Regulations & Policy: Page 49
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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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ColumnAt Bank of America, flexibility means unit policy fills the vacuum
The Charlotte, North Carolina-based lender has typically maintained a nonspecific office-return policy at the company level. Divisions like M&A are pushing for better attendance — but not in writing.
By Dan Ennis • June 14, 2022 -
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TrendlineTop 5 stories from Banking Dive
Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.
By Banking Dive staff -
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Federal prosecutors probe Wells Fargo's hiring practices: report
The investigation comes after the bank paused its policy on diverse hiring. A dozen sources told The New York Times last month Wells Fargo interviewed nonwhite and female candidates for jobs that had already been filled.
By Anna Hrushka • June 10, 2022 -
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CFPB, alternative lender Upstart end no-action letter
The bureau had asked for more time to review time-sensitive changes to Upstart’s model. That, and the CFPB’s shift away from the no-action letter program, prompted Upstart to request to cut its agreement short.
By Dan Ennis • June 10, 2022 -
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Senate panel backs Fed nominee Barr in 17-7 vote
If confirmed, Michael Barr would bring the seven-member Fed board to capacity for the first time in almost a decade.
By Robin Bradley • June 9, 2022 -
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KC Fed has revoked Reserve Trust's master account, Toomey says
The senator is seeking answers and “transparency” from the central bank. The Colorado fintech’s online footprint has shrunk. Its master account was central to a GOP boycott of former Fed nominee Sarah Bloom Raskin.
By Dan Ennis • June 9, 2022 -
Permission granted by Office of the Comptroller of the Currency
OCC wants to start collecting cannabis, crypto business data from banks
The regulator’s proposal would put cannabis and crypto on a list that already includes industries such as casinos, liquor stores and check cashers.
By Anna Hrushka • June 9, 2022 -
Anna Hrushka/Banking Dive
Custodia Bank sues Fed over 'unlawful delay' in processing master account application
The digital asset bank, which was granted a Wyoming special-purpose depository institution license, has been waiting 19 months for its application to be approved.
By Anna Hrushka • June 8, 2022 -
Green Dot
Green Dot pays Republic Bank $13M to settle suit over failed acquisition
The payout comes atop a $5 million termination fee Republic received in January after Green Dot pulled out of a proposed $165 million purchase of the bank's tax refund processing unit.
By Dan Ennis • June 8, 2022 -
Just_Super via Getty Images
Crypto framework would define SEC, CFTC oversight purview
A bipartisan Senate measure introduced Tuesday tackles regulatory requirements on stablecoin issuers, taxes on crypto transactions and delineates commodities and securities. But its chances of passing appear low.
By Robin Bradley • June 7, 2022 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo pauses policy mandating diverse interviews
The bank will review, then relaunch in July, its policy requiring at least half the candidates interviewed for open positions paying $100,000 or more per year be women, nonwhite or disadvantaged, CEO Charlie Scharf wrote Monday.
By Dan Ennis • June 7, 2022 -
Courtesy of FDIC
Former FDIC chair McWilliams to lead law firm Cravath's new D.C. office
The move marks McWilliams' return to the private sector after leaving FDIC in February. Also joining the office is former SEC Acting Chair Elad Roisman.
By Anna Hrushka • June 7, 2022 -
Anna Hrushka/Banking Dive
'Faster alone, farther together': Bank regulators discuss unified approach to CRA rewrite
Leaders of the OCC, FDIC and Federal Reserve discussed top takeaways of their interagency revamp to the anti-redlining law during a rare in-person event.
By Anna Hrushka • June 6, 2022 -
Tennessee judge lifts injunction, lets credit union-bank deal proceed
The state's Department of Financial Institutions has until June 27 to file an appeal concerning Orion Federal Credit Union's proposed acquisition of Financial Federal Bank.
By Dan Ennis • June 3, 2022 -
Permission granted by Quontic Bank
Deep DiveBanks eye first-mover advantage to embracing the metaverse
Banks are carving out their own spaces in the metaverse, a virtual world estimated to represent a $1 trillion market opportunity.
By Anna Hrushka • June 2, 2022 -
Courtesy of Wells Fargo multimedia resources
Fix Wells Fargo 'once and for all,' senator tells CEO Scharf
Senate Banking Committee Chair Sherrod Brown, D-OH, called out the bank in a letter Tuesday, noting its racial disparity in mortgage lending, revelations of fake job interviews and a recent anti-money laundering fine.
By Robin Bradley • June 1, 2022 -
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DWS CEO resigns in wake of greenwashing raid
A former executive of the asset manager, majority-owned by Deutsche Bank, alleged the company exaggerated in its 2020 annual report that more than half of its assets were "ESG integrated."
By Robin Bradley • June 1, 2022 -
Neilson Barnard/Getty via WireImages
4 takeaways from Morgan Stanley's annual meeting
CEO James Gorman wouldn't detail how long he intends to lead the bank but affirmed last year's C-suite shake-up cemented two generations of leadership behind him.
By Dan Ennis • May 31, 2022 -
Alex Wong via Getty Images
CBDC, stablecoins and commercial bank money can coexist, Brainard says
The Federal Reserve vice chair, at a House Financial Services Committee hearing Thursday, also called for stricter regulation in the stablecoin space.
By Robin Bradley • May 27, 2022 -
Courtesy of The Consumer Financial Protection Board.
CFPB won't let lenders hide behind algorithms
Lenders that use "black-box" models to determine creditworthiness must still give denied applicants detailed reasoning under ECOA, the bureau said Thursday.
By Dan Ennis • May 27, 2022 -
Courtesy of Cannabis plants
State regulators push to include pot banking in manufacturing bill
Proponents of the cannabis legislation have previously tried and failed to tie the SAFE Banking Act to the 2022 National Defense Authorization Act, as well as two COVID-19 relief bills.
By Anna Hrushka • May 27, 2022 -
Kansas City Fed chief to retire in January
Esther George, widely regarded as one of the most hawkish central bank regional presidents, faces age-related mandatory retirement. She is the fourth regional Fed president since September to signal she's leaving office.
By Robin Bradley • May 26, 2022 -
Drew Angerer via Getty Images
ColumnBank of America's 7% raise may make it a rank-and-file retention role model
Aside from lavishing attention on non-specialized employees, the Charlotte, North Carolina-based lender has developed a habit of rolling out perks in pairs.
By Dan Ennis • May 26, 2022 -
Matt Cardy/Getty via Getty Images
ColumnThe week the banking industry's climate chasm widened
An HSBC executive's comments downplaying climate risk, combined with a relatively paltry ESG fine for BNY Mellon, may show the need for regulators to stiffen their penalties.
By Dan Ennis • May 25, 2022 -
Delmaine Donson via Getty Images
How banks might approach M&A amid regulatory revamp
Looping in regulators early and preparing for an increase in public hearings can help banks better situate themselves ahead of a tie-up, says one attorney. But "mergers of equals" may be on hold.
By Anna Hrushka • May 25, 2022
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