In December 2024, Winston’s CTA Task Force attorneys began covering a series of judicial actions that affected the enforcement status of the Corporate Transparency Act and its beneficial ownership information reporting rule.
On December 23, 2023, New York Governor Kathy Hochul signed the LLC Transparency Act into law, with a chapter amendment to be approved by the New York State Legislature. The chapter amendment was later approved, and on March 1, 2024, Governor Hochul signed the amended LLC Transparency Act (the Act) into law. The Act takes effect on January 1, 2026 and requires all limited liability companies formed in New York State or qualified to do business in New York State to file a beneficial ownership disclosure or attestation of exemption with the New York Department of State.

In this alert, Winston’s Financial Services Industry Group takes a closer look at the OCC’s new stance on disparate impact liability and its implications for the financial services industry.
The Office of the Comptroller of the Currency (OCC) announced on July 14, 2025, that it will cease supervising banks for disparate impact liability, instructing its examiners to “no longer examine for disparate impact.”[1] Accordingly, OCC examiners will not request, review, conclude on, or follow up on matters related to a bank’s disparate impact related risk, risk analysis, or assessment processes or procedures.[2] The OCC also removed references to disparate impact liability from its fair lending examination manual. 
This policy shift follows President Trump’s April 2025 executive order mandating the elimination of disparate impact liability across federal agencies and claiming that disparate impact liability forces companies to “engage in racial balancing to avoid potentially crippling legal liability.”[3] Given the Trump administration’s approach, the OCC’s policy shift is unsurprising. But the change means financial services companies should reconsider how they evaluate and address disparate impact risk, not only from the perspective of this revised federal regulatory lens, but also with the understanding that state attorneys general and private litigants will continue to pursue disparate impact claims as long as such claims remain legally viable. 
What does this mean to you and your clients? 

Since President Trump took office, the administration has substantially curtailed the Consumer Financial Protection Bureau’s (Bureau) rulemaking and enforcement activity.