CFTC chief eyes greater authority in crypto oversight

CFTC Chair Rostin Behnam asked a Senate panel for an extra $100 million and the authority to police the cash market for digital assets, in addition to its traditional role overseeing derivatives.

By Robin Bradley • Feb. 10, 2022

Fed nominees agree to ethics pact amid 'revolving door' allegations

The pledge comes after a Republican senator questioned Sarah Bloom Raskin's role in regard to a master account a fintech received. Meanwhile, the Boston Fed picked its next president.

By Dan Ennis • Feb. 10, 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

Subprime lender Elevate to pay more than $3.75M to end D.C. interest rate suit

The lender, which was flagged to the FDIC by consumer advocates last week, along with its partner banks, also agreed to waive more than $300,000 in past-due interest fees owed by D.C.-based customers.

By Dan Ennis • Feb. 9, 2022

House lawmakers spar over stablecoin regulation

"Simply labeling something as stable or overly relying on a one-to-one ratio does not, in itself, mean it maintains a stable value," House Financial Services Committee Chair Maxine Waters, D-CA, said Tuesday.

By Jonathan Berr • Feb. 9, 2022

Senators probe allegations of JPMorgan 'robo-signing' in debt collection

A CFPB consent order barring the bank from that practice expired in 2020, but a ProPublica report alleges JPMorgan has resumed an "affidavit-signing assembly line."

By Robin Bradley • Feb. 8, 2022

Fed, OCC call hearing on U.S. Bank-MUFG Union tie-up

The March 8 virtual hearing may represent the first test of Biden-era regulators' deepened commitment to a review of bank mergers.

By Dan Ennis • Feb. 8, 2022

FDIC's acting chief lays out priorities as advocates demand action

The agency's new leader stressed an interagency CRA revamp, climate risk and attention to bank mergers as 15 groups sought to quash partnerships between fintechs and banks that skirt state-imposed interest rate caps.

By Robin Bradley • Feb. 7, 2022

Bank of America CEO sees 30.6% pay bump to land him in the $30M club

The raise comes as profits at the Charlotte, North Carolina-based lender jumped 78% in 2021 and shareholders saw a 47% boost in the bank's stock price over the year.

By Dan Ennis • Feb. 7, 2022

FDIC chair lauds agency's resolve in final speech

The crisis "unlike any other" that Jelena McWilliams referenced Thursday is COVID-19 — and the regulator's response to it — not the unusual political squabble that spurred her exit.

By Robin Bradley • Feb. 4, 2022

Fed hearing throws spotlight on Raskin-Toomey rift

Another senator, Cynthia Lummis, R-WY, raised a potential ethics quandary, seemingly accusing Raskin of using her influence to help a fintech gain access to the central bank's payments system.

By Dan Ennis • Feb. 3, 2022

Citi whistle-blower wants a piece of OCC's $400M penalty

Allegations of audit data manipulation a senior risk analyst shared with regulators and authorities "allowed the OCC to look into things that they otherwise wouldn't have," an attorney told Law360.

By Dan Ennis • Feb. 2, 2022

CFPB's Chopra is unafraid to keep fighting

Even in college, he saw "no advantage to being a pushover." Now he enters his first full year at the regulator's helm with a full and — some would argue — aggressive agenda.

By Jonathan Berr • Jan. 31, 2022

Goldman hikes Solomon's pay to keep up with the Morgans

The bank also gave restricted-stock packages to roughly three dozen senior executives after shareholders asked why the CEO and COO were singled out for awards in October.

By Dan Ennis • Jan. 31, 2022

Chamber of Commerce, Goldman exec question Fed independence

A Chamber of Commerce executive wrote senators with concern over nominee Sarah Bloom Raskin's views on fossil-fuel lending, adding he didn't want politicization to affect the Fed as it has the FDIC.

By Robin Bradley • Jan. 28, 2022

CFPB blasts 'junk fees' in new salvo against overdraft, other charges

The bureau is seeking comments from the public through March 31 concerning fees on bank accounts, credit cards and other financial products that may be seen as excessive or unexpected.

By Robin Bradley • Jan. 27, 2022

Toomey assails Fed slate's lack of (geographic) diversity

The Senate banking panel's ranking member also cites nominees' lack of experience with the energy sector, and asks President Joe Biden how his picks comply with a 1913 law.

By Dan Ennis • Jan. 26, 2022

FinCEN proposal would let US banks share SARs with its foreign branches

The pilot program, however, requires banks to submit quarterly reports to the agency, which may reveal internal control deficiencies FinCEN could then share with the bank's regulators.

By Dan Ennis • Jan. 25, 2022

Blue Ridge, FVCB call off proposed merger

The banks delayed the transaction in November but did not say whether the termination related to OCC "concerns" surrounding Blue Ridge — which neither the regulator nor the banks detailed.

By Dan Ennis • Jan. 24, 2022

OCC terminates Wells Fargo consent order from 2015

The termination comes after the bank remediated the customers who bought third-party identity theft protection and debt cancellation products for full price even when they did not receive a full slate of credit monitoring services.

By Dan Ennis • Jan. 21, 2022

Fed's long-awaited CBDC report arrives

The 40-page paper makes no policy recommendations but rather lays out concerns — particularly, security — and benefits, such as access for the unbanked, and is designed to elicit feedback over a 120-day comment period.

By Jonathan Berr • Jan. 21, 2022

Crypto questions, Fed vacancies fill 2022 regulatory agenda with unknowns

The people doing the regulating will be as important as rulemaking substance — and the Senate's vote on the Fed's Lael Brainard can serve as a test of Republicans' appetite for change.

By Dan Ennis • Jan. 20, 2022

SoFi gets OCC's conditional approval to become a bank

The OCC restricted the bank, once it's operational, from crypto activity without first obtaining the regulator's non-objection.

By Dan Ennis • Jan. 19, 2022

Biden nominates Raskin among 3 candidates for Fed posts

Raskin, a Fed veteran, would serve as vice chair of supervision. Lisa Cook would be the first Black woman to serve on the central bank's board.

By Dan Ennis • Jan. 14, 2022

House Republicans blast prospect of SBA direct lending

Republicans cited the discrepancy between suspected criminal activity tied to PPP, run in cooperation with financial institutions, and the smaller EIDL program run solely by the SBA.

By Robin Bradley • Jan. 13, 2022

State Street arm vows voting action on companies with all-male boards

The Boston-based bank's investment arm wants companies on major indexes in the U.S., Canada, Europe and Australia to have women make up 30% of their boards by next year.

By Dan Ennis • Jan. 13, 2022