All in Regulatory Update

On January 31, 2025, the FDIC announced that federal bank regulatory agencies will hold a virtual public outreach meeting on March 6, 2025, as part of their review of regulations, as required by law.  The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify any outdated or otherwise unnecessary regulatory requirements applicable to their supervised institutions.

On January 30, 2025, the CFPB ordered the international remittance company Wise to pay nearly $2.5 million for a series of illegal actions, including advertising inaccurate fees and failing to properly disclose exchange rates and other costs. Wise is a publicly traded global electronic money services provider that allows customers to send, receive, and store remittances through a mobile app, prepaid accounts, and debit cards.