Regulations & Policy: Page 58
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Regulators eye bank-like oversight for stablecoin issuers
Stablecoins can support beneficial payments options, Treasury Secretary Janet Yellen said, "but the absence of appropriate oversight presents risks to users and the broader system."
By Anna Hrushka • Nov. 2, 2021 -
New York extends CRA requirements to nonbank mortgage companies
The move comes months after the state's Department of Financial Services found borrowers of color and low- and moderate-income communities in Buffalo were underserved by anti-redlining legislation.
By Robin Bradley • Nov. 2, 2021 -
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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 -
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JPMorgan Chase, Bank of America, TD reign in small-business satisfaction: J.D. Power
The nation's largest bank stood atop the West region for the ninth straight year — albeit in a tie with Bank of the West — the researcher found.
By Robin Bradley • Nov. 1, 2021 -
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Barclays CEO Staley steps down amid Epstein probe
British regulators are questioning how Jes Staley characterized his ties with the late disgraced financier while working at JPMorgan Chase. Barclays named C.S. Venkatakrishnan its next chief executive.
By Dan Ennis • Nov. 1, 2021 -
TD Bank will give a bonus of 5 shares to non-executive employees
The incentive, worth around $363 based on the bank's Oct. 27 closing price, references TD's tenet that employees should "act like an owner." Employees outside the U.S., Canada and the U.K. will receive cash instead.
By Robin Bradley • Oct. 28, 2021 -
Anna Hrushka/Banking Dive
Senate bill would fine Fed officials for stock-trading breaches
Under legislation introduced Tuesday, central bank officials would face penalties of at least 10% of the value of the investment bought or sold, according to The Wall Street Journal.
By Robin Bradley • Oct. 27, 2021 -
Christopher Furlong via Getty Images
Valley Bank unveils payments app for cannabis businesses
Valley Bank is partnering with a large processor to offer the service, which is similar to using a reloadable Starbucks wallet gift card, Chief Digital Product Officer Stuart Cook said.
By Anna Hrushka • Oct. 27, 2021 -
Regulators to issue policy on crypto, stablecoins, FDIC chair says
Jelena McWilliams shared details about the interagency "crypto sprint" involving the FDIC, the OCC and the Fed, and said the agencies plan to issue a series of policy statements in the coming months.
By Anna Hrushka • Oct. 26, 2021 -
Goldman Sachs CEO David Solomon DJing before the re:Invent keynote
Goldman sweetens the pot for Solomon, COO with stock incentive
Under the deal offered Friday, the CEO — whose pay was cut by 36% last year in connection with the 1MDB scandal — could reap $50 million if the bank's stock jumps another 75% over the next five years.
By Dan Ennis • Oct. 25, 2021 -
Drew Angerer via Getty Images
DOJ, CFPB and OCC link up to crack down on redlining
Jackson, Mississippi-based Trustmark Bank told the agencies it would pay $5 million to settle allegations it engaged in discriminatory lending practices from 2014 to 2018.
By Anna Hrushka • Oct. 22, 2021 -
Chip Somodevilla via Getty Images
Fed restricts officials' stock trading with new rules amid scandal
Policymakers and senior staff would have to provide 45 days' notice before buying or selling any allowed securities and are barred from doing so during "periods of heightened financial market stress," the central bank said.
By Dan Ennis • Oct. 22, 2021 -
Permission granted by Vast Bank
Vast Bank's new platform aims for the 'crypto curious'
"Banks for centuries have been safe keepers and custodians of what people value," said CEO Brad Scrivner. "And in today's world, that's now digital assets."
By Anna Hrushka • Oct. 21, 2021 -
Permission granted by Office of the Comptroller of the Currency
Biden's OCC pick faces a delicate balance among moderates
Sen. Jon Tester, D-MT, said he would "hold off" expressing support "until after I meet with her." One attorney said the OCC pick should "balance mitigating risk with encouraging innovation."
By Anna Hrushka • Oct. 20, 2021 -
Retrieved from Novi on May 27, 2020
Facebook's Novi launches digital currency wallet pilot
The announcement was met nearly immediately with pushback from five senators urging that the project be discontinued.
By Dan Ennis • Oct. 20, 2021 -
N26
German regulator BaFin caps neobank N26's European growth
The limit — to no more than 70,000 new users a month — is "a temporary measure," the neobank's chief growth officer said, meant to allow N26 to focus on strengthening internal processes and frameworks.
By Anna Hrushka • Oct. 19, 2021 -
Dan Kitwood/Getty Images News via Getty Images
ColumnCelsius, Tether and the 'known known'
Lender Celsius' admission that Tether accepts crypto tokens in exchange for stablecoins should be a bombshell. Rather, it confirms a suspicion regulators held so strongly that they've already penalized Tether for it. Twice.
By Dan Ennis • Oct. 19, 2021 -
Courtesy of Coinbase
Coinbase sees single regulator, new framework for crypto supervision
The approach would keep companies from having to comply with several agencies, which are adapting old laws to new tech, and help maintain the U.S.'s status as a "shaper" of oversight, Coinbase said.
By Dan Ennis • Oct. 18, 2021 -
Megan Quinn/Banking Dive
Treasury goes into damage control on bank data reporting
A blog post on the agency's website seeks to clarify what it calls "pernicious" misinformation disseminated by the measure's opponents.
By Dan Ennis • Oct. 15, 2021 -
Lintao Zhang via Getty Images
Quarles' term as Fed vice chair to end without replacement
The central bank's panel on supervision and regulation will meet "as necessary," and rule-writing or policy changes would need "broad consensus" among Quarles and Fed Governors Lael Brainard and Michelle Bowman.
By Dan Ennis • Oct. 13, 2021 -
Chris Hondros via Getty Images
JPMorgan Chase joins UN's Net-Zero Banking Alliance
The pledge comes weeks ahead of a United Nations climate-focused conference in Glasgow, but the initiative has drawn blowback from advocates seeking stricter emissions standards.
By Robin Bradley • Oct. 11, 2021 -
Permission granted by Office of the Comptroller of the Currency
LMI lender Oportun withdraws OCC banking charter application
The company plans "to amend elements" of the application "to reflect changes to our business." But advocacy groups wrote the OCC in August with concern over Oportun's debt-collection practices, which the CFPB is investigating.
By Dan Ennis • Oct. 11, 2021 -
Joe Raedle via Getty Images
Fair-housing group sues Old National over alleged redlining ahead of merger
Only 37 of the more than 2,250 mortgage loans the bank made in the Indianapolis area in 2019 and 2020 were to Black borrowers, said the Fair Housing Center of Central Indiana, which wants to get the Fed involved.
By Dan Ennis • Oct. 8, 2021 -
Mark Wilson via Getty Images
SBA overpaid $4.5B in EIDL grants, IG report finds
The agency's inspector general said it found instances where sole proprietors or independent contractors improperly claimed to have as many as 1 million employees.
By Anna Hrushka • Oct. 8, 2021 -
Capital One gives up predicting office-return timeline
The bank said it will give employees 30 days' notice before deciding to reopen sometime next year. The indefinite delay marks the bank's second timeline rollback since August.
By Dan Ennis • Oct. 8, 2021 -
NatWest faces $463M fine, pleads guilty in AML case
The bank's cooperation could persuade a judge to reduce the penalty at sentencing in December. The case marks the Financial Conduct Authority's first criminal prosecution of a bank under 2007 anti-money laundering rules.
By Dan Ennis • Oct. 7, 2021
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