Fintech · Industry brief

""

On September 2, the OCC, Federal Reserve, FDIC, FinCEN, and NCUA issued a joint statement clarifying that banks may communicate with customers about underlying facts of suspicious activity—such as transaction details, fraud concerns, and account closures—without violating Suspicious Activity Report (SAR) confidentiality rules under the Bank Secrecy Act. The agencies emphasized that while SAR existence itself remains confidential, financial institutions can discuss the factual basis for their actions, including notifying customers of account restrictions or closures related to suspected fraud, provided the communication does not reveal or suggest that a SAR was filed. The statement, responding to industry concerns raised during a June 2025 regulatory request on payments fraud mitigation, applies to all banks including community banks and does not establish new requirements but clarifies existing BSA obligations. (Source: OCC, Federal Reserve, FDIC, FinCEN, NCUA joint statement, September 2, 2026)

On August 19, the U.S. Federal Trade Commission issued an Enforcement Policy Statement on personalized pricing, announcing it will prioritize enforcement against companies that vary prices based on individual consumers' personal data without proper disclosure. The FTC distinguishes personalized pricing from dynamic pricing based on market conditions, regional differences, or legitimately individualized risk factors like insurance and credit. In industries where consumers reasonably expect static pricing—particularly retail, food delivery, hotels, and rideshare—the FTC requires businesses to clearly disclose that pricing is personalized, the basis for personalization, and the types of data used. The FTC acknowledged that some consumers currently benefit from personalized pricing while others pay more, but views sophisticated algorithms as increasingly skewing benefits against consumers. The agency notes competitive market conditions mitigate personalized pricing concerns, linking the issue to its antitrust mandate. The statement applies FTC Section 5 authority but does not create civil penalties; banks and airlines exempt from FTC Section 5(a)(2) should monitor potential signals to their separate regulators. Public comment on the policy statement is due by September 25. (Source: Sidley Austin LLP)