Regulations & Policy: Page 4
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Leon Neal via Getty Images
Banking regulators vary in response to work-justification email
The OCC and FDIC told employees to await agency guidance in response to an OPM directive to list their weekly accomplishments. The CFPB, meanwhile, told workers to remind OPM of the bureau’s stop-work order.
By Dan Ennis • Feb. 24, 2025 -
Permission granted by SoLo Funds
CFPB drops case against SoLo Funds
The bureau’s lawsuit against the online lending platform – filed during Rohit Chopra’s tenure – “was wrong” and “the weaponization of ‘consumer protection’ must end,” the CFPB’s Acting Director Russ Vought said Sunday.
By Caitlin Mullen • Feb. 24, 2025 -
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TrendlineM&A
President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.
By Banking Dive staff -
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Morgan Stanley, Capital One downplay DEI efforts
A Morgan Stanley filing highlights its proportion of women and ethnically diverse employees but contains a statement on “meritocracy.” Meanwhile, Capital One isn't touting pay equity like it used to.
By Dan Ennis • Feb. 24, 2025 -
Alex Wong / Staff via Getty Images
Fed’s Barr warns of weaker regulation, supervision
The Fed board, he said, should resist initiatives that impede effective supervision by discouraging examiners to flag issues early, or ones that add to the process unnecessarily, he said.
By Rajashree Chakravarty • Feb. 21, 2025 -
Michael M. Santiago via Getty Images
23 AGs line up behind Baltimore in CFPB case
Efforts to shutter the agency are against public interest, the AGs said. The CFPB’s attorneys argue it’s in the public interest to act “consistent[ly] with the philosophy of a new administration brought about by a national election."
By Dan Ennis • Feb. 21, 2025 -
Michael M. Santiago / Staff via Getty Images
Citi tosses diversity goals, DEI label
The lender is scrapping “aspirational representation goals” and diverse job candidate requirements, as more companies abandon diversity, equity and inclusion efforts.
By Caitlin Mullen • Feb. 21, 2025 -
Permission granted by Office of the Comptroller of the Currency
5 key takeaways from Rodney Hood’s 1st public speech as OCC acting chief
The regulator outlined his top priorities – including financial inclusion, technology and cybersecurity – while speaking at a conference for community bankers.
By Rajashree Chakravarty • Feb. 20, 2025 -
Ryan Wewers via Getty Images
UMB embraces ‘consolidator’ role
The bank’s recent acquisition of HTLF boosted its wealth business by 32% “overnight” and doubled its branch footprint. But UMB CEO Mariner Kemper said he is taking systems conversion deliberately slowly.
By Caitlin Mullen • Feb. 20, 2025 -
Kevin Dietsch / Staff via Getty Images
Fed’s Barr: Race to tap generative AI exacerbates risks
As more nimble nonbanks employ a “risk-forward” attitude toward generative AI, the Fed’s outgoing vice chair for supervision called for monitoring how the technology’s introduction alters banking.
By Caitlin Mullen • Feb. 19, 2025 -
Matt Cardy via Getty Images
HSBC delays net-zero emissions goal by 20 years
The U.K.-based bank said it was “revising [its] ambition” and delaying its target of hitting net-zero across its operations, business travel and supply chain from 2030 to 2050.
By Zoya Mirza • Feb. 19, 2025 -
Joe Raedle / Staff via Getty Images
Trump order tightens White House grip on Fed, SEC
Under the order, independent agencies must submit for review “significant” regulations to a unit within the Office of Management and Budget. The order gives OMB Director Russ Vought power over independent agencies’ budgets.
By Caitlin Mullen • Feb. 19, 2025 -
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Capital One, Discover shareholders approve merger
Stockholders of the two companies Tuesday approved the deal, which still awaits sign-off from the Federal Reserve and OCC.
By Patrick Cooley • Feb. 19, 2025 -
Chip Somodevilla via Getty Images
Fed delays start of new Fedwire standard
The central bank postponed a deadline for banks and credit unions to move Fedwire payments to the ISO 20022 format. That may also hold up a broader industry modernization effort.
By Lynne Marek • Feb. 19, 2025 -
Justin Sullivan via Getty Images
Wells Fargo clears 10th consent order; 4 remain
The 2018 consent order issued by the OCC identified deficiencies in the bank’s enterprise-wide compliance risk management program and was tied to a $500 million penalty against the lender.
By Rajashree Chakravarty • Feb. 18, 2025 -
Spencer Platt via Getty Images
Banks back away from DEI mentions
JPMorgan Chase, Citizens and Huntington have reduced or eliminated their references to diversity, equity and inclusion amid a White House crackdown, according to the banks’ latest annual filings.
By Caitlin Mullen • Feb. 18, 2025 -
Lynne Marek/Banking Dive
Waller sees stablecoins advancing in retail
Stablecoins are seeping into payments at stores, but there are plenty of hurdles before they become widely used, according to Federal Reserve Governor Christopher Waller.
By Lynne Marek • Feb. 18, 2025 -
Andrew Harnik via Getty Images
Judge halts CFPB firings
The bureau also was told not to delete any agency data or transfer its reserve funding to the Fed or anywhere else. The CFPB then reportedly placed most employees on administrative leave.
By Dan Ennis • Feb. 18, 2025 -
Andrew Harnik via Getty Images
CFPB union warns of ‘mass’ layoff to affect 95% of the bureau
The bureau terminated roughly 70 to 100 term employees Thursday. An amended complaint asserts there's more to come — and that agency leadership aims to return the CFPB’s reserve funding and terminate its office lease.
By Dan Ennis • Feb. 14, 2025 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo faces labor board complaint over union vote
The National Labor Relations Board alleged the lender threatened and retaliated against workers in favor of unionization at a California branch.
By Rajashree Chakravarty • Feb. 13, 2025 -
Andrew Harnik via Getty Images
CFPB in ‘trauma’
A look at changes at the bureau in the second Trump era — from cycling out Rohit Chopra to bringing in DOGE and an acting chief who ordered employees to stop working.
By Dan Ennis • Feb. 13, 2025 -
tommy via Getty Images
Why the rampant underreporting of fraud? Shame, panelists say
Push-payment scams are at a "crisis level," consumer advocates at a Banking Dive event said, with losses totaling perhaps more than 15 times what's reported.
By Gabrielle Saulsbery • Feb. 12, 2025 -
Retrieved from OCC.
OCC to leave central bank climate coalition
Participation in the Network for Greening the Financial System falls outside the agency’s “statutory responsibilities,” Acting Comptroller Rodney Hood said. The Federal Reserve and FDIC left the coalition last month.
By Zoya Mirza • Feb. 12, 2025 -
Davis Turner/Stringer via Getty Images
‘Taking stock’: BofA and JPMorgan execs weigh in on Trump 2.0
While Bank of America CEO Brian Moynihan called the recent regulatory shift “classic re-engineering,” one peer exec said the changes “are taking all the oxygen in the room.”
By Caitlin Mullen • Feb. 12, 2025 -
Lynne Marek/Banking Dive
Discover flags potential Capital One merger delay
The card network said it now expects the transaction to be completed by May 19, as the companies await regulatory approvals.
By Patrick Cooley • Feb. 12, 2025 -
Chris McGrath via Getty Images
CFTC alum, crypto lobbyist tapped to lead agency
Brian Quintenz was previously appointed to the Commodity Futures Trading Commission by two presidents. In the private sector, he’s spent two years as head of crypto policy for investor a16z.
By Gabrielle Saulsbery • Feb. 12, 2025
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