Regulations & Policy: Page 14
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Wells Fargo CEO Scharf details asset cap limitations
When the cap is removed, the CEO anticipates Wells can further invest in its consumer or wealth businesses, build out its product offerings and be more aggressive on lending and deposits.
By Caitlin Mullen • April 16, 2024 -
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Warren, Grassley want details on CFTC, Bankman-Fried meetings
FTX founder Sam Bankman-Fried and his team met with CFTC Chair Rostin Behnam 10 times in the 14 months preceding FTX's bankruptcy. Lawmakers are now asking questions.
By Gabrielle Saulsbery • April 16, 2024 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
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US, Europe lock arms on payments regulation
U.S. and European regulators have joined forces to monitor digital payment concerns, including those related to buy now, pay later financing and big tech market participation.
By Lynne Marek • April 15, 2024 -
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Sponsored by Shield ComplianceNavigating the complexities of cannabis rescheduling
Rescheduling may bring new complexity to cannabis banking, along with new opportunities.
By Tony Repanich • April 15, 2024 -
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Citi’s reorg job toll climbs to 7,000: Fraser
The bank boosted its expectation for annual savings to $1.5 billion. Meanwhile, Citi, Wells Fargo and JPMorgan Chase reported marked increases in FDIC special assessment costs.
By Caitlin Mullen • April 12, 2024 -
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UBS could face stricter capital requirements
The Swiss government outlined a 209-page report Wednesday proposing stricter capital requirements for UBS, which has a balance sheet of $1.7 trillion and floated the idea of additional powers for Finma.
By Rajashree Chakravarty • April 11, 2024 -
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Gruenberg: FDIC knows how it would wind down a G-SIB
Until the FDIC and regulators are tasked with a G-SIB wind-down, and until they do so successfully, questions will arise “as to whether it can be done,” the agency chief said.
By Gabrielle Saulsbery • April 11, 2024 -
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ColumnDive Deposits: This isn’t the year to gauge women’s progress in banking
JPMorgan's proxy statement is mum regarding the Piepszak-Lake race, but neither executive is the bank's best-paid woman. Meanwhile, the jury is out on Goldman and Citi.
By Dan Ennis • April 9, 2024 -
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Citi, TD, HSBC, Northern Trust added to West Virginia restricted list
The state warned the banks in February of consequences if they "boycott" fossil fuels. BMO and Fifth Third avoided being added to the list, the state said.
By Caitlin Mullen • April 9, 2024 -
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Dimon blasts regulation, proxy advisers in annual letter
The JPMorgan Chase CEO also gave prominent space to AI, touting its potential impact in software engineering, customer service and operations, “as well as in general employee productivity."
By Caitlin Mullen • April 8, 2024 -
Permission granted by Frost Bank
Frost Bank faces proposed overdraft fee class action
Two plaintiffs filed a lawsuit last week accusing the Texas lender of having a “routine policy and practice of charging its customers Overdraft Fees on transactions that did not overdraw an account.”
By Gabrielle Saulsbery • April 8, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC fires CFO, treasury exec over undisclosed relationship
Nadine Ahn had been seen as a potential future CEO candidate, sources told The Globe and Mail. RBC named Katherine Gibson its interim CFO while it searches for a successor.
By Dan Ennis • April 8, 2024 -
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Sponsored by CroweMarch 2024 financial reporting, governance and risk management
Learn about SEC climate-related disclosure rules, the FASB purchased financial assets project and a Fed vice chair speech on credit risk management.
April 8, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC joins Citi, JPMorgan in disclosing green financing ratios
Shareholder proposals put forward by New York City’s retirement system have been pulled at all three banks, the city's comptroller, Brad Lander, said this week.
By Lamar Johnson • April 5, 2024 -
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Proxy advisers call Strike 2 on Goldman CEO Solomon
Glass Lewis and ISS each urged shareholders to vote to separate the bank's CEO and board chair roles. Glass Lewis also wants voters to reject Goldman's executive pay package.
By Dan Ennis • April 5, 2024 -
(2024). [Photo]. Retrieved from Federal Reserve.
Bowman, Chopra M&A comments put partisan divide on display
The Fed governor assailed what she called the FDIC's proposed "regulation by application," while the CFPB chief stressed how mergers should boost communities.
By Dan Ennis • April 4, 2024 -
Permission granted by Navy Federal Credit Union
Navy Federal’s ‘community bank’ label draws ICBA rebuke
The trade group wants the FDIC and NCUA to issue cease-and-desist orders against the credit union's characterization of a co-branded program with the Defense Department.
By Gabrielle Saulsbery • April 4, 2024 -
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Judge sides with Fed in Custodia master account ruling
Judge Scott Skavdahl said the Wyoming-based digital-asset bank failed to prove that the Fed’s board of governors had undue influence on the Kansas City Fed in its application denial.
By Gabrielle Saulsbery • April 2, 2024 -
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Citi to lay off 430 NY-based workers in June
Among the hardest-hit units is technology, media and telecom, people familiar with the matter told Bloomberg.
By Dan Ennis • April 2, 2024 -
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Old National puts CFO on leave after child molestation charges
The Evansville, Indiana-based bank named its chief strategy officer as interim CFO on Monday after Brendon Falconer was arrested last week.
By Dan Ennis • April 2, 2024 -
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Citi says 71% of energy clients lack substantive transition plan or ‘ability to execute’
The bank made the disclosure in its latest climate report in response to a proposal that had been issued by shareholder advocacy group As You Sow.
By Lamar Johnson • April 1, 2024 -
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Texas federal judge blocks CRA revamp
A judge added that the Community Reinvestment Modernization Act, which was introduced four times in nine years, was not passed by the Congress.
By Rajashree Chakravarty • April 1, 2024 -
Permission granted by Piermont Bank
Piermont, Sutton banks hit with FDIC consent orders over BaaS
The FDIC ordered Piermont to review all transactions since September 2022 to ensure all suspicious activity was reported. Sutton, meanwhile, must compile an inventory of its third-party relationships.
By Caitlin Mullen • April 1, 2024 -
Kate Tornone/Banking Dive
Citizens CEO knocks higher capital requirements
“The rest of the economy is saying this has to be rethought,” CEO Bruce Van Saun said, adding the increase could scuttle lending to entrepreneurs and less affluent borrowers.
By Suman Bhattacharyya • March 29, 2024 -
Brandon Bell/Getty Images via Getty Images
Warren reiterates call for gun MCC guidance
The senator and 32 other Democrats are stressing the need for federal guidance on the gun merchant category code as states take opposing sides.
By Caitlin Mullen • March 29, 2024
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