On August 14, 2024, the Federal Trade Commission (FTC) finalized a rule that will combat fake reviews and testimonials by prohibiting their sale or purchase and allow the agency to seek civil penalties against knowing violators. FTC Chair Lina M. Khan said in a statement that the final rule will protect Americans from getting cheated and promote markets that are fair, honest, and competitive.

On August 13, 2024, FinCEN published in the Federal Register a request for comments on the proposed renewal, without change, of existing information collection requirements found in Bank Secrecy Act regulations that require certain financial institutions to make and retain records associated with certain types of transactions, including but not limited to funds transfers, transmittals of funds, and prepaid access transactions. 

On August 12, 2024, the White House published a Fact Sheet that describes a new government-wide effort to crack down on all the ways that companies create unnecessary stress and inconvenience, lowering people’s quality of life. The initiatives include action items for the CFPB to address "doom loops" in customer service and to manage the use of chatbots.

On August 9, 2024, the FDIC issued a Financial Institution Letter explaining the recent developments regarding Interactive Teller Machines (ITMs) and the FDIC’s approach to ITMs. The Letter relates to the FDI Act Section 18(d) requiring a state nonmember bank to obtain the FDIC’s consent before establishing a domestic branch. 

On August 7, 2024, the CFPB issued an issue spotlight finding that some residential solar lenders are misleading homeowners about the terms and costs of their loans, misrepresenting the energy savings they will deliver, and cramming markup fees into borrowers’ loan balances. The report describes how fees often increase loan costs by 30% or more above the cash price, and that lenders often misrepresent the impact of the federal tax credit for solar installations.

On August 6, 2024, the CFPB published a blog post about its current efforts in combatting junk fees that hamper fair, transparent, and competitive markets and to ensure that companies don’t use fine print to escape accountability when they break the law. Additionally, the CFPB has issued an Amicus Brief in support of a group of plaintiffs who sued Nationstar Mortgage LLC for charging illegal junk fees.

On August 2, 2024, the Treasury issued a bulletin to announce an update to the OFAC’s Compliance Hotline. The OFAC is updating its Compliance Hotline by streamlining and enhancing the query submission process.

The Federal Reserve System recently published its Second Issue of Consumer Compliance Outlook for 2024. Consumer Compliance Outlook is the agency’s publication focusing on consumer compliance topics.

On July 26, 2024, the CFPB sued Acima and its former chief executive officer Aaron Allred for illegal lending activities in connection with as many as five million consumer financing agreements. The CFPB alleges Acima used deceptive dark patterns and other tricks to trap consumers in high-cost credit agreements to finance the purchase of household goods.