Regulations & Policy: Page 48
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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 -
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 -
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 -
Retrieved from Consumer Financial Protection Bureau.
Chamber of Commerce, trade groups blast CFPB for perceived overreach
The groups demand the regulator rescind updates to an exam manual that pushes the definition of “unfairness” to include discrimination.
By Robin Bradley • June 29, 2022 -
Bank regulators' heightened scrutiny of AI highlights third-party risk
As regulators signal a tighter focus on artificial intelligence and machine learning, banks need to be vigilant about their internal models, as well as the models used by vendors, an expert says.
By Anna Hrushka • June 29, 2022 -
GlobeNewsWire
https://www.globenewswire.com/en/news-release/2022/06/27/2469596/30865/en/Greystone-Appoints-Hafize-Gaye-Erkan-as-CEO.html
Ex-First Republic co-CEO Erkan to take the reins atop Greystone
Erkan’s abrupt departure from First Republic in January came days after the bank’s founder went on medical leave — opening a potential leadership vacuum that has sent the company’s stock price spiraling.
By Robin Bradley • June 28, 2022 -
Mark Wilson via Getty Images
Goldman boosts dividend as JPMorgan, Citi stand pat
Shareholder returns are expected to see a 13.6% average increase across the six biggest U.S. banks — far less than the 40.4% average jump between 2020 and 2021.
By Dan Ennis • June 28, 2022 -
Tennessee regulator files appeal to block credit union's bank takeover
Financial Federal Bank account holders would be “irreparably harmed and disrupted” — as would the state’s interest in maintaining a safe and sound banking system — if the deal is allowed to close, a state official argued.
By Anna Hrushka • June 28, 2022 -
Dan Kitwood/Getty Images via Getty Images
JPMorgan, Goldman, BofA pledge to cover employee travel for abortion
The overturning of Roe v. Wade has prompted a new wave of policy shifts. The banks are following Citi, which said in March it would pay for workers to get the procedure out of state.
By Robin Bradley • June 27, 2022 -
Anna Hrushka/Banking Dive
New Fed financial disclosures omit regional chiefs tied to trading scandal
“The rules in place when President [Robert] Kaplan departed did not require him to file an updated financial disclosure upon his departure,” James Hoard, a Dallas Fed representative, told The New York Times.
By Anna Hrushka • June 27, 2022 -
Mario Tama via Getty Images
Judge denies Citi whistle-blower a share of $400M OCC penalty
A district court agreed with U.S. attorneys’ April assertion that the OCC's workstream addressing the complaint was separate from the one assessing the actions that resulted in the fine.
By Dan Ennis • June 27, 2022 -
crbellette via Getty Images
Big banks pass muster in Fed's annual stress test
The 33 largest U.S. banks would be able to maintain adequate capital levels in the event of a severe recession, the Federal Reserve found in its latest annual bank stress test.
By Robin Bradley • June 24, 2022 -
Justin Sullivan via Getty Images
Cannabis banking nixed from competition bill
Bowing to Republican demand, leaders from both parties decided to exclude the Secure and Fair Enforcement Banking Act from the bicameral version of the America COMPETES Act.
By Anna Hrushka • June 24, 2022 -
CFPB takes aim at card late fees
The Consumer Financial Protection Bureau seems to think credit card late fees are out of control. Now, it plans to do something about it.
By Lynne Marek • June 23, 2022 -
Chainarong Prasertthai via Getty Images
Breach at Flagstar Bank impacts more than 1.5M customers
The breach, which occurred between Dec. 3 and Dec. 4, is the second to impact the bank in less than two years.
By Anna Hrushka • June 22, 2022 -
Permission granted by BetaBank
Chicago de novo taps Google to build bank on the cloud
The startup bank submitted its application for deposit insurance with the FDIC in April, and plans to use a proprietary lending algorithm to provide small business owners unbiased access to flexible capital, founder Seke Ballard said.
By Anna Hrushka • June 22, 2022 -
Courtesy of U.S. Bank
U.S. Bank tests well-being guidelines with outside counsel
The Minneapolis-based bank’s pilot program with seven law firms encourages delaying non-urgent matters that come up during off-work hours to protect personal time and promote work-life balance.
By Lyle Moran • June 21, 2022 -
Mark Wilson via Getty Images
Ex-Amazon employee convicted over 2019 Capital One breach
Paige Thompson was found guilty of seven federal crimes in connection with the 2019 Capital One hack.
By Robin Bradley • June 19, 2022 -
Drew Angerer / Staff via Getty Images
Sen. Warren asks OCC to block TD merger over fraud reports
Warren cited a Capitol Forum report that alleged the Toronto-based lender signed up customers for costly services without their knowledge or consent.
By Robin Bradley • June 16, 2022 -
Chip Somodevilla via Getty Images
Fed failure in fighting inflation 'not an option,' Powell says
The Federal Reserve announced a 0.75 percentage point increase in the main interest rate and indicated that policymakers plan more aggressive tightening in coming months.
By Jim Tyson • June 15, 2022 -
Spencer Platt via Getty Images
West Virginia may boycott 6 finance firms over fossil-fuel lending stance
The state’s Treasury is set to place BlackRock, Wells Fargo, JPMorgan Chase, Morgan Stanley, Goldman Sachs and U.S. Bank on a list blocking them from state contracts within 45 days, according to letters seen by Politico.
By Robin Bradley • June 15, 2022 -
Mario Tama via Getty Images
Citi more than doubles Black executive headcount
“Have we made significant progress, and progress we’re proud of? Yes, absolutely. But to say, ‘We’ve done it, ... that’s not the case at all,” said Erika Irish Brown, the bank’s head of talent and diversity.
By Anna Hrushka • June 14, 2022
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