Regulations & Policy: Page 4
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Kevin Dietsch / Staff via Getty Images
FDIC’s bank failure fund may be repaid ahead of schedule
The reserve ratio for the Deposit Insurance Fund will reach the statutory minimum level in 2026, ahead of a 2028 deadline, the agency’s staff projected, though that estimate is “subject to uncertainty.”
By Caitlin Mullen • Oct. 18, 2024 -
Anna Hrushka/Banking Dive
FDIC greenlights FAA vet to lead ‘professional conduct’ office
The move comes nearly a year after dozens of employees alleged the agency tolerated rampant sexual misconduct and retaliation in a Wall Street Journal exposé.
By Dan Ennis • Oct. 17, 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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Banks must be wary of AI security risks, regulator says
NYDFS Superintendent Adrienne Harris says financial services firms have to keep their cybersecurity measures up to snuff, lest they fall victim to cyber threats.
By Gabrielle Saulsbery • Oct. 17, 2024 -
Scott Olson / Staff via Getty Images
Discover discloses SEC accounting criticism
The agency disagrees with the way the company is allocating card misclassification charges, Discover said in its third-quarter earnings report.
By Patrick Cooley • Oct. 17, 2024 -
Kevin Dietsch / Staff via Getty Images
Fairway to pay $9.9M in redlining settlement
The lender allegedly discouraged residents of Black-majority neighborhoods from applying for mortgages. Fairway said the complaint “appears to be intentionally inflammatory in nature.”
By Gabrielle Saulsbery • Oct. 16, 2024 -
(2024). [Photo]. Retrieved from Federal Reserve.
Credit unions, fintechs should face same regulations as banks: Fed’s Bowman
“[Community banks] are also subject to a broader range of restrictions imposed by regulatory requirements…the disparity in the legal framework can have a distortive effect on competition,” Bowman said.
By Rajashree Chakravarty • Oct. 15, 2024 -
Win McNamee / Staff via Getty Images
Citi ‘can walk and chew gum at the same time’: Fraser
CEO Jane Fraser cited the bank’s ability to cut expenses while addressing the data, risk and control flaws regulators have flagged.
By Caitlin Mullen • Oct. 15, 2024 -
Chris duMond via Getty Images
Harris tries to court Black men voters with forgivable loans, crypto
Vice President Kamala Harris’ plans are part of her Opportunity Economy pledge, “an economy where people don't just get by, but get ahead,” and come as polls show she could stand to gain more support from Black men voters.
By Gabrielle Saulsbery • Oct. 14, 2024 -
Adobe Stock/Monkey Business
Sponsored by Shield ComplianceFrom stigma to strategy: Bridging the gap between bankers and cannabis operators
Move past stereotypes. Understanding today’s cannabis businesses allows financial institutions to boost their balance sheets while contributing to the sustained growth of the market.
By Tony Repanich • Oct. 14, 2024 -
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Philly-area credit union to pay $6.5M in DOJ redlining settlement
Citadel Federal Credit Union failed to provide mortgage lending services to residents of predominantly nonwhite neighborhoods between 2017 and 2021, the agency said.
By Rajashree Chakravarty • Oct. 11, 2024 -
Tasos Katopodis / Stringer via Getty Images
Dimon won’t rule out government role
The JPMorgan CEO largely dismissed the idea of serving in the next presidential administration, but he said, “I don’t make promises.” Wells Fargo’s CEO, meanwhile, said work on the bank’s AML issues is well underway.
By Caitlin Mullen • Oct. 11, 2024 -
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TD hit with asset cap, $3B in penalties over AML woes
The bank will pay $1.8 billion to the Justice Department, $1.3 billion to FinCEN, and growth will be restricted in the bank’s U.S. retail unit.
By Dan Ennis , Gabrielle Saulsbery • Oct. 10, 2024 -
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Crypto.com sues SEC
The exchange is now one of several sparring with the Securities and Exchange Commission.
By Gabrielle Saulsbery • Oct. 9, 2024 -
Mario Tama via Getty Images
Citi urges judge again to dump NY AG’s fraud suit
Lawyers for the bank argue the state is trying to rewrite the Electronic Fund Transfer Act through “litigation” and that when consumers are deceived into sending money to criminals, it’s “not a Citi issue.”
By Dan Ennis • Oct. 9, 2024 -
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Tech costs, regulatory demands among community bankers’ top worries
A recent survey of community bankers also cited cost of funds as a top risk, amid the higher rate environment. “Right now, our motto is ‘Survive until 2025,’” a Pennsylvania community bank CEO said.
By Caitlin Mullen • Oct. 8, 2024 -
Chip Somodevilla via Getty Images
Fed faults Wyoming bank IT exec over document sharing
While IT manager at Bank of Jackson Hole, Lindsay Graves shared 50,000 documents — some of which contained confidential supervisory information — with a former employee, the Federal Reserve said.
By Caitlin Mullen • Oct. 7, 2024 -
Cristian Lourenço / Getty Images via Getty Images
Broker-dealer LPL fires CEO for breaking firm’s code of conduct
Dan Arnold violated LPL’s “commitment to a respectful workplace,” the company said without further details. He’s ineligible for severance and will forfeit much of his equity awards.
By Dan Ennis • Oct. 4, 2024 -
Google Maps
Fiserv nets special banking charter in Georgia
The payments processor is only the second company to win the charter since the state made it available.
By Patrick Cooley • Oct. 4, 2024 -
Retrieved from OCC.
OCC seeks to halt Illinois card interchange fee law
The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.
By Lynne Marek • Oct. 3, 2024 -
Michael A. McCoy / Stringer via Getty Images
OCC should restrict Citi’s growth, Warren says
The senator cited a four-step framework the OCC's Michael Hsu floated last year, with growth restriction as a follow-up to penalties. Citi’s July penalties merely repeat Step 2, the senator said.
By Dan Ennis • Oct. 3, 2024 -
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SEC enforcement director Grewal to depart
The division’s deputy director Sanjay Wadhwa will become acting director, and chief counsel Sam Waldon will serve as acting deputy director.
By Gabrielle Saulsbery • Oct. 3, 2024 -
Courtesy of Starling Bank
Starling Bank slapped with $38M fine
The U.K.’s financial watchdog called Starling’s financial sanction screening controls “shockingly lax,” and said the challenger bank’s efforts to thwart financial crime failed to keep up with its quick growth.
By Caitlin Mullen • Oct. 2, 2024 -
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Barclays fined $4M over swap reporting violations
The CFTC noted the bank's “substantial cooperation” led to a reduced penalty in comparison to others levied on Goldman Sachs, JPMorgan and Bank of America.
By Gabrielle Saulsbery • Oct. 2, 2024 -
Mario Tama via Getty Images
Fed lifts 2013 Citi enforcement action
The bank, which had been directed to address anti-money laundering and Bank Secrecy Act deficiencies, is still under Fed and OCC orders related to data and internal controls.
By Caitlin Mullen • Oct. 2, 2024 -
Permission granted by TD Bank
TD to pay regulators $28.5M over spoofing scheme
The broker-dealer arm of the Canadian bank will pay penalties to the DOJ, SEC and FINRA over a former trader’s scheme to place hundreds of fraudulent spoof orders amounting to billions of dollars.
By Caitlin Mullen • Oct. 1, 2024
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