Regulations & Policy: Page 6

  • Federal Reserve Board Vice Chair for Supervision Michael S. Barr with hand to ear as if trying to listen.
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    Win McNamee via Getty Images
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    Basel revamp would boost capital requirements by 9%: Fed’s Barr

    The central bank’s vice chair for supervision previewed changes that would cut in half the extra capital the nation’s largest banks would be forced to hold.

    By • Sept. 10, 2024
  • PNC CEO Bill Demchak holds his glasses and looks on during a Congressional hearing, as people sit behind him in the background.
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    Alex Wong / Staff via Getty Images
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    PNC’s Demchak wants to lean in to open banking for growth

    The Pittsburgh-based lender’s CEO is wary of larger rivals building branches in every city but said he won’t pay “silly” M&A prices for a “busted” franchise. 

    By • Sept. 10, 2024
  • An AI processor on a futuristic printed circuit board Explore the Trendline➔
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    da-kuk via Getty Images
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    Trendline

    Artificial intelligence

    Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

    By Banking Dive staff
  • Bank of America CEO Brian Moynihan speaks during a Congressional hearing, with people in the background behind him
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    Win McNamee / Staff via Getty Images
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    Bank of America boosts minimum hourly wage to $24

    The move puts the Charlotte, North Carolina-based lender presumably one raise away from its long-held goal of lifting its pay floor to $25 per hour by next year.

    By • Sept. 10, 2024
  • The exterior of a Morgan Stanley location is shown
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    Courtesy of Morgan Stanley
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    Morgan Stanley fined $2M over ex-First Republic CEO stock sales

    The consent order issued by a Massachusetts regulator Thursday states the lender failed to properly monitor the former executive, who sold over $6.8 million in First Republic stock from February 2022 to March 2023.

    By • Sept. 9, 2024
  • Royal Bank of Canada, global headquarters, Toronto, Canada
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    "Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
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    RBC ‘selectively quoted’ texts to justify CFO’s firing, lawyer says

    In a new filing, the bank's ex-CFO, Nadine Ahn, said she received “differential treatment” as a woman and denied knowledge of “Project Ken” or an online “LoveBook” another executive allegedly ordered.

    By • Sept. 6, 2024
  • Wall Street
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    Spencer Platt via Getty Images
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    Many regionals lack clear strategy for private credit threat: analyst

    Private credit firms are no longer just extending loans banks won’t, Deloitte’s Richard Rosenthal said.

    By • Sept. 6, 2024
  • The Federal Reserve building at sunset.
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    Douglas Rissing via Getty Images
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    Fed dings banks over flood insurance, crypto

    First Interstate Bank must pay $70,000 to the National Flood Insurance Program, and United Texas Bank must revamp its compliance programs.

    By • Sept. 5, 2024
  • michael hsu acting head of the OCC rests his chin on his hand in front of a christmas tree at a federal regulatory meeting
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    Drew Angerer via Getty Images
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    OCC’s Hsu wants to label domestic systemically important banks

    The regulator spoke at length on the need for horizontal, risk-based supervision — and the equivalent of regular physical exercise.

    By • Sept. 4, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    Win McNamee via Getty Images
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    CFPB slammed with EWA commentary

    The Consumer Financial Protection Bureau asked for public feedback on its earned wage access rule proposal and it got an earful.

    By Lynne Marek • Sept. 4, 2024
  • Shaking hands surrounded by data maps
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    AI-generated image/Shutterstock.com

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    Sponsored by AML RightSource

    Strategic compliance: Bridging the skill gap with managed services

    Balancing compliance: staff recruitment or external partnership?

    Sept. 3, 2024
  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images
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    Custodia cuts 25% of its staff amid Fed lawsuit: report

    The digital asset-focused bank, chartered in Wyoming, is putting its resources toward an ongoing lawsuit with the Federal Reserve, which denied the lender a master account last year.

    By • Aug. 30, 2024
  • Sen. Elizabeth Warren, wearing a red jacket, speaks into a microphone during a Congressional hearing.
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    Michael A. McCoy / Stringer via Getty Images
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    Warren grills FINRA over enforcement decline

    “Financial crimes cannot be prevented if you take the cop off the beat,” Sen. Elizabeth Warren scolded FINRA CEO Robert Cook. A spokesperson for the agency said it will respond to Warren's letter.

    By • Aug. 30, 2024
  • The Goldman Sachs logo is seen on at the New York Stock Exchange on September 13, 2022 in New York City.
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    Michael M. Santiago / Staff via Getty Images
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    Goldman catches a break on capital requirements

    The Fed reduced Goldman’s stress capital buffer to 6.2% after the bank argued that losses from its sale of GreenSky don’t belong in projections for the future.

    By • Aug. 29, 2024
  • tdecu credit union building
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    Permission granted by TDECU
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    Texas credit union discovers year-old data breach

    TDECU fell victim to last year’s MoveIt data breach, but only found out in July. The credit union said the incident is not expected to impact its acquisition of a Louisiana bank.

    By • Aug. 29, 2024
  • Federal Reserve Board Governor Christopher Waller sits at table speaking.
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    Sarah Silbiger via Getty Images
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    Fed’s Waller questions faster cross-border payments ties

    There could be more fraud and money laundering if countries move too quickly to link their faster payments systems, the central bank governor said Wednesday at a conference.

    By Lynne Marek • Aug. 29, 2024
  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images
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    Abra settles SEC charges over unregistered securities

    All assets, plus interest, have been returned to Abra Earn customers since the program shuttered in 2023, CEO Bill Barhydt said Monday on social media.

    By • Aug. 27, 2024
  • New BNY logo, rebranding
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    Courtesy of BNY Mellon newsroom
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    BNY fined $5M over swap reporting, violating prior CFTC order

    The bank “repeatedly failed to correctly report at least five million swap transactions and failed to properly supervise its swap dealer business,” the CFTC said Monday.

    By • Aug. 27, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    Win McNamee via Getty Images
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    Judge rejects challenge to CFPB small-biz data collection rule

    Trade groups argued the CFPB didn’t consider costs or bank comments regarding the rule. The rule may be ill-advised, the judge said, but that doesn’t make it unlawful.

    By • Aug. 27, 2024
  • cryptocurrency graphic
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    Dan Kitwood via Getty Images
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    Kraken must face SEC lawsuit, judge rules

    The Securities and Exchange Commission sued the crypto firm in November for allegedly operating an unregistered securities exchange. A judge denied Kraken’s motion for dismissal Friday.

    By • Aug. 26, 2024
  • Federal Reserve Chairman Jerome Powell gestures while speaking at a podium with a blue curtain and America flag behind him in the background.
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    Andrew Harnik / Staff via Getty Images
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    Fed’s Powell says ‘time has come’ for rate cuts

    Expressing confidence that inflation is largely under control, “the direction of travel is clear,” the central bank chair said at the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming.

    By • Aug. 23, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    Trade groups seek extension on FDIC’s ‘hot money’ rule

    Organizations need 60 more days “to furnish responses and data that fulsomely address the questions and issues raised” by proposed changes on brokered deposits, 11 trade groups wrote.

    By • Aug. 22, 2024
  • Green and white signage on the exterior of a building reads "TD Bank."
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    Spencer Platt / Staff via Getty Images
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    TD sets aside another $2.6B for expected AML penalties

    The bank “expects a global resolution” by the end of 2024, CEO Bharat Masrani said Thursday. “While we are not through the tunnel yet, we can see the light,” he said.

    By • Aug. 22, 2024
  • wichita along arkansas river
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    The image by Wichita Regional Chamber of Commerce is licensed under CC BY 2.0
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    Former Kansas bank CEO gets 24 years in prison

    Shan Hanes pleaded guilty in May to one count of embezzlement as a bank officer after taking $47.1 million from Heartland Tri-State Bank as part of a crypto scheme.

    By • Aug. 21, 2024
  • The exterior of the USAA headquarters building is shown.
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    Courtesy of USAA
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    USAA CEO to retire in 2025

    The company’s board is evaluating internal and external candidates to succeed Wayne Peacock, USAA’s first non-military chief executive.

    By • Aug. 20, 2024
  • Royal Bank of Canada, global headquarters, Toronto, Canada
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    "Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
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    RBC doubles down on its portrait of ex-CFO’s firing

    The bank detailed mementos and texts Nadine Ahn and another exec exchanged, a promotion plan called “Project Ken” and a time when Ahn fired an employee in a “substantively identical” situation.

    By • Aug. 19, 2024