What's New? Two joint notices of rulemaking from the OCC and FDIC

The OCC and FDIC have proposed two joint notices of rulemaking intended to shift supervisory focus primarily onto material financial risks. One of these rules, released October 7, specifically addresses reputation risk by codifying its elimination from supervisory programs. Under this proposed reputation risk rule, examiners would be prohibited from criticizing or taking adverse action against a bank, or encouraging account closures, based solely on a person or entity’s political, social, cultural, or religious views, constitutionally protected speech, or lawful but politically disfavored business activities perceived to present reputation risk. The second proposed rule, also released October 7, establishes a uniform definition for the term “unsafe or unsound practice”. This definition includes a practice that is "contrary to generally accepted standards of prudent operation". Additionally, the practice must be likely to materially harm the financial condition of the bank, present a material risk of loss to the Deposit Insurance Fund, or already have materially harmed the bank’s financial condition. This proposal also revises the issuance framework for Matters Requiring Attention (MRAs), allowing them only for defined unsafe or unsound practices or violations of banking or banking-related laws.

For more details, see OCC bulletins 2025-29 and 2025-30.

What's New? Federal Regulatory Changes Incoming

Federal regulators are driving significant shifts to tailor and modernize supervision, focusing on reducing regulatory burden for community banks by adjusting examination frequency and scope based on risk, and concentrating oversight specifically on material financial risks. In a major joint effort, the OCC and FDIC proposed rules to codify the elimination of reputation risk from their supervisory programs, prohibiting adverse actions against institutions solely based on customers' political, religious views, or lawful but politically disfavored business activities. To enhance regulatory clarity, five agencies—the OCC, FinCEN, Federal Reserve Board, FDIC, and NCUA—issued joint FAQs regarding Suspicious Activity Reports (SAR) and Bank Secrecy Act reporting; separately, the Federal Reserve released guidance and templates to clarify capital instruments for mutual banking organizations, building on a recent OCC authorization for an innovative mutual capital certificate. Finally, the Federal Reserve plans operational expansion for the Fedwire Funds Service and National Settlement Service to include Sundays and weekday holidays, though implementation is scheduled for 2028 or later.

Stay tuned as developments are finalized!

What's New? Supervision and Regulation Letter 25-4

Yesterday, October 10, 2025, the Board of Governors of the Federal Reserve System issued Supervision and Regulation (SR) Letter 25-4, with the aim to distribute and introduce Frequently Asked Questions (FAQs) regarding suspicious activity report (SAR) requirements. These FAQs serve to clarify existing regulatory obligations for financial institutions concerning SARs, which are deemed a critical tool for combating financial crime. The letter emphasizes that these answers do not alter current Bank Secrecy Act (BSA) legal requirements but aim to assist institutions in compliance and optimizing their reporting resources for law enforcement value.

For more details, see the FAQs here.

What's New? IRS Issues Final Roth Catch-Up Regulations

Starting in 2026, employees earning more than $145,000 in prior year FICA wages are required to make 401(k) and 403(b) catch-up contributions as Roth. This mandate requires extensive payroll coordination and planning in order to administer catch-up and Roth deferrals.

See our section in the Gold Book for more details!

FLSA-2025-02-A: Calculating FMLA Leave Entitlement and Usage

The Department of Labor’s Wage and Hour Division published opinion letter FLSA-2025-02-A on September 30, 2025, concerning how to calculate the number of hours of Family and Medical Leave Act (FMLA) leave available to correctional law enforcement employees who work a fixed “Pitman Schedule”.

For more information, visit the DoL site and our subsection in the Gold Book!

FLSA-2025-05: Application of the Overtime Requirements of the FLSA

The Department of Labor’s Wage and Hour Division published opinion letter FLSA-2025-05 on September 30, 2025, with the aim to ensure compliance with the Fair Labor Standards Act (FLSA) regarding overtime pay for employees who work for two or more affiliated entities.

For more information, visit the DoL site and our subsection in the Gold Book!

What's new? FDIC update to Formal and Informal Enforcement Actions Manual

On September 8, 2025, the FDIC updated chapter four of its Formal and Informal Enforcement Actions Manual to provide greater discretion in terminating cease-and-desist and consent orders issued under Section 8(b) of the Federal Deposit Insurance (FDI) Act. This update applies to all FDIC-supervised financial institutions.

See our subsection in the Gold Book for more details!

What's new? OCC Bulletin 2025-22

The Office of the Comptroller of the Currency (OCC) published Bulletin 2025-22 on September 8, 2025, clarifying how it considers "politicized or unlawful debanking" when reviewing bank licensing applications and Community Reinvestment Act (CRA) performance. This approach, consistent with Executive Order 14331, defines such debanking as adversely restricting financial services based on a customer's political or religious beliefs or lawful business activities. The OCC will now evaluate a bank's record of and policies against this practice as part of its holistic, case-by-case review for licensing filings and CRA ratings.

For more information, check out our Gold Book subsection!

What's New? Homebuyers Privacy Protection Act

President Donald J. Trump signed into law the Homebuyers Privacy Protection Act on September 5, 2025, amending Section 604(c) of the Fair Credit Reporting Act (15 U.S.C. 1681b(c)) to prevent consumer reporting agencies from furnishing consumer reports under certain circumstances.

Taking effect 5 March 2026 (180 days following the President’s approval) the bill limits the circumstances in which credit reporting agencies may provide consumer credit reports to third parties in connection with residential mortgage transactions.

For more information, see our subsection in the Gold Book!

What's New? Guaranteeing Fair Banking for All Americans

President Donald J. Trump issued an executive order titled “Guaranteeing Fair Banking for All Americans” on 7 August 2025.

The order aims to eliminate politically or religiously motivated exclusions from banking services by removing ambiguous risk-based guidance, restoring services to affected consumers, reinforcing regulatory oversight, and crafting a stronger policy framework against debanking.

The order targets “politicized or unlawful debanking”—practices where individuals or businesses are denied banking services due to their political or religious beliefs, or lawful business activities—rather than objective, risk-based analysis.

For more information on implementation, refer to our new section within the Gold Book.

What's New? Expiration of the NY COVID-19 Paid Sick Leave Law

Effective August 1^st, 2025, the provisions of New York State’s COVID-19 Paid Sick Leave Law, originally established to provide job-protected, paid time off for employees under a mandatory or precautionary order of quarantine or isolation will no longer be in effect.

What This Means for You:

• Employees will no longer be eligible for additional paid leave under the COVID-19 law for quarantine or isolation purposes.
• Any illness-related absences, including those due to COVID-19, will be managed under our standard sick leave, PTO, or other applicable leave policies.

Read more in the Covid 19 Relief subchapter of the Decisions and Opinions chapter in The Gold Book. 

What's New? TIN Alternative Collection Methods

On June 27, 2025, the FDIC, OCC, and NCUA, with the concurrence of FINCEN, issued an order granting an exemption from a requirement of the Customer Identification Program (CIP) Rule implementing Section 326 of the USA PATRIOT Act. The CIP Rule requires financial institutions to obtain a Taxpayer Identification Number (TIN) information from its customer before opening an account.

The regulatory order allows financial institutions to use an alternative collection method for obtaining TINs under the CIP rule. Instead of directly collecting the TIN from the customer, institutions can now obtain it from a reliable third-party source. This change aims to reduce friction in account opening and enhance data security, particularly in online banking.

Read more in The Gold Book under Customer Identification Program, (TIN) Alternative Collection Methods.

NYS FAIR Business Practices Act

On June 18, 2025, the New York State Legislature approved the Fostering Affordability and Integrity Through Reasonable Business Practices Act (the “Act”), marking the first major update to the state’s core consumer protection law in 45 years. If signed into law by Governor Kathy Hochul, the Act will significantly broaden the scope of New York General Business Law § 349 (GBL § 349) by extending liability for not only deceptive practices, but also unfair and abusive business conduct. It will also expand the range of commercial activities covered under the law.

NY/NJ Laws Regulating Wages and Hours

The New York State minimum wage poster was recently updated. 

NYS DOL- Minimum wage.pdf

Read more about minimum wage requirements in the Human Resources chapter of The Gold Book and these additional pages:

Laws Regulating Wages and Hours

Posting Requirements

NY Minimum Wage

NJ Minimum Wage

FTC Publishes COPPA Rule Amendments

The Federal Trade Commission finalized changes to the Children’s Online Privacy Protection Rule to set new requirements around the collection, use and disclosure of children’s personal information and give parents new tools and protections to help them control what data is provided to third parties about their children. Read more in the Digital Banking chapter of The Gold Book under Children's Online Privacy Act.

2023 Community Reinvestment Act Final Rule Rescinded

The federal bank regulatory agencies announced, in light of pending litigation, their intent to issue a proposal to both rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and reinstate the CRA framework that existed prior to the October 2023 final rule. The agencies will continue to work together to promote a consistent regulatory approach on their implementation of the CRA.

The October 2023 final rule was the first major revision to CRA regulations, which were established in 1977, in nearly three decades. The final rule was scheduled to take effect in April while requiring bank compliance by Jan. 1, 2026.

Community Reinvestment Act (CRA) regulations remain largely under the 1995/2021 framework. See the Community Reinvestment Act chapter of The Gold Book for details and upcoming rules as they are announced.

Reminder: Reg CC funds availability limits are changing on July 1, 2025

Effective July 1, 2025, Regulation CC, which governs funds availability and check collection, will see adjustments to certain dollar thresholds, including those related to minimum amounts available for withdrawal, new account availability, and large deposit thresholds. As a result of these changes, notification to consumers will be required. Regulation CC section 229.18(e) requires notice to consumer accounts at least 30 days before implementing a change to the bank’s funds availability policy, except that a change that expedites the availability of funds may be disclosed not later than 30 days after implementation.

Because the threshold adjustments made by the final rule effective July 1, 2025 mean that more funds are available to the customer sooner, the change will expedite funds availability. Thus, consumer accounts must be notified of the changes no later than July 31, 2025. However, nothing prohibits a bank from sending a notice sooner if it chooses to do so.

Read more in the Availability of Fund and Collection of Checks (Regulation CC) chapter of The Gold Book. 

Agencies Announce Intent to Rescind 2023 CRA Final Rule

On March 28, 2025, the federal bank regulatory agencies announced, in light of pending litigation, their intent to issue a proposal to both rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and reinstate the CRA framework that existed prior to the October 2023 final rule. The agencies will continue to work together to promote a consistent regulatory approach on their implementation of the CRA.

What's New? Elder Financial Exploitation

On December 5, 2024, The Board of Governors of the Federal Reserve System (Board), Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, state financial regulators, and the Financial Crime Enforcement Network (collectively, the agencies) issued a statement to financial institutions supervised by the agencies for the purpose of raising awareness and providing strategies for combatting elder financial exploitation. Elder financial exploitation is the illegal use of an older adult’s funds or other resources for the benefit of an unauthorized recipient. Click here to read The Interagency Statement on Elder Financial Exploitation. Read more about Elder Financial Exploitation and  Accounts of Incompetent Depositors in The Gold Book. 

What's New? NJ Minimum Wage Increase

The currrent minimum wage rate in New Jersey is $15.49 per hour, effective January 1, 2025 (previously $15.13 in 2024 and $14.13 in 2023). Read more about NJ Human Resources in The Gold Book.