Board of Governors of the Federal Reserve System

The Board is rescinding its 2023 policy statement interpreting section 9(13) of the Federal Reserve Act, which set out a presumption for how the Board would exercise its authority under that provision and elaborated on supervisory expectations at that time related to “novel and unprecedented” activities. More... The Board is replacing the 2023 policy statement with a new policy statement on section 9(13) of the Federal Reserve Act, which is designed to facilitate innovation by state member banks in a manner that is consistent with bank safety and soundness and preserving the stability of the U.S. financial system. The new policy statement also provides guidance to uninsured state member banks and uninsured state-chartered bank applicants for membership who may seek to engage in activities as principal that are not permissible for insured state member banks. The final rule is effective December 22, 2025 (Regulation H, Docket OP–1876), the same day it was published in the Federal Register.

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) amended the Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers (IA AML Rule) to delay the effective date by two years. More... The obligations of covered investment advisers under the IA AML Rule are delayed from January 1, 2026, to January 1, 2028. The final rule is effective January 1, 2028 (Department of the Treasury, Financial Crimes Enforcement Network) and was published in the Federal Register on January 2, 2026.

The Board is adopting a final notice to revise its large financial institution (LFI) rating system (LFI framework) and the rating system for depository institution holding companies significantly engaged in insurance activities (insurance supervisory framework) to more appropriately identify as “well managed” firms that have sufficient financial and operational strength and resilience to maintain safe and sound operations through a range of conditions, including stressful ones (see appendix A and appendix B). More... The final notice also replaces the presumption in the frameworks that firms with one or more Deficient-1 component ratings will be subject to a formal or informal enforcement action with a statement that such firms may be subject to a formal or informal enforcement action, depending on particular facts and circumstances. The final notice also removes a reference to reputational risk in the insurance supervisory framework. The final notice is effective January 16, 2026 (Regulation LL, Docket OP–1868) and was published in the Federal Register on November 17, 2025.

The Consumer Financial Protection Bureau (CFPB) amended the official commentary that interprets the requirements of Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). More... Based on the 2.5 percent increase in the CPI–W for the 12-month period ending in November 2025, the exemption threshold is adjusted to $59 million from $58 million. Institutions with assets of $59 million or less as of December 31, 2025, are exempt from collecting data in 2026. The final rule is effective January 7, 2026 (Consumer Financial Protection Bureau, Regulation C), the same day it was published in the Federal Register.

The Board and the CFPB finalized amendments to the official interpretations for the agencies’ regulations that implement the Consumer Leasing Act (CLA). More... The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended the CLA by requiring that the dollar threshold for exempt consumer leases be adjusted annually by the annual percentage increase in the CPI–W. Based on the annual percentage increase in the CPI–W as of June 1, 2025, the exemption threshold will increase from $71,900 to $73,400. The final rule is effective January 1, 2026 (Regulation M and Consumer Financial Protection Bureau, Regulation M, Docket R–1879) and was published in the Federal Register on December 15, 2025.

The Board, the CFPB, and the Office of the Comptroller of the Currency finalized amendments to the official interpretations for their regulations that implement section 129H of the Truth in Lending Act (TILA). More... Section 129H of TILA establishes special appraisal requirements for “higher-risk mortgages,” termed “higher-priced mortgage loans” or HPMLs in the agencies’ regulations. A December 2013 rulemaking exempted transactions of $25,000 or less and required that this loan amount be adjusted annually based on any annual percentage increase in the CPI–W. Based on the CPI–W in effect as of June 1, 2025, the exemption threshold will increase from $33,500 to $34,200. The final rule is effective January 1, 2026 (Regulation Z and Consumer Financial Protection Bureau, Regulation Z, Docket R–1878) and was published in the Federal Register on December 16, 2025.

The Board and the CFPB are amending the official interpretations for the agencies’ regulations that implement TILA. More... The Dodd-Frank Act amended TILA by requiring that the dollar threshold for exempt consumer credit transactions be adjusted annually by the annual percentage increase in the CPI–W. Based on the annual percentage increase in the CPI–W as of June 1, 2025, the exemption threshold will increase from $71,900 to $73,400. The final rule is effective January 1, 2026 (Regulation Z and Consumer Financial Protection Bureau, Regulation Z, Docket R–1880) and was published in the Federal Register on December 15, 2025.

The CFPB is amending the official interpretations for Regulation Z, which implements TILA. More... The CFPB calculates the dollar amounts for several provisions in Regulation Z annually; this final rule revises the amounts for provisions implementing TILA and its amendments, including under the Home Ownership and Equity Protection Act of 1994 (HOEPA) and the Dodd-Frank Act. The CFPB adjusts these amounts based on the annual percentage change of the Consumer Price Index as of June 1, 2025. The final rule is effective January 1, 2026 (Consumer Financial Protection Bureau, Regulation Z) and was published in the Federal Register on December 15, 2025.

The CFPB amended the official commentary to its Regulation Z to make annual adjustments to the asset-size thresholds exempting certain creditors from the requirement to establish an escrow account for a higher-priced mortgage loan. More... The exemption threshold for creditors and their affiliates that regularly extended covered transactions secured by first liens is adjusted to $2.785 billion and the exemption threshold for certain insured depository institutions and insured credit unions with assets of $10 billion or less is adjusted to $12.485 billion. The final rule is effective January 7, 2026 (Consumer Financial Protection Bureau, Regulation Z) and was published in the Federal Register on January 7, 2026.

The CFPB is amending Regulation V, which implements the Fair Credit Reporting Act (FCRA). More... The CFPB is required to calculate annually the dollar amount of the maximum allowable charge for disclosures by a consumer reporting agency to a consumer pursuant to section 609 of the FCRA (15 U.S.C. 1681g); this final rule establishes the maximum allowable charge for the 2026 calendar year. The final rule is effective January 1, 2026 (Consumer Financial Protection Bureau, Regulation V) and was published in the Federal Register on December 15, 2025.