Regulations & Policy: Page 61
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Capital One delays office return, requires vaccines for on-campus employees
CEO Richard Fairbank said the bank is allowing employees who are unvaccinated to work remotely throughout its reopening period, which it said will extend through at least the first quarter of 2022.
By Anna Hrushka • Aug. 12, 2021 -
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Revolut readies for US growth with marketing push, product expansions
Since launching quietly stateside last year, the fintech has rolled out a small-business banking product, applied for a bank charter, and has begun offering remittances between the U.S. and Mexico.
By Anna Hrushka • Aug. 11, 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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Citi requires vaccines for employees returning to offices
The bank is not extending the vaccine mandate to branch workers, according to the bank's head of HR, but will "strongly encourage them to get vaccinated and will require rapid testing and wearing of masks for all colleagues."
By Robin Bradley • Aug. 11, 2021 -
Permission granted by Office of the Comptroller of the Currency
Circle seeks national charter to start digital currency bank
Circle co-founder and CEO Jeremy Allaire said the company intends to operate under the supervision and risk management requirements of the Fed, Treasury, the OCC and the FDIC.
By Anna Hrushka • Aug. 9, 2021 -
Jack Taylor / Stringer via Getty Images
Ex-OCC chief Brooks resigns as Binance.US CEO
The former regulator, who had led the company just three months, cited "differences in strategic direction" in a Twitter post. Binance faces scrutiny from several U.S. bodies, including the CFTC, Justice Department and IRS.
By Robin Bradley • Aug. 9, 2021 -
Steve Jennings via Getty Images
Brex withdraws ILC, deposit insurance applications
The San Francisco-based fintech, which filed the applications in February, said it will "modify and strengthen" its applications and plans to resubmit at a later date.
By Anna Hrushka • Aug. 9, 2021 -
Banks delay return to office as delta variant surges
Wells Fargo, Truist and U.S. Bank pushed back their timelines for large-scale in-office work as a rising form of COVID-19 proliferates. Goldman Sachs, JPMorgan Chase and others, meanwhile, are sticking to their plans.
By Robin Bradley • Updated Sept. 29, 2021 -
Permission granted by Alliant
Overdraft alternativesDigital-only credit union latest institution to scrap overdraft fees
Alliant’s move follows a similar one made by Ally Bank in June, and comes as a growing number of financial institutions are revamping their overdraft policies amid pushback from Democratic lawmakers.
By Anna Hrushka • Aug. 5, 2021 -
Retrieved from Senate Banking Committee.
Overdraft alternativesOCC conducting review of overdraft policies, acting comptroller says
Acting Comptroller Michael Hsu's remarks come as more banks are revamping their overdraft policies and as Democrats are calling for legislation that would rein in the practice.
By Anna Hrushka • Aug. 4, 2021 -
Chris Hondros via Getty Images
Goldman Sachs boosts first-year analyst pay to $110K
The increase puts the bank ahead of several rivals that instituted raises to $100,000 over the past months. Wells Fargo also brought its own starting pay up to six figures, and JPMorgan included additional positions in its pay-increase plan.
By Robin Bradley • Updated Aug. 10, 2021 -
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Neobank Dave shifts to virtual-first model, implements national pay scale
"I think the silver lining of the pandemic is that it really forced companies to listen to what their team members want, maybe more so than they have in the past," said Dave executive Shannon Sullivan.
By Anna Hrushka • Aug. 3, 2021 -
Kena Betancur via Getty Images
NY regulator asks financial institutions to share diversity data
Superintendent Linda Lacewell cited the impacts of the COVID-19 pandemic, racial injustice and climate change as primary reasons entities should boost diversity.
By Anna Hrushka • July 30, 2021 -
Neilson Barnard/Getty via WireImages
Morgan Stanley bumps first-year analyst base pay to $100K
The move leaves Goldman Sachs among the last holdouts whose starting salary is under the six-figure threshold. However, the bank's fiscal year ends Saturday, and compensation tweaks typically follow shortly thereafter.
By Dan Ennis • July 29, 2021 -
SBA launches streamlined PPP forgiveness portal
The agency said more than 600 banks have opted in to the program, representing 30% of loans $150,000 or less that have not yet applied for forgiveness.
By Anna Hrushka • July 28, 2021 -
Chip Somodevilla via Getty Images
ColumnStablecoin meeting's focus finally comes to light
Tether and Diem were reportedly the focus of last week's "act-quickly" directive. The Justice Department is allegedly probing whether executives behind Tether hid from banks that transactions were linked to cryptocurrency.
By Dan Ennis • July 28, 2021 -
Sen. Cory Booker clarifies SAFE Banking Act support
"For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.
By Anna Hrushka • July 27, 2021 -
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Crypto firm hires ex-CFPB chief Kraninger
She'll serve as vice president of regulatory affairs at Solidus Labs. The digital asset space has become a frequent landing spot for former regulators, including ex-Acting Comptroller Brian Brooks.
By Dan Ennis • July 23, 2021 -
Eduardo Munoz Alvarez via Getty Images
NJ, Texas order BlockFi to stop offering interest accounts
A third state, Alabama, gave the crypto exchange 28 days to show why it should be allowed to keep selling the product to state residents. At issue is whether the offering is a security.
By Dan Ennis • Updated July 23, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC to rescind Trump-era revamp to anti-redlining rule
"While the OCC deserves credit for taking action to modernize the CRA through adoption of the 2020 rule, upon review I believe it was a false start," Acting Comptroller Michael Hsu said in a statement.
By Anna Hrushka • July 20, 2021 -
Chip Somodevilla via Getty Images
Yellen urges regulators to 'act quickly' on stablecoins
Regulators have expressed concern that a lack of transparency with regard to tokens pegged to fiat currencies may mean the companies issuing them don't have adequate reserves.
By Dan Ennis • July 20, 2021 -
Courtesy of Wells Fargo multimedia resources
Return to the officeWells Fargo lays out two-wave strategy for office return
Operations and call center workers will return to the office Sept. 7. Technology, corporate and back-office workers will return in October. And some New York- and North Carolina-based bankers will be invited back Aug. 2.
By Dan Ennis • Updated July 27, 2021 -
Carol Highsmith. (2005). "Apex Bldg." [Photo]. Retrieved from Wikimedia Commons.
LendingClub to pay $18M to settle 3-year FTC dispute
The settlement requires the online lender to "clearly and conspicuously" disclose origination fees. But a recent Supreme Court ruling may alter the way the regulator seeks restitution.
By Dan Ennis • July 19, 2021 -
Justin Sullivan via Getty Images
SAFE Banking secondary to comprehensive pot reform, Senate Democrats say
The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.
By Anna Hrushka • July 16, 2021 -
Chip Somodevilla via Getty Images
Powell clarifies timeline on Fed CBDC paper
In two congressional hearings, lawmakers grilled the central bank chair on digital dollar development and pressed for his second term — or a change in leadership.
By Dan Ennis • July 16, 2021 -
Mark Wilson via Getty Images
CFPB fines home improvement fintech GreenSky $2.5M, orders $9M in refunds
GreenSky received more than 6,000 complaints between 2014 and 2019 from customers who said they had not authorized submitting a loan application, the bureau found.
By Dan Ennis • July 13, 2021
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