Regulations & Policy: Page 3
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Morgan Stanley adjusts climate targets with Paris goal slipping
The bank’s 2030 targets now include a net-zero scenario that would limit additional temperature rise to 1.7°C, as aspirations for limiting global warming to 1.5°C fade.
By Lamar Johnson • Oct. 30, 2024 -
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Treasury floats financial inclusion strategy
The department’s strategy “provides a national roadmap to expand access to foundational financial tools like credit and investments that are key to building wealth,” Treasury Secretary Janet Yellen said Tuesday.
By Rajashree Chakravarty • Oct. 30, 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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New Jersey AG accuses Republic First of redlining
The failed lender originated 6% of its home loans to residents of majority-nonwhite neighborhoods between 2018 and 2022, the state found. The state filed a claim with the FDIC seeking remediation.
By Dan Ennis • Oct. 30, 2024 -
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BofA discloses Zelle probe, says it may result in litigation
The bank also said it’s in contact with regulators over its Bank Secrecy Act/anti-money laundering and sanctions compliance programs, and a regulatory order could stem from those discussions.
By Caitlin Mullen • Oct. 30, 2024 -
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JPMorgan Chase sues customers who exploited viral ‘glitch’
With four nearly identical lawsuits, the nation’s largest bank wants users to return hundreds of thousands of dollars taken in a scheme promoted on TikTok.
By Gabrielle Saulsbery • Oct. 29, 2024 -
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Dimon swipes at regulators, large retailers: ‘Time to fight back’
The JPMorgan CEO slammed recent rules, including Basel and open banking, saying the industry is right to challenge regulators. “If you’re in a knife fight, you better damn well bring a knife,” he said.
By Caitlin Mullen • Oct. 29, 2024 -
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How open banking will shape the future of payments
The Consumer Financial Protection Bureau released its open banking final rule last week, leading the payments and financial services industries to begin preparing for a new era in data sharing.
By Patrick Cooley • Oct. 29, 2024 -
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BlackRock pens pushback to asset manager proposal
In a 17-page letter, the investment manager laid out its criticism of an FDIC proposal that would require firms to seek agency approval when they pass the 10% threshold of bank ownership.
By Gabrielle Saulsbery • Oct. 28, 2024 -
Anna Hrushka/Banking Dive
FDIC hits 3 banks within embattled Texas parent firm
The regulator hit three subsidiary banks of Industry Bancshares with consent orders to improve their capital positions and take a hard look at staff qualifications.
By Caitlin Mullen • Oct. 28, 2024 -
Where UniCredit-Commerzbank is now, from 4 angles
The Italian lender may not have said much in the month after upping its stake in the German bank, but other European — and American — banks have lots of opinions.
By Dan Ennis • Oct. 28, 2024 -
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Chopra defends CFPB open banking rule in face of lawsuit
Consumer Financial Protection Bureau Director Rohit Chopra called out bank litigants that sued over the rule, saying he didn’t think they’d read it.
By Patrick Cooley • Oct. 28, 2024 -
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Fed cites Washington state bank embroiled in Ponzi scheme allegations
UniBank and its parent company have been named in lawsuits alleging the bank facilitated loans that were used to repay earlier investors of water and oil-and-gas firms.
By Rajashree Chakravarty • Oct. 25, 2024 -
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ColumnDive Deposits: Morgan Stanley’s chair emeritus role represents peak perk
The bank named CEO Ted Pick its next board chair. But Pick’s predecessor, James Gorman, will receive $400,000 next year, retain access to a car and driver, and maintain certain controls over expenses — while also leading Disney’s board.
By Dan Ennis • Oct. 25, 2024 -
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NYCB postpones profitability goal to 2026
The embattled bank recorded a $280 million loss for the third quarter and said it expected to post a loss for 2025, while whittling its profit forecast to 75 cents to 80 cents per share rather than $1.25.
By Caitlin Mullen • Oct. 25, 2024 -
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Industry balks at FDX standard-setting monopoly
Regulators and industry participants worry that FDX will have an unfair monopoly and will advantage its own members if no other organization applies.
By Patrick Cooley • Oct. 24, 2024 -
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NY AG adds to scrutiny of Capital One-Discover deal
New York Attorney General Letitia James is probing the proposed acquisition’s effects on competition, arguing “often vulnerable New Yorkers with subprime credit scores” could see impact.
By Caitlin Mullen • Oct. 24, 2024 -
Permission granted by SoLo Funds
SoLo Funds hit with lawsuit over ‘tips,’ ‘donations’ features
The proposed class action filed last week in a California federal court alleges the fintech misleads borrowers with advertising that deceptively claims to offer zero-interest loans and no hidden fees.
By Rajashree Chakravarty • Oct. 23, 2024 -
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Goldman, Apple to pay CFPB $89.8M over Apple Card issues
The bank and tech firm failed to address disputed transactions from their joint Apple Card program, the bureau alleged, and misled cardholders about interest-bearing products.
By Gabrielle Saulsbery • Oct. 23, 2024 -
Drew Angerer / Staff via Getty Images
Trade groups challenge CFPB’s open banking rule on Day 1
Liability over data security emerges as a top concern as the Bank Policy Institute and a Kentucky trade group and bank sue the bureau, arguing overreach.
By Caitlin Mullen • Oct. 23, 2024 -
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Truist to pay $9.1M over lead poisoning payouts
Truist predecessor SunTrust approved disbursements that weren’t in the best interests of beneficiaries of trust accounts linked to a lead poisoning settlement, the Justice Department said.
By Caitlin Mullen • Oct. 22, 2024 -
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CFPB issues final rule on open banking
Payment apps are included in the data-control rule, in a change from last year’s proposal. Banks and credit unions with less than $850 million in assets are exempt.
By Dan Ennis • Oct. 22, 2024 -
Anna Hrushka/Banking Dive
Oklahoma bank fails, in-state peer buys insured deposits
Alleged "fraud" is believed to be behind the First National Bank of Lindsay's failure, the second U.S. bank collapse this year. The FDIC’s Deposit Insurance Fund will take a roughly $43 million hit.
By Rajashree Chakravarty • Oct. 21, 2024 -
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Fiserv may grab competitive edge with new bank charter
The payments processor can undercut rivals on price because it won’t be paying bank fees, industry consultants say.
By Patrick Cooley • Oct. 21, 2024 -
Retrieved from OCC.
OCC hits Florida bank over AML concerns
Maitland-based Axiom Bank agreed to revamp its BSA/AML program and look back at its suspicious activity reporting history.
By Gabrielle Saulsbery • Oct. 18, 2024 -
Permission granted by Office of the Comptroller of the Currency
OCC bans ex-Citi, JPMorgan bankers over fraud, data sale allegations
In one instance, a banker convicted of prior fraud took her sister’s identity to regain employment at Citi, the OCC said.
By Rajashree Chakravarty • Oct. 18, 2024
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