Biden to renominate Powell as Fed chair

The central bank chair and Fed Governor Lael Brainard face separate hearings Jan. 11 and 13 in front of the Senate Banking Committee.

By Dan Ennis • Updated Jan. 5, 2022

Banks, fintechs navigate market's appetite for crypto amid pending regulatory guidance

From Bitcoin rewards to custody services for digital assets, banks and fintechs are carving out strategies and services tied to crypto as regulators seek to catch up with guidance.

By Anna Hrushka • Nov. 22, 2021

Explore the Trendline➔

M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

UBS nominates ex-Morgan Stanley No. 2 Kelleher as next chair

The executive would work alongside CEO Ralph Hamers on, among other initiatives, the launch of a digital bank in the U.S. targeting customers with between $250,000 and $2 million in assets.

By Dan Ennis • Nov. 22, 2021

Biden's OCC pick faces bipartisan grilling in contentious Senate banking hearing

A question regarding Cornell Law Professor Saule Omarova's early years in the Soviet Union prompted a testy exchange between Sens. Sherrod Brown, D-OH, and John Kennedy, R-LA, with the latter referring to her as "comrade."

By Anna Hrushka • Nov. 19, 2021

FinCEN asks banks to boost scrutiny of environmental crime links

The agency is asking for help in finding transactions tied to illegal logging, fishing and mining and the trafficking of wildlife, waste and hazardous substances as part of a Biden administration push to fight climate change.

By Dan Ennis • Nov. 19, 2021

OCC orders Chicago bank entangled in Manafort scandal to boost controls

Federal Savings Bank must create a panel that will update the regulator monthly on the lender's efforts to improve risk management, anti-money laundering and consumer compliance standards.

By Robin Bradley • Nov. 19, 2021

Fed's Waller warns against bank-only stablecoins

"While regulations are necessary, they also limit free entry into at least some of the markets in which banks operate," Waller said. "As a result, regulatory oversight can insulate banks from some forms of direct competition."

By Robin Bradley • Nov. 18, 2021

Ripple puts SEC on losing end in crypto regulation proposal

The company said the existing framework can be adapted to fit crypto and touted legislation that would de-emphasize the SEC's role in favor of the CFTC.

By Dan Ennis • Nov. 17, 2021

Florida-based digital de novo gets FDIC approval

Locality's goal is to fill the gaps in community banking, said CTO Corey LeBlanc, adding the bank looks at problem solving through a "first-principle lens."

By Anna Hrushka • Nov. 16, 2021

7 Democratic senators push CFPB to address credit reporting errors

The lawmakers' letter comes about a week after the bureau outlined the prevalence of such errors in nonwhite communities. They suggested the CFPB enlist an ombudsperson to ensure the dispute resolution process's accuracy.

By Robin Bradley • Nov. 12, 2021

Biden's OCC pick to testify Thursday in front of Senate banking panel

Saule Omarova's views have generated concerns from some moderate Democrats, a development that could jeopardize her chances for confirmation in an evenly divided Senate.

By Anna Hrushka • Nov. 12, 2021

Regulation by enforcement isn't serving CFPB, consumers or banks

Establishing clear and transparent rules of the road, rather than announcing guidance through an enforcement action, will yield greater compliance and strengthen protections for all consumers.

By Richard Hunt • Nov. 12, 2021

More than 20 governors urge Congress to add cannabis banking to defense bill

The Senate has never voted on the SAFE Banking Act, and some Democrats could still serve as a roadblock to the measure, favoring more comprehensive legislation.

By Anna Hrushka • Nov. 11, 2021

Dubai bank to pay $100M to NYDFS to settle Sudan sanction violations

The regulator alleges Mashreqbank instructed its employees to omit certain details from SWIFT messages with other banks that could have linked roughly $6.5 billion in payments to the African nation.

By Robin Bradley • Nov. 10, 2021

Bank boards should press execs on climate risk, OCC says

Acting Comptroller Michael Hsu suggested five lines of questioning directors should pursue to boost banks' preparedness.

By Dan Ennis • Nov. 9, 2021

Santander raises overdraft threshold to $100

The $89.5 billion-asset bank's new overdraft program, called Santander Safety Net, follows a recent trend of traditional institutions revamping or doing away with the fee altogether.

By Anna Hrushka • Nov. 9, 2021

Fed's Quarles to step down at year's end

His resignation allows President Joe Biden to give the central bank's board a 4-3 Democratic majority.

By Dan Ennis • Nov. 8, 2021

Trade group calls for Congress to ease restrictions on hiring ex-offenders

The Bank Policy Institute wants Congress to clarify which people and jobs are covered under Section 19 of the Federal Deposit Insurance Act, which requires that ex-offenders receive FDIC approval to work at a bank.

By Anna Hrushka • Nov. 8, 2021

Virginia banks delay merger over OCC 'concerns'

Neither Blue Ridge Bank nor the regulator detailed what the issue is. The deal to form a $5 billion-asset bank is now slated to close in the second or third quarter of 2022.

By Dan Ennis • Nov. 5, 2021

Toomey cautions against proposal to regulate stablecoin issuers as banks

"I think we have to really think long and hard before we put some onerous regulatory regime on a new technology," the Republican senator from Pennsylvania said.

By Anna Hrushka • Nov. 5, 2021

Longtime CBA chief Richard Hunt to step down

Hunt, whose 13-year tenure was book-ended by the Dodd-Frank rollout and the COVID-19 pandemic, plans to leave the banking lobby next summer.

By Robin Bradley • Nov. 4, 2021

Climate, race propel flurry of pledges, findings from regulators

The OCC set a timeline by which it wants to lay out its expectations for banks to manage climate risk. Meanwhile, the CFPB and FDIC focused efforts on racial disparities.

By Dan Ennis , Robin Bradley • Nov. 4, 2021

Goldman, Biden and the art of 'not-that-but-this'

The bank's list of new managing directors — and the president's formal nod to Saule Omarova to lead the OCC — serve as reminders of what isn't being announced.

By Dan Ennis • Nov. 3, 2021

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