FDIC fines Umpqua Bank $1.8M over subsidiary's debt, fee collection practices

The Oregon-based bank also paid more than $1.6 million in restitution to 16,902 customers in the settlement announced Monday.

By Dan Ennis • May 11, 2021

DOJ reportedly investigating Kabbage, fintech lenders, over PPP loans

Some fintechs' use of automated lending platforms with few manual checks caused errors to be replicated across thousands of loans, one source said.

By Anna Hrushka • May 10, 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

Wells Fargo, U.S. Bank disclose CFPB investigations

The former's acknowledgment relates to monthly service fees the bank has vowed since 2019 to refund to affected customers.

By Dan Ennis • May 7, 2021

California regulator orders Chime to stop calling itself a bank

The fintech has until May 15 to revise its website and advertising in accordance with the California regulator's order and has until June 15 to perform quality control and testing of the changes.

By Anna Hrushka • May 6, 2021

Fed strikes balance between openness, caution toward nonbanks

The central bank issues guidance for fintechs seeking a charter, while its chair advocates for expanding the CRA to encompass all lenders.

By Dan Ennis • May 6, 2021

PPP runs out of funds for most lenders

About $8 billion remains available through MDIs and CDFIs, the Small Business Administration told banking trade groups Tuesday. But the portal has largely stopped accepting applications, the American Bankers Association said.

By Dan Ennis • May 5, 2021

Goldman Sachs, Wells Fargo ask US staff to report vaccination status

Goldman is requiring its employees to record the date they received their shots and the manufacturer of the vaccine, but they won't have to show proof. Wells stressed that response is voluntary.

By Dan Ennis • Updated June 11, 2021

Yellen names Fed's Hsu as acting OCC chief

Michael Hsu is set to become acting comptroller Monday, the Treasury Department said in a release Friday. He'll be the OCC's third acting chief in the past year.

By Dan Ennis • Updated May 7, 2021

FDIC bans former Bank of the West banker over loan fraud

The regulator said Mark Wong made fraudulent loans in the names of bank customers without their authorization or knowledge while serving as a vice president and business banking officer at the BNP Paribas subsidiary.

By Anna Hrushka • May 3, 2021

Special inspector general stripped of PPP oversight

At issue is the Treasury Department's reluctance to share data with SIGPR regarding participants in the Coronavirus Relief Fund and the Payroll Support Program.

By Dan Ennis • May 3, 2021

Biden plan would boost bank data sharing with IRS

The effort would require banks and P2P payment services to report annual account inflows and outflows to the IRS in an attempt to capture up to $460 billion in unpaid taxes, mostly from businesses.

By Dan Ennis • April 30, 2021

Deutsche Bank OKs 3-day remote work: CFO

Germany's largest lender intends to let employees work from home 40% to 60% of the time, going forward, CFO James von Moltke said.

By Jane Thier • April 29, 2021

Senate Democrats call on OCC to revoke Trump-era 'true lender' rule

Supporters of the rule say it provides regulatory clarity and expands access to credit, while Democrats and consumer advocates argue it allows nonbanks to take advantage of vulnerable borrowers.

By Anna Hrushka • April 29, 2021

Retail organizations sue Fed over debit law enforcement

Two North Dakota retail associations allege in a new federal lawsuit the Fed hasn't properly fulfilled its duty to determine "reasonable" debit card processing fees under a 2010 law.

By Lynne Marek • April 29, 2021

JPMorgan expands program to get jobs for people with criminal background

CEO Jamie Dimon will co-chair a forum for 29 member companies to share resources and advice on re-employing people with arrest histories. The bank will also invest an extra $12.5 million in community organizations.

By Dan Ennis • April 27, 2021

Time hasn't stalled regulators' resolve on Ripple, Robinhood cases

Federal and state securities agencies press on with new filings against the blockchain payments company and the day-trading app — despite a leadership change at one of the regulators.

By Dan Ennis • April 26, 2021

Senate banking chair 'not ready to move' on pot banking bill

Republicans have historically been cannabis bill holdouts. Now, Sen. Sherrod Brown, D-OH, says the panel's "too much about Wall Street and not enough about housing ... rural and urban affairs and people's everyday economic lives."

By Anna Hrushka • April 23, 2021

PPP bill would make loan recalculations retroactive for farmers, sole proprietors

The legislation would also let borrowers show a 25% year-over-year revenue downturn over any 90 consecutive days, not just quarter to quarter.

By Dan Ennis • April 21, 2021

House lawmakers pass cannabis banking bill

Rep. Ed Perlmutter, D-CO, has introduced the bill every Congress since 2013. It passed in the House in 2019, only to stall in the then-Republican-controlled Senate, where the bill heads now.

By Anna Hrushka • April 20, 2021

Crypto exchange Binance hires ex-OCC chief Brooks as US CEO

Hiring an executive with intimate knowledge of U.S. regulations presumably would help the exchange, initially based in China, expand its stateside operations without raising red flags.

By Dan Ennis • April 20, 2021

Policy questions remain as global governments explore CBDCs

Bank Policy Institute's chief examines the impact and drawbacks of various models of digital coin as the Fed and other countries forge ahead.

By Anna Hrushka • April 19, 2021

Barclays drops its role as lead underwriter in prison bond sale

Two advocacy groups terminated the bank's membership and refunded its dues last week, while 30 activists castigated the U.K. lender for seemingly going back on a 2019 promise.

By Dan Ennis • Updated April 19, 2021

JPMorgan, Citi follow Bank of America with trillion-dollar ESG pledges

JPMorgan's $2.5 trillion commitment could rebalance the scales. The bank has financed about $317 billion in fossil-fuel activity since 2015, an activist group found. In that time, it has put nearly $210 billion toward green initiatives.

By Dan Ennis • April 16, 2021

Another Marcus exec flees — this time, to JPMorgan Chase

The departure of the digital bank's head of product is being followed closely by that of Goldman's communications chief, who is leaving after nine years.

By Dan Ennis • Updated April 16, 2021

With neobank purchase, Avant mirrors SoFi's path

Buying Level gives Avant direct access to customers' account information, allowing it to look at people's cash flow, spending, bill pay — data points for which Avant currently pays an aggregator.

By Dan Ennis • April 13, 2021