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

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

Explore the Trendline➔

M&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

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

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

Bank 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

The 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

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

CFPB recasts innovation office to emphasize competition

The bureau walked back its no-action letter and sandbox policies in favor of "incubation events" meant to troubleshoot barriers to innovation and help customers switch providers more easily.

By Dan Ennis • May 25, 2022

BNY Mellon to pay $1.5M to SEC over ESG misstatements

A unit of the bank indicated in prospectuses for six U.S. mutual funds that an affiliate pursued ESG quality reviews for all investments, but some lacked the appropriate score at the time of investment, the regulator found.

By Jim Tyson • May 23, 2022

Wells Fargo unit to pay $7M to SEC over AML failures

Wells Fargo Advisors failed to properly implement and test a new version of its internal anti-money laundering transaction monitoring and alert system, which it adopted in January 2019, the regulator said.

By Anna Hrushka • May 23, 2022

Barr quizzed on fair lending, climate change during Fed confirmation hearing

Barr is Biden’s second pick for Federal Reserve vice chairman for bank supervision. Sarah Bloom Raskin, whom Biden nominated in January, took herself out of the running amid Republican pushback.

By Anna Hrushka • May 20, 2022

OCC, Fed announce hearings on proposed TD, BMO tie-ups

Federal regulators called for public meetings on two proposed deals involving Canadian lenders looking to grow their U.S. retail presence through acquisition.

By Robin Bradley • May 18, 2022

Women-owned de novo to open in Houston after pandemic-related delays

Agility Bank filed paperwork with the FDIC in April 2020, with initial plans to open by the end of that year, but the pandemic altered the bank’s opening timeline, CEO Lauren Sparks said.

By Anna Hrushka • May 18, 2022

JPMorgan shareholders reject special $52M payout to CEO Jamie Dimon

The measure received 31% support in a nonbinding vote — far below the 90% backing the bank's pay proposals have typically received. Bank executives are expected to address criticism over spending at a May 23 presentation.

By Dan Ennis • Updated May 17, 2022

SEC enforcement attorney predicts 'a lot more fraud' in crypto markets

The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

By Jim Tyson • May 16, 2022

Goldman Sachs to give unlimited leave to partners, managing directors

Under another change, junior employees will get an extra two days off per year. Starting Jan. 1, the bank is requiring its employees to take off at least three weeks per year.

By Dan Ennis • May 16, 2022

24 hours at the Fed: 'Pain,' race and continuity

The Senate confirmed Jerome Powell to a second term as chair Thursday. Hours later, he discussed inflation. Meanwhile, the Fed revealed yearly data showing (minimal) added diversity among economists.

By Dan Ennis • May 13, 2022

Michigan credit union to buy Florida bank in 7th such deal of 2022

DFCU Financial's acquisition of First Citrus Bank, estimated at $105 million, would mark the second time since June 2021 that a credit union from the Wolverine State has bought a bank based in Tampa.

By Robin Bradley • May 13, 2022

Senators push for cannabis banking legislation in competition bill

Nineteen Senate Democrats and five Republicans wrote the majority and minority leaders as both chambers of Congress prepare to discuss the final bill over the coming weeks.

By Anna Hrushka • May 13, 2022

Dallas Fed picks NY Fed insider as its next president

The bank "chose to perpetuate a legacy that has largely excluded Latino voices at all levels," Sen. Bob Menendez, D-NJ, and Rep. Raul Ruiz, D-CA, said Wednesday, a week after urging the Dallas Fed to select a Latino leader.

By Dan Ennis • May 12, 2022

Connecticut issues cease-and-desist order over fintech’s ‘tip’ structure

Including tips, the annual percentage rates on loans made to SoLo Funds borrowers in Connecticut ranged from 43% to 4,280% between June 2018 and August 2021, the state's banking commissioner said.

By Robin Bradley • May 12, 2022

Senate confirms Jefferson to Fed board in 91-7 vote

A vote on Jerome Powell's renomination to lead the central bank is expected Thursday. The Senate Banking Committee is set to hold a hearing May 19 for Michael Barr, a nominee for the last open Fed board seat.

By Dan Ennis • May 12, 2022

Yellen urges stricter stablecoin regulation this year, amid TerraUSD crash

The coin, which relies on an algorithm rather than being backed by dollar reserves, plummeted to 23 cents Wednesday, according to CoinDesk.

By Robin Bradley • May 11, 2022

Senate confirms 1st Black woman Fed governor

Democrats needed a tie-breaking vote from Vice President Kamala Harris to put Michigan State University economist Lisa Cook on the seven-seat board. Votes for nominees Philip Jefferson and Jerome Powell are expected this week.

By Dan Ennis • May 11, 2022