgage data in violation of HMDA, a 2019 CFPB order, and the Consumer Financial Protection Act.

On June 18, 2024, the OCC released their Spring 2024 edition of the publication Semiannual Risk Perspective. The publication addresses key issues facing banks, focusing on those that pose threats to the safety and soundness of banks and their compliance with applicable laws and regulations. 

On June 18, 2024, the CFPB ordered a reverse mortgage servicing operation to stop illegal activities that harmed older homeowners and caused them to fear losing their homes. The CFPB found that the customer service operation of Sutherland Global, its subsidiaries Sutherland Government Solutions and Sutherland Mortgage Services, and NOVAD Management Consulting had inadequate resources and staffing to handle as many as 150,000 borrowers.

On June 12, 2024, the Treasury issued sweeping new measures guided by G7 commitments to intensify the pressure on Russia for its continued cruel and unprovoked war against Ukraine. Treasury’s actions increase the risk of secondary sanctions for foreign financial institutions that deal with Russia’s war economy, restrict the ability of Russian military-industrial base to take advantage of certain U.S. software and information technology (IT) services, and target more than 300 individuals and entities both in Russia and outside its border whose products and services enable Russia to sustain its war effort and evade sanctions.

On June 11, 2024, the OCC issued version 2.0 of the “Retail Nondeposit Investment Products'' booklet of the Comptroller’s Handbook. The booklet discusses risks and risk management practices associated with the recommendation or sale of non-deposit investment products to retail customers.