Regulations & Policy: Page 29

  • A round sign features HSBC's lettering and logo.
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    Matt Cardy/Getty via Getty Images
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    HSBC discloses HUD investigation of redlining allegations

    The National Community Reinvestment Coalition filed a complaint this year spotlighting the bank's lending practices in majority-Black and Hispanic neighborhoods in six metro areas.

    By • Aug. 3, 2023
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    Ultima_Gaina via Getty Images
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    Kansas City Fed names next president

    The move gives the reserve bank a permanent leader ahead of the Kansas City Fed’s best-known annual event, the Jackson Hole Economic Policy Symposium.

    By • Aug. 3, 2023
  • Explore the Trendline➔
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    Flickr; 401(K) 2012
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    Trendline

    Fraud and AML in banking

    The past year has been one of reckoning with regard to fraud — from TD’s $3 billion AML penalty to the continuing punitive phase connected to PPP misdeeds, crypto bankruptcies and pig butchering.

    By Banking Dive staff
  • Bunq CEO Ali Niknam stands in front of Bunq's logo.
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    Courtesy of https://press.bunq.com/media_kits/228411/
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    Bunq CEO: US regulators ‘tough but fair’ amid license wait

    “At Bunq we’d rather do things right than rush things,” said Ali Niknam, who founded the Dutch fintech in 2012. “And the only way for us to be able to do that is by having our own bank.”

    By • Aug. 2, 2023
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Wells Fargo expects ‘significant increase’ in risk-weighted assets

    The bank reacted to regulators' proposed changes to capital requirements in a filing Tuesday. It also estimated it would pay $1.8 billion to replenish the FDIC's Deposit Insurance Fund.

    By • Aug. 2, 2023
  • Image of bitcoins.
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    Chris McGrath via Getty Images
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    Digital Currency Group taps Goldman, Green Dot alum for CFO

    Mark Shifke steps into the crypto firm’s top finance seat as it wraps up bankruptcy proceedings for one of its subsidiaries.

    By Grace Noto • Aug. 1, 2023
  • Entrance to CFPB building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0
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    Texas judge partially blocks CFPB small-business lending rule

    The preliminary injunction is valid only for the Texas Bankers Association, American Bankers Association and McAllen, Texas-based Rio Bank and its members until the constitutionality of the CFPB funding structure is determined.

    By • Aug. 1, 2023
  • A cannabis leaf placed on a one dollar bill partially shields President George Washington's portrait.
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    Kendall Davis/HR Dive
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    Senate ‘making good progress’ on pot banking bill, Schumer says

    There may be bipartisan agreement on SAFE Banking’s goal to help the cannabis industry enter the banking fold, but lawmakers are reportedly haggling over some of the bill’s details.

    By • Aug. 1, 2023
  • People walk by a branch of Signature Bank.
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    Spencer Platt via Getty Images
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    FDIC seeks buyers for $18.5B in Signature Bank loans

    The portfolio is made up of 201 loans to private equity firms, and part of the $60 billion in Signature loans the FDIC plans to offload.

    By • July 31, 2023
  • WASHINGTON, DC - MARCH 09: Elon Musk, founder and chief engineer of SpaceX speaks at the 2020 Satellite Conference and Exhibition March 9, 2020 in Washington, DC. Musk answered a range of questions re
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    Win McNamee / Staff via Getty Images
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    How banks could fit into Elon Musk’s plans for an ‘everything app’

    The billionaire’s intent to bring the social media platform into the banking and payments landscape presents both opportunities and risks for traditional banks, experts said.

    By • July 31, 2023
  • A closeup of the BNP Paribas logo.
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    Pascal Le Segretain via Getty Images
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    BNP Paribas may be next to settle WhatsApp probes by SEC, CFTC

    The French bank has reached "proposed resolutions" with the regulators. And it disclosed that it set aside €125 million for litigation. But the bank declined to say whether the two moves were related.

    By • July 28, 2023
  • Federal Reserve logo
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    Bet_Noire via Getty Images
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    Bank trade groups seek more transparent Fed stress tests

    The Bank Policy Institute and American Bankers Association asked the central bank to make public all models, formulas and methodologies used to determine stress capital buffer requirements.

    By • July 27, 2023
  • A view of the Marriner S. Eccles Federal Reserve building.
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    Anna Moneymaker via Getty Images
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    Fed, FDIC, OCC propose 19% boost in held capital for biggest banks

    The 1,089-page proposal also would force banks with $100 billion in assets to account for unrealized gains and losses on some securities and alter the way banks calculate risk-weighted assets.

    By • July 27, 2023
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    Dan Kitwood via Getty Images
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    Wyoming looks to hire stablecoin chief

    The role comes with a paycheck $10,000 higher than that of Gov. Mark Gordon, who allowed the stablecoin bill to pass without his signature in March.

    By • July 27, 2023
  • The United States Capitol Building seen at a distance.
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    Win McNamee via Getty Images
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    Fintechs ‘deeply concerned’ with Senate SBA bill

    A bill aimed at reining in the SBA’s 7(a) expansion plan would subject nonbanks to unfair and overly burdensome regulations, fintech trade groups said.

    By • July 26, 2023
  • Fintech electronic banking mobile network technology
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    alexsl via Getty Images
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    Fintech trade group grows educational arm

    The American Fintech Council is partnering with professional services firm FORVIS to offer compliance and training opportunities aimed at improving the fintech ecosystem, AFC CEO Phil Goldfeder said.

    By • July 26, 2023
  • Person with umbrella passing Deutsche Bank
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    Thomas Lohnes via Getty Images
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    DWS gears up for record SEC greenwashing settlement

    The Deutsche Bank-owned asset manager set aside more than €20 million for a penalty that sources told Reuters would come by September.

    By • July 26, 2023
  • Binance CEO Changpeng Zhao on stage
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    The image by Piaras Ó Mídheach/Web Summit via Sportsfile is licensed under CC BY 2.0
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    Binance seeks dismissal of CFTC suit

    A Monday court document shows Binance's intention to shut down a CFTC suit claiming it violated certain regulations.

    By • July 25, 2023
  • Exterior of the Federal Reserve building in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    Senators request Fed inspector general’s salary history

    Sens. Rick Scott, R-FL, and Elizabeth Warren, D-MA, expressed concern, in a letter, that the structure of the official's compensation may create a conflict of interest.

    By • July 25, 2023
  • 100 dollar bills with green streaks spiraling around them and 0s and 1s in the background
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    Viorika via Getty Images
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    6 ways FedNow may affect businesses’ cash flow

    CFOs may need to lean on their banks for guidance to help them understand the implications of the new real-time payments system.

    By • July 24, 2023
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    Daniel Berehulak via Getty Images
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    Fed fines UBS $268.5M over Credit Suisse’s Archegos ties

    UBS “has already begun implementing its risk framework, including actions addressing these regulatory findings, across Credit Suisse,” the bank said in a statement Monday seen by Bloomberg.

    By • July 24, 2023
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    Banks’ restatements of uninsured deposits jump fourfold

    Bank of America, for instance, reduced its reported uninsured deposits by $125.3 billion. The move comes as the comment period closes for the FDIC's special assessment fee.

    By • July 24, 2023
  • Clipboard with small business loan application form and pen on wooden desk background.
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    Piotrekswat via Getty Images
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    Senate bill would rein in SBA’s fintech lending plan

    The legislation, which heads to the full Senate, is in response to the agency’s decision to end a 40-year moratorium on admitting new nonbank entrants to its 7(a) loan program.

    By • July 21, 2023
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    Thomas Lohnes via Getty Images
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    Fed fines Deutsche Bank $186M over AML practices

    Deutsche highlighted its “historic tardiness” in resolving 2015 and 2017 orders from the Fed, stemming from the bank’s relationship with the Estonia branch of Danske Bank.

    By • July 20, 2023
  • Resignation letter with pen
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    iStock/Getty Images Plus/Casper1774Studio via Getty Images
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    Blue Ridge Bank holding company’s CEO resigns

    The president of the bank’s fintech division, Kirsten Muetzel, also is leaving the bank this month, according to her LinkedIn profile.

    By • July 20, 2023
  • A Woman in Plaid Blazer Using Her Laptop
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    Photo by Tima Miroshnichenko from Pexels

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    Q&A

    Clair CEO welcomes on-demand pay regulation

    Clair CEO Nico Simko weighed in on whether EWA is a payday loan and how the company offers fee-free wage access.

    By James Pothen • July 20, 2023