Regulations & Policy: Page 56
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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 -
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TrendlineM&A
President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.
By Banking Dive staff -
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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 -
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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 -
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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 -
Justin Sullivan via Getty Images
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 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
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 -
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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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