Fed, OCC, FDIC issue revamped CRA proposal

The measure would require large banks to consider areas with concentrations of mortgage and small-business lending. The proposal also clarifies which activities constitute community development.

By Dan Ennis • May 5, 2022

Democratic senators zero in on overdraft fees at hearing

Sen. Elizabeth Warren, D-MA, and two other lawmakers urged the CEOs of JPMorgan Chase, Bank of America and Wells Fargo to reconsider the practice, in letters published Wednesday.

By Robin Bradley • May 5, 2022

Explore the Trendline➔

Top 5 stories from Banking Dive

As the banking sphere prepares for a second Trump presidency, institutions are weighing branch strategy and regulatory changes — and looking at how past crises have altered their perception of risk.

By Banking Dive staff

CFPB fines Bank of America $10M over illegal garnishments

The bank "unlawfully froze customer accounts, charged garnishment fees, garnished funds, and sent payments to creditors based on out-of-state garnishment court orders," the bureau said.

By Anna Hrushka • May 4, 2022

PPP 2 years later: Analyzing the legacy and impact of the $800B government relief program

Lenders and banking industry experts reflect on the lessons learned from the government's small-business rescue program, and what lies ahead for its participants.

By Anna Hrushka • May 4, 2022

SEC to nearly double crypto enforcement unit

The agency is adding 20 supervisors, investigative staff attorneys, trial counsels and fraud analysts to an already 30-strong team. 

By Robin Bradley • May 3, 2022

Citi's role in 'flash crash' reinforces perils of manual transactions

Nasdaq said it won't cancel any trades from Monday that pushed European indexes down as much as 8% in five minutes. Unlike in 2020, the damage from a Citi employee's hands wasn't contained to the bank.

By Dan Ennis • May 3, 2022

GOP senators follow House Republicans in seeking Citi contract's end

The bank's decision to cover travel costs for abortion is not a political statement, but a long-standing company policy, CEO Jane Fraser said last week at Citi's annual general meeting.

By Anna Hrushka • May 2, 2022

OCC lifts 2012 consent order against Citi

The regulator did not comment on the action, but Citi CEO Jane Fraser, in a memo, said it gives the bank "confidence that we can address long-standing issues in our risk and control environment" as it continues its tech revamp.

By Dan Ennis • April 29, 2022

NYCB, Flagstar extend merger timeline, propose charter change

A national bank charter would put the combined entity under the purview of the OCC and require Fed sign-off — a prospect that allegedly killed a proposed NYCB deal in 2016.

By Dan Ennis • April 28, 2022

Senate Democrats grill Zelle for data, responsibility in alleged fraud

The immediacy of transfers through the platform leaves consumers with "no option to cancel a transaction even moments after authorizing it," leading banks to argue they don't have to return money, lawmakers said.

By Robin Bradley • April 27, 2022

Drama over Fed nominee Cook overshadows Brainard confirmation

The Senate confirmed Lael Brainard as the central bank's No. 2, but a key Republican forced a vote on another nominee who had no GOP support at a time when three Democrats were absent with COVID-19.

By Dan Ennis • April 27, 2022

Shareholder proposals on climate fail to gain traction at 3 major banks

A move to limit Citi from lending and underwriting new oil and gas projects garnered 12.8% support. Similar proposals at Wells Fargo and Bank of America each received 11% backing.

By Anna Hrushka • April 27, 2022

CFPB keys into 'dormant authority' in new exams for nonbanks

The move gives the bureau "critical agility" to "stop harm before its spreads," CFPB Director Rohit Chopra said in a statement Monday.

By Jonathan Berr • April 26, 2022

Bank trade groups want more clarity on Fed master accounts

The groups want further detail on how the central bank will review and scrutinize applications. The authors also want the Fed to explain how the country's reserve banks will monitor institutions in the proposed tiered system.

By Anna Hrushka • April 25, 2022

CFPB, New York AG sue MoneyGram

Thursday's lawsuit accuses the remittance giant of repeatedly giving senders inaccurate information about when their transfers would be available to recipients abroad. MoneyGram denounced the suit as "frivolous."

By Jonathan Berr • April 22, 2022

OCC orders crypto bank Anchorage to revamp AML program

The regulator said the bank failed to implement internal controls for customer due diligence and procedures for monitoring suspicious activity. It also failed to hire a Bank Secrecy Act officer, the OCC said.

By Anna Hrushka • April 22, 2022

Chicago Fed president to retire in early 2023

The move was expected, as Charles Evans faces mandatory retirement when he turns 65 in January. But leadership at the central bank and its outposts has come under more scrutiny in recent months.

By Dan Ennis • April 22, 2022

JPMorgan Chase is tracking employees through office-entry card swipes: report

"We are treated like children who don't want to do their homework," one commenter said in a post. Business Insider published screenshots, accessible only by JPMorgan execs, describing the tracking dashboard.

By Dan Ennis • April 21, 2022

Banks face 'tight deadline' under new cyber notification rule

The May 1 cutoff to comply with the rule comes as the Biden administration has warned U.S. businesses about the increasing risk of Russian cyberattacks.

By Anna Hrushka • April 21, 2022

CFPB focuses on rural banking access

Rural Americans visit bank branches nearly twice as often as urban and suburban customers, yet are more likely to be in a banking desert, generally have less internet access and submit fewer complaints on the agency's portal.

By Anna Hrushka • April 20, 2022

Biden to nominate Treasury vet Barr for Fed supervisory role

Barr helped craft the Dodd-Frank Act and was floated as a candidate to lead the OCC early in Biden's term. Some progressives, however, have said his regulations could have been tougher on banks.

By Dan Ennis • April 18, 2022

Proxy adviser bemoans Goldman's 'excessive' compensation

Stock awards the bank gave many executives could "undermine the integrity" of regular incentives and spark brief but unsustainable "spikes" of growth, Glass Lewis said. Wells Fargo's pay packages are also facing proxy pushback.

By Dan Ennis • April 12, 2022

Needham Bank sees ‘cross sell’ opportunity in cast-off cannabis unit

After learning that Eastern Bank was looking to offload the cannabis business it inherited from Century Bank in November, Needham found its market opening.

By Anna Hrushka • April 11, 2022

NYC halts new account openings with Wells Fargo, citing mortgage race gap

The city removed Wells from its designated banking list in 2017 over concerns about the bank's lending practices but re-added it last year after its CRA rating improved.

By Robin Bradley • April 11, 2022

CBDC will take years, not months, to develop, Yellen says

Transactions need to be faster but responsible, and regulation should be "tech-neutral," the treasury secretary said in her first remarks on digital assets since a March executive order.

By Dan Ennis • April 8, 2022