The OCC granted Circle Internet Group final approval to establish a national trust bank. The approval continues a pattern of the OCC granting bank charters to nonbank, fintech companies that will bring crypto and the risks that come with it, further into the banking system on a large scale.

The OCC has conditionally approved a national trust bank charter for technology company Sony, likely to support its deployment of stablecoins. The approval continues a pattern of the OCC granting bank charters to nonbank, fintech companies that will bring crypto and the risks that come with it, further into the banking system on a large scale.

The CFPB is now requiring consumers filing complaints against financial companies to verify their email address and phone number through two-factor authentication. Consumers must also exhaust their dispute rights directly with credit reporting agencies before filing a complaint with the CFPB.

The FDIC has proposed rules scaling back the resolution planning requirements banks must meet to prepare for a potential failure. The proposal would raises the minimum asset threshold for coverage from $50 billion to $100 billion and make other changes to deemphasize resolution planning.

The OCC has terminated a 2022 cease-and-desist order against Bank of America that stemmed from the bank’s botched disbursement of state unemployment benefits at the height of the pandemic.

The CFPB withdrew a 2020 advisory opinion that had guided lenders on how to structure special purpose credit programs targeting underserved communities.