Our Take: financial services regulatory update

PwC "Our Take: financial services regulatory update" (Jul 26, 2024) reports the Fed, OCC and FDIC issued their second request for comments on opportunities to reduce banks' regulatory burden — required by law every ten years — soliciting input on three new regulation categories: consumer protection; directors, officers and employees; and money laundering. A virtual public outreach meeting was scheduled for September 25, 2024. On the consumer-protection side, the CFPB on Jul 18 proposed an interpretive rule explaining that many paycheck-advance products marketed as "earned wage" may be consumer loans subject to the Truth in Lending Act. The update also touches cloud-adoption resources and AI initiatives. Useful regulatory context for SEA mid-market banks tracking US correspondent-banking shifts.