FDIC: Banks should alert agency of their crypto-related pursuits

The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

By Anna Hrushka • April 8, 2022

Toomey bill would let OCC give charters to stablecoin issuers

The Republican senator's draft bill would preserve state-registered money transmitter status for most existing issuers and would clarify that insured depository institutions are permitted to issue the digital currency.

By Anna Hrushka • April 7, 2022

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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

AGs: Why can't you be more like Citi (on overdrafts)?

Top lawyers in 17 states and D.C. urged JPMorgan Chase, Bank of America, Wells Fargo and U.S. Bank in letters this week to adopt the same timeline as Citi to eliminate the fees.

By Dan Ennis • April 7, 2022

Fed bans ex-Goldman banker over document leak, 6 others in EIDL fraud

Thursday's penalty, resolving a 2014 matter, comes two days after the central bank barred former employees of Regions Bank and Merrill Lynch for allegedly pocketing between $9,000 to $21,600 each in COVID-19 aid.

By Dan Ennis • Updated April 7, 2022

Citi abortion policy spurs lawmakers to want bank's contract terminated

Dozens of House Republicans said in a letter that by covering travel expenses for employees seeking abortions, the bank has "forfeited its privilege of doing business" with the chamber of Congress.

By Anna Hrushka • April 6, 2022

TD joins Bank of America in setting large-scale office returns for June

"After more than two years, it's time to come together again," TD's human resources chief wrote in a memo. "While [COVID-19] will be with us for the long term ... public health units are much better equipped to handle new waves."

By Dan Ennis • Updated April 7, 2022

Dimon: Russia exposure could cost JPMorgan $1B

Despite the conflict's impact on the bank's bottom line, the CEO called for tougher sanctions against the invading country — and added that because of a confluence of factors, mergers in banking are inevitable this decade.

By Anna Hrushka • April 5, 2022

OCC's Hsu pushes for stricter safeguards for big regional banks

The acting comptroller proposed banks make lines of business more easily separable and that their parent companies hold more long-term debt in an effort to expand their options during stress.

By Dan Ennis • April 4, 2022

Spring means Goldman employees have a culture gripe

Roughly a year after 13 junior analysts detailed "inhumane" workweeks, two publications have unearthed rumblings of frustration over the bank's in-office policy and attendance checks.

By Dan Ennis • April 1, 2022

House panel's overdraft hearing shows partisan divide

House Financial Services Committee Chair Maxine Waters, D-CA, unveiled a draft bill Thursday requiring banks with $10 billion or more in assets to offer accounts without overdraft or declined-transaction charges.

By Robin Bradley • April 1, 2022

FDIC unveils guidance for banks to navigate climate-related risks

The agency asked banks with $100 billion or more in assets to measure and mitigate climate change's financial risks, echoing a December move by the Office of the Comptroller of the Currency (OCC).

By Robin Bradley • March 31, 2022

CFPB chief pushes harsher penalties for repeat offenders

The bureau will establish a unit devoted to recidivism, Director Rohit Chopra said, adding that regulators should work in concert to penalize larger institutions at a proper scale.

By Robin Bradley • March 29, 2022

BNPL critics, backers join last-minute surge in feedback to CFPB

The Bank Policy Institute, the Consumer Bankers Association and a litany of state attorneys general and nonprofits submitted their views to the bureau just before the comment period's Friday deadline.

By Jonathan Berr • March 29, 2022

Cannabis firm's CFO works to bring industry's financing out of the 'gray'

Item 9 Labs' net revenues more than doubled last fiscal year. But pot's federal status can still make financial partners skittish, CFO Bobby Mikkelsen finds.

By Maura Webber Sadovi • March 29, 2022

FDIC seeks comments on bank merger policy

Among concerns it highlighted, the RFI inquires whether the agency should consult the CFPB in bank merger review, and asks if the existing regulatory framework requires an appropriate burden of proof.

By Robin Bradley • March 28, 2022

Wells Fargo narrows its racial gap in mortgage refinancing

The bank approved 58% of applications from Black homeowners in 2021, an 11-percentage-point jump over the previous year. But its acceptance rate for white borrowers also saw a boost.

By Dan Ennis • March 28, 2022

BNY Mellon fined $11.9M over shortcomings in outsourcing

The penalty over 16 violations amassed between 2013 and 2019 is the highest Ireland's central bank has ever handed a fund service provider in that country, the regulator said.

By Dan Ennis • March 25, 2022

House panel wants deeper details of banks' business activities in Russia

Rep. Maxine Waters, D-CA, asked 31 trade groups to survey their members to find out what they are doing to exit or phase out business with Russia or, conversely, defend why they would continue those ties.

By Robin Bradley • March 25, 2022

UBS inches into permanent remote work

The Swiss bank expects about 10% of its U.S.-based employees to work full time outside the office, in a phase-based plan that will start with its wealth unit.

By Dan Ennis • March 24, 2022

Fed's Powell lists his 4 qualifications for a US CBDC

A digital dollar must ensure user privacy, be "identity verifiable," be "intermediated" and be widely accepted as a means of payment, the central bank chief said at an event hosted by the Bank for International Settlements.

By Dan Ennis • March 24, 2022

SEC proposes 'rules of the road' for climate-risk disclosures

The agency would require companies to describe in a filing their governance and strategy toward climate risk and obtain independent attestation of their greenhouse gas emission data.

By Jim Tyson • March 22, 2022

Senators, lawsuit press Wells Fargo on mortgage refinancing race gap

Sens. Elizabeth Warren, D-MA, and Ron Wyden, D-OR, want the bank to provide data and algorithms behind a reported 25-percentage-point gulf in approval. A larger group of senators flagged the disparity to the CFPB.

By Dan Ennis • March 21, 2022

USAA to pay $140M in penalties over AML shortcomings

The bank failed to timely file at least 3,873 suspicious activity reports between 2017 and 2021, FinCEN found. Additionally, USAA consistently missed deadlines in a planned overhaul related to due diligence and risk identification.

By Dan Ennis • March 18, 2022

CFPB expands enforcement of unfair discrimination

The agency on Wednesday unveiled an updated exam manual for evaluating unfair practices in the world of consumer finance.

By Robin Bradley • March 17, 2022

Biden's Fed nominees advance to full Senate

Economist Philip Jefferson received unanimous support, while Lisa Cook saw a 12-12 party-line split. Sen. Pat Toomey, R-PA, signaled his opposition to Lael Brainard over climate-related issues.

By Dan Ennis • March 17, 2022