OCC will revisit crypto charters, interpretive letters, acting chief says

Michael Hsu has said he will review the regulator's past actions regarding cryptocurrency activities and crypto firm charters, adding, "everything's on the table."

By Anna Hrushka • June 3, 2021

Black-owned businesses leaned harder into fintechs on PPP, Fed data shows

The data highlights fintechs' efforts to serve marginalized communities but comes amid reported scrutiny from the Justice Department and lawmakers over nonbank lenders' fraud controls and compliance systems.

By Anna Hrushka • May 28, 2021

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Top 5 stories from Banking Dive

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

Overdrafts take a second bow as bank CEOs testify in muted House 'sequel'

Citi said it would reconsider a racial audit, Bank of America confirmed a June 1 office return, and Goldman Sachs's David Solomon pushed back on a slavery question.

By Dan Ennis • May 28, 2021

Senators, bank CEOs spar on Capitol Hill over compensation, voting rights

Wednesday's hearing showcased how the country's banking sector has become a battleground for lawmakers to debate politically charged issues dividing Republicans and Democrats.

By Anna Hrushka • May 27, 2021

Warren: Financial system would be 'safer' with Quarles out at Fed

A testy exchange between the senator and the central bank's vice chair of supervision hinged on the Fed's reclassification of Credit Suisse before the Archegos collapse.

By Dan Ennis • May 26, 2021

Morgan Stanley, ex-chief diversity officer end discrimination case

The bank, which called Marilyn Booker's allegations "sweeping, sensationalized and conclusory," had sought in March to have the case dismissed. Oral arguments had been set for November.

By Dan Ennis • May 25, 2021

Toomey questions regional Fed banks' race-related work

The Senate Banking Committee's ranking member requested briefings with the banks on their racial equality work no later than June 7, and demanded documents and financial information about the work.

By Anna Hrushka • May 24, 2021

Wells Fargo’s marketing chief is leaving as bank retires that position

The San Francisco-based lender is also losing its regulatory relations chief, a Wells Fargo spokesman confirmed this week.

By Dan Ennis • Updated May 28, 2021

8 changes the SAFE Banking Act actually makes for Cannabis banking

The SAFE Banking Act is being watched closely by the banking world and the cannabis industry alike. What will this legislation realistically do to help this rapidly growing industry access the financial system?

May 24, 2021

Biden orders Yellen to outline climate risks to financial stability

The assessment, due in 180 days, will incorporate financial regulators' plans to boost climate-risk disclosures. The order also asks officials to disclose, within 120 days, government programs' and assets' exposure to climate risks.

By Dan Ennis • May 21, 2021

JPMorgan Chase unveils solo healthcare venture

Morgan Health, a successor in spirit to the recently defunct Haven, will come armed with $250 million to invest in innovations in employer coverage and advancements in health equity.

By Dan Ennis • May 21, 2021

Wells Fargo to offer crypto investment product for wealthy clients

The bank's decision to wade into crypto follows similar moves made by other large institutions, and comes as the nation's top bank regulator has indicated it plans to review past crypto-friendly actions.

By Anna Hrushka • May 20, 2021

Morgan Stanley names co-presidents, sets up Gorman succession race

The investment bank's CEO has told the board he intends to stay in the top role for at least three more years. "You make these changes when you can and from a position of strength," he said.

By Dan Ennis • May 20, 2021

Post office, Fed checking accounts won't solve underbanking, trade groups say

Organizations such as The Clearing House urged officials to consider creating alternative identity verification methods for low- to middle-income consumers, as well as improved broadband internet, in a paper published Tuesday.

By Dan Ennis • May 19, 2021

OCC reconsiders controversial revamp to anti-redlining law

Tuesday's move to halt the implementation of the CRA revamp comes as new Acting Comptroller Michael Hsu has signaled a change in direction for the agency.

By Anna Hrushka • May 19, 2021

JPMorgan management shuffle puts 2 women in line to succeed Dimon as CEO

CFO Jennifer Piepszak and consumer-lending chief Marianne Lake will co-lead the bank's consumer and community banking unit, effective immediately, in a shift that also sees Co-President Gordon Smith retiring at the end of this year.

By Dan Ennis • May 19, 2021

Bank of America to increase minimum hourly wage to $25 by 2025

CEO Brian Moynihan said the increase will cost the bank "a few hundred million dollars a year" but called the move "an investment."

By Anna Hrushka • May 18, 2021

Wells Fargo rolls out 10-year effort to boost options for underbanked

The bank is developing a task force with Black and Hispanic nonprofits and aims to redesign 100 of its branches in low- to moderate-income neighborhoods to emphasize one-on-one consultations.

By Dan Ennis • May 18, 2021

Bank trade groups take aim at VyStar-Heritage deal

In a letter to the FDIC, bank trade groups called out VyStar Credit Union's history of closing branches and said the $195.7 million deal would cut regulatory safeguards for low- and moderate-income consumers.

By Anna Hrushka • May 17, 2021

Bank of America, TD to pay a combined $116.5M to settle overdraft fee suits

Plaintiffs accused each bank of charging customers for each time a transaction was "retried" after an initial failure.

By Dan Ennis • Updated May 19, 2021

Figure's journey with the SEC proves itself the anti-Ripple

Citi's court battle and Diem's narrowed ambitions may lend credence to Ripple's argument that authorities pick winners and losers, but Diem could now be trying the Figure approach.

By Dan Ennis • May 14, 2021

N26 fined $5M over delayed AML-related suspicious activity reports

The challenger bank said it paid the penalty from German financial regulator BaFin in July.

By Dan Ennis • Updated Sept. 29, 2021

Facebook-backed Diem withdraws Finma application, shifts to US

Diem Networks U.S. will register as a money services business with the Financial Crimes Enforcement Network, and Silvergate Bank will become the exclusive issuer of Diem's dollar-backed stablecoin.

By Anna Hrushka • May 13, 2021

House, Senate vote to repeal OCC's true lender rule

The resolution heads to President Joe Biden's desk, where he is expected to sign it. Opponents say the true lender rule would give nonbank lenders a route to avoid state interest rate caps.

By Dan Ennis • Updated June 25, 2021

New OCC chief vows focus on climate change, disproportionate impact of pandemic

Acting Comptroller Michael Hsu also said he would review key regulatory standards but did not mention any by name, and warned that "complacency about risk-taking" is a growing supervisory concern.

By Dan Ennis • May 11, 2021