Regulations & Policy: Page 33
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CRA update lets banks get credit for climate resilience
“We have learned through hard-earned experience that it is better to address risks as they emerge, rather than after they’ve caused damage,” OCC Acting Comptroller Michael Hsu said at an FDIC board meeting Tuesday.
By Lamar Johnson • Oct. 26, 2023 -
Permission granted by Cross River Bank
Cross River CEO predicts ‘bonanza’ for fintech, BaaS banks in 2024
While elevated interest rates continue to hammer traditional firms, banking-as-a-service remains a strong business model for tech-savvy firms who have fostered partnerships with fintechs, Gilles Gade said at Money20/20.
By Anna Hrushka • Oct. 25, 2023 -
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TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
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Deep DiveCRA revision spurs predictable reactions, several Bowman objections
An update to the anti-redlining law brought no shortage of thoughts from the Fed’s most vocal conservative, but other criticism appeared relatively muted.
By Dan Ennis • Oct. 25, 2023 -
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SEC’s Peirce questions if crypto court fights are best use of resources
“I do worry that some of the things that we’re doing in the crypto space could have adverse effects on the rest of the agency’s work,” she said. “Why don’t we ... help people by thinking through some of the issues ahead of time?”
By Gabrielle Saulsbery • Oct. 25, 2023 -
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FinCEN warns over Hamas, crypto ties
“Hamas moves funds through the smuggling of physical currency as well as a regional network of complicit money transmitters, exchange houses, and Hizballah-affiliated banks,” the FinCEN said in its alert.
By Rajashree Chakravarty • Oct. 24, 2023 -
Alex Wong via Getty Images
OCC applying ‘supply chain mindset’ to bank-fintech scrutiny: Hsu
Arrangements where multiple parties play a role in delivering financial products to consumers are more complicated, and will likely garner more scrutiny from the OCC, Acting Comptroller Michael Hsu said.
By Anna Hrushka • Oct. 24, 2023 -
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Crypto legislation would put US ‘back in the game,’ stakeholders say
A pair of House bills would help the industry gain clarity, scale digital asset products and promote financial inclusion, cryptocurrency stakeholders said Sunday on a panel at Money20/20.
By Anna Hrushka • Oct. 23, 2023 -
CFO Editorial Staff
Fed, FDIC, OCC extend capital-requirements comment period
The agencies are also launching an effort to collect more data from banks affected by the proposal. Comments are now due Jan. 16.
By Dan Ennis • Oct. 20, 2023 -
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Metropolitan Commercial Bank fined $29.5M by Fed, NYDFS
“MCB failed to prevent a massive, ongoing fraud in the MovoCash prepaid card program, allowing bad actors to abuse the financial system,” New York’s superintendent of financial services said.
By Rajashree Chakravarty • Oct. 20, 2023 -
Anna Hrushka/Banking Dive
Fed developing broader stress test scenarios: Barr
Additional scenarios would be “exploratory” and wouldn’t be used to set a bank’s stress capital buffer requirement, Fed Vice Chair for Supervision Michael Barr said.
By Anna Hrushka • Oct. 20, 2023 -
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ColumnDownsizing rule #2: If your bank is cutting jobs, think before you post
One Citi banker may have learned it’s probably never a good time to snark about the Holocaust on Instagram. Not when Israel and Hamas are at war, and not when Citi is shrinking its headcount.
By Dan Ennis • Oct. 20, 2023 -
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Ameris Bank to pay $9M to settle DOJ redlining probe
Other lenders, between 2016 and 2021, generated mortgage applications in Jacksonville, Florida’s majority-Black and Hispanic neighborhoods at three times the rate that Ameris did, the agency alleged.
By Dan Ennis • Oct. 20, 2023 -
Anna Moneymaker via Getty Images
CFPB unveils open banking proposal
The rule will make it easier for consumers to share deposit account and credit card data with fintechs, the CFPB said. Future rulemaking may also include mortgage, auto loan and student loan data, the bureau said.
By Anna Hrushka • Oct. 19, 2023 -
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Judge removes Tulsa massacre references from DOJ redlining order
The judge said the reference to the 1921 Tulsa Race Massacre was not essential to determine the American Bank of Oklahoma’s lending practices a century later.
By Rajashree Chakravarty • Oct. 19, 2023 -
Michael M. Santiago via Getty Images
NY AG sues Gemini, Genesis, Digital Currency Group for fraud
Letitia James has sued multiple crypto firms this year. Now, she seeks to bar Gemini, Genesis and DCG from working in New York after alleging that they defrauded 230,000 people out of $1.1 billion.
By Gabrielle Saulsbery • Oct. 19, 2023 -
(2024). [Photo]. Retrieved from Federal Reserve.
Fed’s Bowman urges ‘responsible innovation’
The U.S. already has a “safe and efficient payment system” that could be disrupted by CBDCs or stablecoins, the central bank governor said.
By James Pothen • Oct. 19, 2023 -
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Senate votes 53-44 to block CFPB data collection rule
The small-business lending rule, which has drawn privacy concerns from critics, faces stiff resistance. The House is unlikely to vote on it until it fills its leadership vacuum.
By Dan Ennis • Oct. 19, 2023 -
Courtesy of U.S. Bank
Fed keeps U.S. Bank in lower capital category
The approval, announced Tuesday, frees the Minneapolis-based firm from stricter capital requirements designated for banks with more than $700 billion in assets.
By Anna Hrushka • Oct. 18, 2023 -
Matt Cardy/Getty via Getty Images
HSBC disables texting on work phones: report
The development follows a regulatory crackdown on the use of unapproved communication methods that result in recordkeeping violations.
By Gabrielle Saulsbery • Oct. 18, 2023 -
Texas ramps up probe into JPMorgan, BofA, Wells fossil-fuel ties
The state’s attorney general wants bond issuers to check that members of a net-zero climate initiative, also including Morgan Stanley, State Street and TD, are complying with state law.
By Dan Ennis • Oct. 18, 2023 -
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Basel publishes crypto exposure proposal
Banks will have to disclose crypto exposure by 2025 under plans unveiled Tuesday. The plans are open for public comment through Jan. 31.
By Gabrielle Saulsbery • Oct. 17, 2023 -
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CFTC, FTC sue former Voyager Digital CEO
Stephen Ehrlich, the ex-chief executive of the bankrupt crypto firm created “no better than a house of cards,” a CFTC commissioner said. The company agreed to a $1.65 billion settlement with the FTC.
By Gabrielle Saulsbery • Oct. 13, 2023 -
(2024). [Photo]. Retrieved from Federal Reserve.
Bowman: New capital requirements threaten financial stability
“Regulatory reform can pose significant financial stability risks, particularly if those changes ... fail to take sufficient account of the incentive effects and potential consequences,” the central bank governor said.
By Rajashree Chakravarty • Oct. 13, 2023 -
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A look at Week 2 of the Bankman-Fried trial
Sam Bankman-Fried’s right-hand man and woman, who have both pleaded guilty to crimes related to FTX’s downfall, testified about the recurring practice of stealing customer funds.
By Gabrielle Saulsbery • Oct. 13, 2023 -
Permission granted by Office of the Comptroller of the Currency
Regulators ramp up pressure on BaaS banks
Firms that work with fintechs are coming under more scrutiny as examiners look to recalibrate their supervision of banks that operate banking-as-a-service programs, Klaros Group’s Konrad Alt said.
By Anna Hrushka • Oct. 11, 2023
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