Federal Reserve Issues Policy Statement and Regulatory Orders

The Federal Reserve Board released its latest Federal Open Market Committee (FOMC) statement on October 28, 2026, marking the central bank’s latest formal communication regarding monetary policy and broader economic conditions [Federal Reserve Board]. The announcement followed the release of minutes earlier in the month detailing the committee's September discussions, as well as the release of minutes from discount rate meetings held across August and September [Federal Reserve Board].

Alongside monetary policy proceedings, the central bank took regulatory actions addressing compliance across the banking sector. On October 8, the Federal Reserve Board issued an enforcement action against American Express Company, citing deficiencies in the institution's programs to sufficiently detect and report suspicious activity connected to money laundering [Federal Reserve Board]. In subsequent supervisory actions, the Board announced the termination of enforcement orders against Gardner Bancshares, Inc. and Small Business Bank on October 16 [Federal Reserve Board]. Additionally, the Board approved bank holding applications for The Bank of Nova Scotia on October 29, Isabella Bank Corporation on October 5, and Fleur Capital Corporation on October 2 [Federal Reserve Board]. Earlier in the month, the Board also released data from the 2025 Survey of Consumer Finances, providing detailed metrics on household financial conditions [Federal Reserve Board].

CFPB Addresses Debanking and Consumer Education

The Consumer Financial Protection Bureau announced an initiative on October 14, 2026, aimed at addressing debanking practices identified by the Office of the Comptroller of the Currency (OCC) [CFPB Newsroom]. According to the agency, the initiative focuses on instances where large banking institutions terminate services for businesses and individuals on the basis of constitutionally protected rights [CFPB Newsroom].

The supervisory initiative follows the bureau's formal endorsement on October 2 of the National Strategy for Financial Literacy [CFPB Newsroom]. The national strategy sets nationwide benchmarks for public financial education, focusing on building financial competency among young people, developing personal saving and investing routines, expanding digital financial knowledge, and instructing consumers on how to identify and avoid fraud and scams [CFPB Newsroom].

FTC Issues Warnings on Insurance Marketing and Impersonation Frauds

The Federal Trade Commission issued an advisory on October 29, 2026, warning consumers to evaluate health insurance advertisements carefully ahead of the Health Insurance Marketplace open enrollment period [FTC Consumer Alerts]. Open enrollment runs from November 1 through January 15, a window that historically brings a high volume of aggressive marketing pitches and promotions across commercial platforms [FTC Consumer Alerts].

The commission also warned against persistent consumer impostor operations. On October 26, the FTC alerted the public to schemes involving scammers impersonating well-known charities to convince donors they had won charity-sponsored sweepstakes [FTC Consumer Alerts]. In an alert published October 22, the commission warned that fraudulent callers have been posing as FTC officials, falsely claiming that a telephone number registered in the consumer's name is being investigated for criminal conduct and threatening immediate service deactivation [FTC Consumer Alerts].