On August 26, 2024, the CFPB launched the beta platform for financial institutions to test data submissions under the small business lending data collection rule  pursuant to section 1071 of the Dodd-Frank Act. The CFPB invites the participation of financial institutions and their technology partners to test the beta platform and share feedback with the CFPB on their experience.

On August 21, 2024, the CFPB took action against Fay Servicing for violations of mortgage servicing laws, as well as for violations of a 2017 agency order that addressed its illegal foreclosure practices. According to the CFPB, Fay Servicing took prohibited foreclosure actions against borrowers requesting mortgage assistance, failed to offer borrowers mortgage assistance options available to them, and overcharged for private mortgage insurance.

On August 19, 2024, the CFPB issued the Filing instructions guide for small business lending data collected in 2025. The 2025 filing instructions guide is a set of resources to help covered institutions file small business lending data with the CFPB in 2026 covering the period from July 18, 2025 to December 31, 2025. 

On August 16, 2024, the FDIC updated its Questions and Answers related to the final rule governing FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC Name or Logo (part 328). The Q&As, first issued in July 2024, provide clarifying information on the final rule to support stakeholders in the implementation of part 328.

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.