On May 5, 2022, the Board of Governors of the Federal Reserve System (“Board”), the Federal Deposit Insurance Corporation (“FDIC”), and the Office of the Comptroller of the Currency (“OCC”) released a notice of proposed rulemaking (“NPR”) to overhaul the agencies’ regulatory framework for evaluating banks’ CRA performance.

On April 26, 2022, the Consumer Finance Protection Bureau (“CFPB”) Director Rohit Chopra spoke before the Senate Committee on Banking, Housing, and Urban Affairs (“Committee”) and outlined the CFPB's commitments in conjunction with the CFPB’s submission of the Semiannual Report to Congress.

On April 20, 2022, the Financial Stability Board (“FSB”) published a report intended to assist financial regulators and supervisors in establishing their monitoring, managing, and mitigating “sector and system-wide risks arising from climate change” and creating a consistent approach across sectors and jurisdictions to addressing these risks, such that “market fragmentation” is avoided.

On April 26, 2022, the Network of Central Banks and Supervisors for Greening the Financial System (“NGFS”) issued an online questionnaire relating to its directory of climate data.

The Interfaith Center on Corporate Responsibility and several co-filers (collectively, the “Shareholders”), filed proposals with United States and Canadian banks, outlined below, resolving that several large banks institute a company policy that places parameters around lending to fossil fuel companies by the end of 2022.

On April 25, 2022, the Consumer Finance Protection Bureau (“CFPB” or “Bureau”) announced that it will be “invoking a largely unused legal provision” that permits it to examine nonbank financial institutions, such as financial technology companies (“fintech”), based on the potential risk that fintechs' operations pose to consumers.

On April 28, 2022, the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (collectively, the “Agencies”) hosted an Ask the Regulators webinar regarding their Computer-Security Incident Notification Rule (“Rule”).

In July of 2021, the UCC Committee (“Committee”), appointed by the American Law Institute ("ALI") and the Uniform Law Commission ("Commission") presented an initial draft of amendments to the Commission at the Commission's annual meeting. These amendments have been reviewed, amended, and approved by ALI Members Consultative Group (“MCG”) in January 2022.

On March 30, 2022, the U.S. Securities and Exchange Commission (“SEC”) released its 2022 Examination Priorities Report.

On April 11, 2022, Virginia enacted HB 263 (“Bill”), which permits Virginia banks to provide customers with virtual currency custody services.

On April 4, 2022, a coalition of 18 state attorneys general led by New York Attorney General Letitia James (collectively, “AGs”) called on JPMorgan Chase, Bank of America, U.S. Bank, and Wells Fargo (collectively, the “outlying banks”) executives “to eliminate all overdraft fees on consumer bank accounts.”

On March 28, 2022, Brad Little, the Idaho governor, signed HB 583, which amends the definition and classification of “digital assets” under the Idaho Commercial Code.

On April 5, 2022, the Federal Deposit Insurance Corporation (“FDIC”) and the Financial Crimes Enforcement Network (“FinCEN”) announced three teams of experts to approach creativity, effectiveness and market readiness and who will lead the charge in assessing and measuring “the effectiveness of digital identity proofing—the process used to collect, validate, and verify information about a person.”

On April 7, 2022, the U.S. Federal Deposit Insurance Corporation (“FDIC”) issued a Financial Institution Letter (“FIL”) which required FDIC-supervised institutions currently engaged in, or planning to engage in, crypto assets activities to notify the FDIC of such activity.

On March 30, 2022, the Federal Deposit Insurance Corporation (“FDIC”) issued a request for public comment on the draft principles it created that would make up the framework for “the safe and sound management of exposures to climate-related financial risks.”

On March 25, 2022, the Federal Deposit Insurance Corporation (“FDIC”) published a request for public comment on “the application of the laws, practices, rules, regulations, guidance, and statements of policy for merger transactions involving an insured depository institution.”

On March 1, 2022, the Federal Reserve (the “Fed”) released a request for public comment on its newly proposed framework for evaluating “master account” applications submitted by financial institutions for direct access to the Fed's payment system.

On March 22, 2022, the Virginia legislature passed HB 1027, which, if approved by the Virginia governor, would impose the nation’s first registration requirement for sales-based financing providers.

On March 22, 2022, the Federal Reserve Board (“Fed”), Federal Deposit Insurance Corporation (“FDIC”), National Credit Union Administration (“NCUA”) and the Office of the Comptroller of the Currency (“OCC”) issued a Notice of Proposed Rulemaking (“NPR”) amending the Uniform Rules of Practice and Procedures (“Uniform Rules”) governing the conduct of banking agencies’ administrative proceedings.

On March 29, 2022, the CFPB reported that issuers of consumer credit cards charged $12 billion in late fees in 2020. According to CFPB Director Rohit Chopra, the report affirms that many credit card issuers have utilized late fee penalties as “a core part of their profit model[,]” which suggests that the current practices will continue and lead to a rise in added fees in the near future as inflation rises.