Expiration of the NY COVID-19 Paid Sick Leave Law

Effective August 1^st, 2025, the provisions of New York State’s COVID-19 Paid Sick Leave Law, originally established to provide job-protected, paid time off for employees under a mandatory or precautionary order of quarantine or isolation will no longer be in effect.

What This Means for You:

• Employees will no longer be eligible for additional paid leave under the COVID-19 law for quarantine or isolation purposes.
• Any illness-related absences, including those due to COVID-19, will be managed under our standard sick leave, PTO, or other applicable leave policies.

What's New? TIN Alternative Collection Methods

On June 27, 2025, the FDIC, OCC, and NCUA, with the concurrence of FINCEN, issued an order granting an exemption from a requirement of the Customer Identification Program (CIP) Rule implementing Section 326 of the USA PATRIOT Act. The CIP Rule requires financial institutions to obtain a Taxpayer Identification Number (TIN) information from its customer before opening an account.

The regulatory order allows financial institutions to use an alternative collection method for obtaining TINs under the CIP rule. Instead of directly collecting the TIN from the customer, institutions can now obtain it from a reliable third-party source. This change aims to reduce friction in account opening and enhance data security, particularly in online banking.

Read more in The Gold Book under Customer Identification Program, (TIN) Alternative Collection Methods.

NYS FAIR Business Practices Act

On June 18, 2025, the New York State Legislature approved the Fostering Affordability and Integrity Through Reasonable Business Practices Act (the “Act”), marking the first major update to the state’s core consumer protection law in 45 years. If signed into law by Governor Kathy Hochul, the Act will significantly broaden the scope of New York General Business Law § 349 (GBL § 349) by extending liability for not only deceptive practices, but also unfair and abusive business conduct. It will also expand the range of commercial activities covered under the law.

NY/NJ Laws Regulating Wages and Hours

The New York State minimum wage poster was recently updated. 

NYS DOL- Minimum wage.pdf

Read more about minimum wage requirements in the Human Resources chapter of The Gold Book and these additional pages:

Laws Regulating Wages and Hours

Posting Requirements

NY Minimum Wage

NJ Minimum Wage

FTC Publishes COPPA Rule Amendments

The Federal Trade Commission finalized changes to the Children’s Online Privacy Protection Rule to set new requirements around the collection, use and disclosure of children’s personal information and give parents new tools and protections to help them control what data is provided to third parties about their children. Read more in the Digital Banking chapter of The Gold Book under Children's Online Privacy Act.

2023 Community Reinvestment Act Final Rule Rescinded

The federal bank regulatory agencies announced, in light of pending litigation, their intent to issue a proposal to both rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and reinstate the CRA framework that existed prior to the October 2023 final rule. The agencies will continue to work together to promote a consistent regulatory approach on their implementation of the CRA.

The October 2023 final rule was the first major revision to CRA regulations, which were established in 1977, in nearly three decades. The final rule was scheduled to take effect in April while requiring bank compliance by Jan. 1, 2026.

Community Reinvestment Act (CRA) regulations remain largely under the 1995/2021 framework. See the Community Reinvestment Act chapter of The Gold Book for details and upcoming rules as they are announced.

Reminder: Reg CC funds availability limits are changing on July 1, 2025

Effective July 1, 2025, Regulation CC, which governs funds availability and check collection, will see adjustments to certain dollar thresholds, including those related to minimum amounts available for withdrawal, new account availability, and large deposit thresholds. As a result of these changes, notification to consumers will be required. Regulation CC section 229.18(e) requires notice to consumer accounts at least 30 days before implementing a change to the bank’s funds availability policy, except that a change that expedites the availability of funds may be disclosed not later than 30 days after implementation.

Because the threshold adjustments made by the final rule effective July 1, 2025 mean that more funds are available to the customer sooner, the change will expedite funds availability. Thus, consumer accounts must be notified of the changes no later than July 31, 2025. However, nothing prohibits a bank from sending a notice sooner if it chooses to do so.

Read more in the Availability of Fund and Collection of Checks (Regulation CC) chapter of The Gold Book. 

Agencies Announce Intent to Rescind 2023 CRA Final Rule

On March 28, 2025, the federal bank regulatory agencies announced, in light of pending litigation, their intent to issue a proposal to both rescind the Community Reinvestment Act (CRA) final rule issued in October 2023 and reinstate the CRA framework that existed prior to the October 2023 final rule. The agencies will continue to work together to promote a consistent regulatory approach on their implementation of the CRA.

What's New? Elder Financial Exploitation

On December 5, 2024, The Board of Governors of the Federal Reserve System (Board), Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, state financial regulators, and the Financial Crime Enforcement Network (collectively, the agencies) issued a statement to financial institutions supervised by the agencies for the purpose of raising awareness and providing strategies for combatting elder financial exploitation. Elder financial exploitation is the illegal use of an older adult’s funds or other resources for the benefit of an unauthorized recipient. Click here to read The Interagency Statement on Elder Financial Exploitation. Read more about Elder Financial Exploitation and  Accounts of Incompetent Depositors in The Gold Book. 

What's New? NJ Minimum Wage Increase

The currrent minimum wage rate in New Jersey is $15.49 per hour, effective January 1, 2025 (previously $15.13 in 2024 and $14.13 in 2023). Read more about NJ Human Resources in The Gold Book. 

What's New? NY Adverse Claims Wage Exemption Amount

Under New York’s Exempt Income Protection Act (“EIPA”), certain funds in deposit accounts are exempt from most restraining notices and levies. One exemption under the EIPA is for an amount deemed to be protected wages, with the amount of such exemption tied to the minimum wage. As a result of an increase in the New York State minimum wage that takes effect on January 1, 2025, the amount of the wage exemption under the EIPA will increase as of that date.

Read more in The Gold Book:

New York EIPA Wage Exemptions

New York Minimum Wage

What's New? NJ Pay Transparency Law

New Jersey will follow in the footsteps of states such as Connecticut, which began the requirement for pay transparency in 2021, and New York, which started the requirement earlier this year after New York City began requiring it in 2022. Read about NJ Pay Transparency in Human Resources section of The Gold Book under Rules for Laws Regulating Wages and Hours.

What's New? Fair Hiring in Banking Act (FHBA)

The FDIC has finalized a rule easing restrictions on bank hiring of job candidates with criminal histories, to conform its rules with the Fair Hiring in Banking Act (FHBA). This rule is effective October 1, 2024.

Read more about Fair Hiring in Banking Act in The Gold Book, Human Resources chapter.

Remittance Transfers Under the Electronic Fund Transfer Act (Regulation E)

The CFPB has issued guidance to prevent banks from charging overdraft fees to a consumer where the banks have no evidence that they obtained the consumer’s consent for the overdraft. The CFPB’s guidance released on September 17 clarifies that a bank can be found in violation of the Electronic Fund Transfer Act (EFTA) and its federal implementing rule, Regulation E, if the bank cannot produce evidence that it obtained affirmative consent from a consumer to enroll in covered overdraft services that resulted in charging overdraft fees to the consumer. The requirement to obtain the affirmative consent of a consumer for covered overdraft services applies to fees for overdraft loans to cover ATM and one-time debit transactions. The requirement does not apply to overdraft fees charged on paper checks, recurring debit transactions, or ACH transactions. Banks found to have violated the EFTA’s opt-in requirement can be liable for refunding affected consumers and paying monetary penalties. Click here for a copy of the CFPB’s guidance.

What's New? Exemptions for Appraisal Requirements for Higher-priced Mortgage Loans

The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency announced that the 2025 threshold for higher-priced mortgage loans that are subject to special appraisal requirements will increase from $32,400 to $33,500.

The threshold amount will be effective January 1, 2025, and is based on the 3.4 percent annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers, known as CPI-W, as of June 1, 2024.

Read more in the Truth in Lending (Reg Z) chapter of The Gold Book under Higher Priced Mortgage Loans >> Appraisal Rule.

What's New? FDIC Official Sign and Advertising Q&As

The Federal Deposit Insurance Corporation (FDIC) recently published a series of Questions and Answers (Q&As) related to the final rule governing FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC Name or Logo (part 328). The Q&As are a collection of the most frequently asked questions that the FDIC has received to date from stakeholders, including banks, trade associations, technology companies, vendors, and other entities. The Q&As provide clarifying information on the final rule to support stakeholders in the implementation of part 328.

Read more in The Gold Book in the FDIC chapter, Official Sign, and the Q&As in the Federal Decisions and Opinions chapter.

What's New? Guidance on Third Party Delivery of Deposit Products and Services

On July 25, 2024, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation issued a joint statement to banks regarding risks associated with working with third parties to provide bank deposit products and services to customers. 

Read more here in The Gold Book under sections Federal Decisions and Opinions, Federal Joint Agency Guidance.

RMD Final Regulations Issued

The Department of the Treasury and the Internal Revenue Service issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the SECURE Act and the SECURE 2.0 Act impacting retirement plan participants, IRA owners and their beneficiaries. While certain changes were made in response to comments received on the proposal, the final regulations generally follow the original plan. 

Read more in The Gold Book under Mandatory Distributions.

CFPB Proposes Rules to Help Homeowners Avoid Foreclosure

The Consumer Financial Protection Bureau (CFPB) recently proposed new rules to make it easier for homeowners to get help when they are struggling to pay their mortgage. The proposal, if finalized, would require mortgage servicers to focus on helping borrowers, not foreclosing, when a homeowner asks for help. The proposed changes would also make it simpler for servicers to offer assistance by reducing paperwork requirements, improve communication with borrowers, and ensure critical information is provided in languages borrowers understand. 

The new provisions would not apply to small servicers. All existing requirements remain in effect until the effective date of a final rule.

What's New? Final RMD Rules Effective 1/1/25

On July 18, 2024, the IRS released final regulations updating the required minimum distribution (RMD) rules for retirement plans. The final regulations, which reflect certain changes made by the SECURE Act and the SECURE 2.0 Act, largely follow proposed regulations issued in 2022 (the 2022 proposed regulations). The final regulations are effective January 1, 2025. Read more in The Gold Book under Mandatory Distributions.