Regulations & Policy: Page 47
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Kendall Davis/HR Dive
How Cogent Bank treats cannabis account holders like ‘any other client’
To help broaden the lender’s cannabis banking program, Cogent Bank partnered with Green Check Verified, a fintech that works with banks to provide compliant cannabis banking services.
By Anna Hrushka • July 29, 2022 -
Permission granted by U.S. Bank
CFPB fines U.S. Bank $37.5M over customer data misuse
The bank was aware that sales pressure was leading employees to access customers’ credit reports and personal data to apply for and open unauthorized accounts, the bureau said.
By Anna Hrushka • July 28, 2022 -
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 -
bpperry via Getty Images
Berkshire Hathaway subsidiary to pay $20M to settle redlining allegations
A government investigation uncovered “problematic conduct” at Trident Mortgage Co., including distribution of emails containing racial slurs and racist content about certain neighborhoods, the CFPB said.
By Anna Hrushka • July 28, 2022 -
Chip Somodevilla via Getty Images
ColumnCrypto ‘citizen’s arrests’ may continue until Congress wrangles ‘Wild West’
The SEC, DOJ and Treasury are all patrolling the digital asset space. The CFTC is calling for unity. And lawmakers’ vision for a cohesive strategy just took a summer vacation.
By Dan Ennis • July 28, 2022 -
Dan Kitwood via Getty Images
Credit Suisse names new CEO, launches review of business amid $1.7B loss
Ulrich Körner, the bank’s asset-management chief, takes his new role Aug. 1 as the Swiss lender embarks on a strategy to cut costs and de-emphasize its investment bank.
By Dan Ennis • July 27, 2022 -
JuSun via Getty Images
NCUA cyber breach rule would give credit unions longer reporting window than banks
The time frame falls in line with the Critical Infrastructure Act that President Joe Biden signed in March, but is twice as long as the reporting window banks have had to comply with since May.
By Anna Hrushka • July 25, 2022 -
Chris Hondros via Getty Images
Goldman CEO pitches SBA reform plan as recession threatens small business
David Solomon in a CNBC op-ed, suggested paid-leave improvements, a bigger credit pool for CDFIs, improved child care access and better contracting opportunities for women and nonwhite entrepreneurs.
By Dan Ennis • July 20, 2022 -
Justin Sullivan / Staff via Getty Images
Bank of America sets aside $200M over personal-device misuse
The bank hopes to finalize the matter in the coming weeks, its CFO said Monday. That total mirrors amounts Morgan Stanley and Citi said they set aside last week.
By Dan Ennis • July 18, 2022 -
Drew Angerer via Getty Images
House-passed NDAA includes banking provisions for cannabis
SAFE Banking’s inclusion in the defense bill marks the seventh time the legislation has passed in the House. Another measure in the bill would allow individuals with a conviction history to work in the financial sector.
By Anna Hrushka • July 18, 2022 -
Alex Wroblewski via Getty Images
JPMorgan's Dimon blasts 'capricious, arbitrary' Fed stress tests
“It’s inconsistent. It’s not transparent. It’s too volatile,” the CEO said of the stress test. JPMorgan said last month it would keep its dividend payouts flat in response to the central bank’s capital requirements.
By Anna Hrushka • July 15, 2022 -
David McNew via Getty Images
Bank of America fined $225M over 'botched' disbursement of unemployment benefits
The CFPB accused the bank of implementing a faulty fraud filter that would trigger an account freeze over a “simple set of flags.”
By Anna Hrushka • July 14, 2022 -
Lawmakers air CRA concerns over race, data collection
The rule’s focus on income level rather than race does not do enough to address disparities along racial lines, some Democrats say.
By Anna Hrushka • July 14, 2022 -
Win McNamee via Getty Images
Senate confirms Barr to fill Fed supervisory role
The incoming central bank official is expected to have a hand in shaping Fed policy with regard to bank mergers, climate risk’s role in stress tests, and the supplementary leverage ratio.
By Dan Ennis • July 14, 2022 -
Kevin Dietsch via Getty Images
Lawmakers renew push for overdraft legislation
Meanwhile, a New York regulator said Tuesday it is conducting a review aimed at curtailing banks from double-charging users in the event of an overdraft.
By Anna Hrushka • July 13, 2022 -
BMO Harris boosts minimum wage to $20
The move marks the second pay bump within a year for the lowest-paid workers of the Chicago-based U.S. arm of the Bank of Montreal. The bank also gave most employees a 3% raise in June, it said.
By Dan Ennis • July 12, 2022 -
Drew Angerer via Getty Images
Brainard urges more oversight of crypto
The Federal Reserve vice chair on Friday said the May collapse of the Terra stablecoin, which wiped out millions of dollars in a matter of days, was “reminiscent of classic runs throughout history.”
By Anna Hrushka • July 11, 2022 -
Sean Pavone via Getty Images
Republic First CEO Vernon Hill resigns
An appeals court ruling last week broke a months-long power struggle, allowing the bank’s board to appoint a new member to replace a Hill ally who died.
By Dan Ennis • July 11, 2022 -
Dan Kitwood via Getty Images
FDIC probes Voyager's language surrounding deposit insurance
The agency issued a final rule regarding misrepresentation in May. Voyager recently altered text on its website regarding customer reimbursement in the event of failure, according to two news outlets.
By Dan Ennis • July 8, 2022 -
Chris Hondros via Getty Images
Banks aren’t doing enough to address Zelle fraud, senators say
Months after writing the CEO of Zelle’s parent company, Sens. Bob Menendez and Elizabeth Warren — with six other lawmakers signing on — are seeking information from seven banks with ownership stakes in the platform.
By Anna Hrushka • July 8, 2022 -
Matt Cardy/Getty via Getty Images
HSBC exec resigns after suspension over climate comments
“A cancel culture destroys wealth and progress,” Stuart Kirk wrote Thursday in a LinkedIn post. “There is no place for virtue [signaling] in finance.”
By Dan Ennis • July 7, 2022 -
BMO Harris to cut overdraft fees to $15 from $36
The bank in November reduced the number of overdraft and NSF charges a customer can run up per day. It also increased — to $50 in the red — the threshold at which customers incur an overdraft fee.
By Robin Bradley • July 5, 2022 -
Viorika via Getty Images
Payactiv jettisons some fees in wake of CFPB move
The earned wage access provider said it was eliminating some fees just as the bureau decided to remove a prior order giving the company leeway under certain laws.
By Jonathan Berr • July 5, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB terminates Payactiv's sandbox protection
The earned wage access provider told the CFPB last week it wanted to make changes to its fee model without review by the bureau. The bureau, in turn, expressed concern over potentially misleading public statements by Payactiv.
By Dan Ennis • July 1, 2022 -
Zach Gibson via Getty Images
Waters urges regulators to 'escalate penalties' against Wells Fargo
The chair of the House Financial Services Committee called on the CFPB, OCC, FDIC, Fed and HUD to address mounting reports of consumer abuses and discriminatory behavior at the San Francisco-based bank.
By Robin Bradley • June 30, 2022 -
Chip Somodevilla via Getty Images
Toomey, other GOP senators blast KC Fed over master account silence
The regional Fed president’s refusal to give lawmakers details represents "obstructionism" and shows the need for more transparency and accountability to Congress at the central bank, the senators wrote.
By Dan Ennis • June 30, 2022
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