Summer Regulatory Round-Up

The banking regulators have not yet gone out on vacation, as demonstrated by this grab-bag of announcements, speeches, rules and guidance:

• Acting Comptroller of the Office of the Comptroller of the Currency (OCC), Michael Hsu, gave a speech on July 10^th addressing how banks should help customers to avoid fraud, which highlighted a report the OCC put out in June on How Banks Can Measure and Support Customer Financial Health Outcomes. In particular, his speech focuses on the "security" aspect of consumer financial health identified in the report, saying, "Financial institutions can support their customers by providing timely information about trending scams and ways to avoid them. For example, . . . [institutions can] enable frictions such as verifications to help consumers pause before making a payment to an unknown party." The report on which the speech was based identifies three aspects of consumer financial health – security, stability and resilience, and goes