Banking and Finance Law Daily Wrap Up, WORTH NOTING—Other regulatory, legislative, litigation, and industry developments, (Jul 10, 2026)

By WK Editorial Staff

A weekly roundup of other items of interest to the banking and finance law community.

BANKING OPERATIONS—The Federal Housing Finance Agency is requesting comments on proposed rulemaking repealing the New Business Activities regulation. Pursuant to Executive Order (Executive Order or EO) 14219, the FHFA reviewed its regulations for consistency with law and administration policy. The FHFA also reviewed existing FHFA regulations with a goal of alleviating unnecessary regulatory burdens and improving prudence and financial responsibility in the expenditure of funds, from both public and private sources. The FHFA has identified 12 C.F.R. Part 1272 as “a potentially disincentivizing innovation” without a “sufficiently offsetting safety and soundness effect,” and proposes to repeal it. Comments are due by Aug. 12, 2026.

CONSUMER FINANCIAL PROTECTION BUREAU—The Consumer Financial Protection Bureau published its Fall 2026 Unified Agenda. The agenda lists CFPB rulemaking at its current stage: pre-rule, proposed rule, and final rule. Links to view the rules are provided.

DIRECTORS, OFFICERS AND EMPLOYERS—The Office of the Comptroller of the Currency announced two senior personnel changes intended to support the evolution of the OCC’s technology and information infrastructure and to elevate experienced supervisory leadership within the agency’s most complex portfolios. Megan Crespi will join the OCC as Senior Deputy Comptroller (SDC) for Technology and Information Services. Additionally, Jennifer Crosthwaite, an acting Deputy Comptroller for Large and Global Financial Institutions (LGFI), will serve as acting SDC for LGFI upon the retirement of Greg Coleman.

ENFORCEMENT ACTIONS—The Federal Reserve Board has given notice that its civil money penalty amounts will not increase for 2026, leaving the penalty schedule published on January 13, 2025, in effect. The notice, scheduled for Federal Register publication on July 13, says OMB advised affected agencies to keep using 2025 civil money penalty levels because there will be no updated 2026 cost-of-living inflation multiplier. Under federal law the agencies are required to adjust civil money penalties within their jurisdiction to account for inflation, and the 2015 Act makes annual adjustments due no later than January 15. For 2026, the adjustment would have compared the Consumer Price Index for October 2025 with the Consumer Price Index for October 2024. That input was unavailable because the Bureau of Labor Statistics did not produce an October 2025 Consumer Price Index during the government shutdown. OMB Memorandum M-26-11, dated April 17, 2026, therefore advised that there would be no updated inflation multiplier for 2026 and that agencies should continue using 2025 levels.

EQUAL CREDIT OPPORTUNITY—With a “slimmed down” final rule implementing Section 1071 of the Dodd-Frank Act, two challenges to the Consumer Financial Protection Bureau’s 2023 final rule have been dismissed. A challenge by Revenue Based Finance Coalition (RBFC) in a Florida federal court was dismissed without prejudice after RBFC and the CFPB stipulated to dismissal under Federal Rule of Civil Procedure 41(a)(1)(A)(ii), effective on filing, with each party bearing its own attorney fees and costs. The court’s order closed the case, terminated pending deadlines, and denied pending motions as moot. In a Kentucky federal court, the plaintiffs in The Monticello Banking Company v. CFPB case filed a notice dismissing their claims without prejudice under Federal Rule of Civil Procedure 41(a)(1)(A)(i), and the court ordered the action dismissed and stricken from the active docket under FRCP 41(a)(1)(A). In the Fifth Circuit appeal of Texas Bankers Association v. CFPB, the Bureau told the court, in a July 6, 2026, status report, that the parties expect to ask for mootness and vacatur in after the CFPB’s replacement rule took effect. The July 6 status report asked the court to set a 60-day deadline for the planned motion or another update. The July report followed a court-ordered status-report process over CFPB efforts to promulgate a new rule superseding the challenged rule, and it came after a June 3, 2026, joint status report in which the parties said they planned to ask the Fifth Circuit to declare the appeal moot and vacate the adverse district-court opinion under the Munsingwear/Bonner Mall rule.

FEDERAL RESERVE SYSTEM—The Federal Reserve Board is seeking comments on a proposal to extend for three years, without revision, the Consumer Financial Protection Bureau’s Regulation DD. The CFPB DD is the Fed’s information collection associated with the CFPB’s Regulation DD, which implements the Truth in Savings Act to assist consumers in comparing deposit accounts offered by institutions, principally through the disclosure of fees, the annual percentage yield, and other account terms. Comments are due by Sept. 8, 2026.

MORTGAGES—The Federal Housing Finance Agency has rescinded two Affordable Housing Program (AHP) questions-and-answers notices issued in 1997 and 1999, withdrawing them as of July 13, 2026. The agency said the guidance has either been codified in FHFA regulations or is inconsistent with later regulatory amendments, shifting Federal Home Loan Banks (FHLBanks), their members, and program participants away from decades-old informal interpretations. The rescinded notices are FHFA’s December 23, 1997, “Questions and Answers Regarding the Affordable Housing Program” and March 11, 1999, “Questions and Answers Regarding the Affordable Housing Program—Part 2.”

Attorneys: Daniel Randolph (Covington & Burling LLP) for Revenue Based Finance Coalition. Joseph Frisone for the CFPB. John T. McGarvey (Morgan Pottinger McGravey, P.S.C) for The Monticello Banking Co. Karen S. Bloom for the CFPB. Robert Mark Loeb (Orrick, Herrington & Sutcliffe, L.L.P.) for Texas Bankers Association. Joseph Frisone for the CFPB.

Companies: American Bankers Association; Independent Bankers Association of Texas; Independent Community Bankers of America; Monticello Banking Co.; Rio Bank; Texas Bankers Association

IndustryNews: BankingOperations CFPB ConsumerCredit DirectorsOfficersEmployers DoddFrankAct EqualCreditOpportunity FederalReserveSystem Loans