Goodwin’s Financial Services News Roundup: Key Legal & Regulatory Developments in Banking
Welcome to Goodwin’s Expert Roundup on Financial Services News
Explore the latest legal, regulatory, and business updates affecting the financial services and banking sectors in Goodwin’s Financial Services News Roundup.
Key Highlights in This Issue:
- Detection of Illicit Activities Involving Digital Assets – Treasury Department Requesting Comments
- Sunset of Federal Reserve’s Novel Activities Supervision Program
- FDIC’s Simplified Rules Proposal for Digital Signage
- CFPB Invitation for Comments on Personal Financial Data Rights Rule
- CFPB’s Proposed Standard Definition for CFPA Designation Proceedings
- Bank Accounting Advisory Series – Latest Updates
Treasury Department Invites Public Comments on Illicit Digital Asset Activities Detection Methods
On August 18, the US Department of the Treasury issued a request for comments on innovative strategies to detect and mitigate illicit finance risks like money laundering involving digital assets. The request for public input is as per the GENIUS Act provisions and will aid the Treasury Department in its upcoming research on the subject. The deadline for comments is October 17.
Federal Reserve Ends Novel Activities Supervision Program
The Federal Reserve announced on August 15 its decision to sunset the Novel Activities Supervision Program. With a better understanding of crypto-assets, fintech partnerships, and distributed ledger technology, the Federal Reserve will now monitor these activities through its regular supervisory processes.
Simplified Rules for Digital Signage – FDIC Proposal
The FDIC approved a proposed rule on August 19 to streamline the display of FDIC official digital signs and non-deposit signage on digital platforms. The proposal highlights the importance of placing signage where it is most relevant to customers. The deadline for public comments is October 20.
CFPB Requests Comments on Personal Financial Data Rights Rule
The CFPB published an advance notice of proposed rulemaking on August 22 seeking input on four critical issues concerning the Personal Financial Data Rights Rule under the Dodd-Frank Act. The deadline for public comments is October 21.
CFPB Proposes Definition for CFPA Designation Proceedings
The CFPB proposed a rule on August 26 to formally define “risks to consumers” in the offering or provision of consumer financial products or services. The public is invited to comment on this rule until September 25.
Latest Updates in Bank Accounting Advisory Series
The Office of the Comptroller of the Currency (OCC) released the 2025 edition of the Bank Accounting Advisory Series (BAAS) on August 15. This latest edition includes minor editorial revisions for enhanced clarity but does not contain new substantive guidelines.
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