Regulations & Policy: Page 66
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Lawmakers introduce plan to extend PPP deadline to May 31
The bill, which also gives the Small Business Administration until June 30 to process PPP applications, passed the House by a 415-3 vote.
By Anna Hrushka • Updated March 17, 2021 -
CFPB rescinds Trump policy that eased 'abusiveness' enforcement
The change gives regulators the bandwidth to demand stiffer penalties by enforcing against abusive conduct in addition to going after unfair or deceptive acts or practices when companies' conduct falls short of both standards.
By Dan Ennis • March 12, 2021 -
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TrendlineTop 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 -
Permission granted by Partner Colorado Credit Union
Colorado credit union spinoff has ambitions beyond pot banking
Partner Colorado CEO Sundie Seefried plans to leave her post in July to lead a new entity that will launch lending products for cannabis companies. She's also eyeing the growing crypto and psychedelic mushroom space.
By Anna Hrushka • Updated June 23, 2021 -
Goldman Sachs pledges $10B decade-long investment in Black women
Several banks have made billion-dollar commitments to fight racial inequality. Others regularly highlight their progress on the gender pay gap. But Goldman's is the highest-profile effort to tackle wealth imbalance on two fronts at once.
By Dan Ennis • March 11, 2021 -
Biden's SBA nominee gives fintechs hope for inclusion beyond PPP
Funding Circle executive Ryan Metcalf said he was "heartened" by what he heard from a candidate to lead the agency that oversees the 7(a) program, for which the company applied to be a lender in 2019.
By Anna Hrushka • March 9, 2021 -
Permission granted by SoFi
SoFi to buy community bank in $22.3M deal to speed charter
Sacramento, California-based Golden Pacific Bancorp and its three branches would operate as a division of SoFi Bank once the transaction closes by year's end, pending regulator approval, SoFi said.
By Dan Ennis • March 9, 2021 -
Treasury launches $9B effort to reach business owners of color through CDFIs, MDIs
About $2 billion of the Emergency Capital Investment Program's funding for loans, grants and forbearance is set aside for institutions with less than $500 million in assets.
By Dan Ennis • March 8, 2021 -
Fotolia
Fed extends PPP facility through July 30
The central bank, in a statement, took pains to note the extension would be the last of its kind.
By Dan Ennis • Updated June 29, 2021 -
CFPB pick Rohit Chopra walks fine line on bank enforcement
Chopra pledges a strong hand on fair lending and mortgage servicing, stiffer penalties for fraud and misconduct, and a watchful eye on big tech. But the nomination only advanced to the full Senate when the majority leader broke a partisan deadlock.
By Robert Freedman • Updated March 11, 2021 -
Permission granted by Citigroup
Citi marks a quiet transition as Fraser takes the reins
The Wall Street bank's first woman CEO announced an ESG initiative on her first day, but risk-management fixes and potential reorganization stand as a tougher test.
By Dan Ennis • March 2, 2021 -
Robinhood set aside $26.6M to settle with FINRA
Regulators, attorneys general and a U.S. district court in California are investigating the brokerage over its options-trading practices, its temporary halt in the trading of certain stocks and several outages last March.
By Dan Ennis • March 1, 2021 -
Thrivent becomes 2nd nonbank in a week to eye ILC charter
The purpose-driven nonprofit follows fintech Brex in applying for deposit insurance with the FDIC.
By Dan Ennis • Feb. 25, 2021 -
Goldman Sachs CEO David Solomon DJing before the re:Invent keynote
Goldman CEO pushes to end remote-work 'aberration' sooner than later
"This is not ideal for us and it's not a new normal," David Solomon said, decrying a COVID-19 vaccine rollout that he called slower than expected.
By Dan Ennis • Feb. 24, 2021 -
PPP changes get mixed reactions from banking industry
"Many lenders are questioning whether the two-week exclusive window for smallest businesses is truly necessary," one bank consultant said.
By Anna Hrushka • Feb. 24, 2021 -
Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
Tether, crypto exchange Bitfinex to pay $18.5M to settle NY probe
Tether will give officials quarterly reports on its reserves and end trading with the state's residents in an agreement that ends a two-year investigation into allegations it hid the loss of $850 million in client and corporate money.
By Dan Ennis • Feb. 24, 2021 -
Permission granted by FDIC
New FDIC CIO: 'Technology is the best enabler of banking the unbanked'
"I think the vectors of success for dealing with the unbanked are going to be digital in nature," said Sultan Meghji, who worked on an aid mission to help implement digital banking in Kenya, Tanzania and Uganda.
By Anna Hrushka • Feb. 23, 2021 -
Fintech Brex applies for ILC charter
The FDIC has received more than a dozen deposit insurance applications from proposed ILCs since 2012, to the chagrin of a number of lawmakers and trade groups.
By Dan Ennis • Feb. 22, 2021 -
Retrieved from Gage Skidmore/Flickr.
Smallest businesses get exclusive 2-week PPP window, Biden admin says
The administration also announced changes to the way loans are calculated for businesses without employees, such as sole proprietors, independent contractors and the self-employed.
By Anna Hrushka • Feb. 22, 2021 -
M&T Bank to buy People’s United in $7.6B all-stock deal
The transaction, expected to close in the fourth quarter, would create a bank with more than $205 billion in assets and provide an entryway for M&T into the Boston market.
By Dan Ennis • Feb. 22, 2021 -
Anna Hrushka/Banking Dive
Fed's Brainard pushes banks to undergo climate 'scenario analysis'
The exercise wouldn't be a stress test, she said, adding banks that can't measure, monitor and manage climate-related risks could face outsized losses from environmental shifts and/or a poor transition to a low-carbon economy.
By Dan Ennis • Feb. 19, 2021 -
Moriah Solomon. (2021). [Photograph]. Retrieved from Unsplash.
Prior business relationships influence PPP coronavirus lending, study finds
Three-quarters of "relationship-borrowers" got a PPP loan, compared with 18% of "non-relationship firms," a study by researchers at Washington University in St. Louis, Boston College and the University of Geneva found.
By Jim Tyson • Feb. 18, 2021 -
Wells Fargo asset cap closer to ending as Fed reportedly OKs overhaul plan
The nation's fourth-largest bank has operated for three years under a $1.95 trillion asset cap set by the Federal Reserve in response to a 2016 fake-accounts scandal that has cost the bank billions of dollars in fines.
By Anna Hrushka • Feb. 18, 2021 -
Yes? No? Investment platform Kalshi will let users bet on event outcomes
Co-founder Tarek Mansour imagined the concept while interning at Goldman Sachs ahead of the Brexit vote. The company completed a $30 million funding round, aims to launch in March and has earned CFTC approval.
By Dan Ennis • Feb. 18, 2021 -
David McNew via Getty Images
Citi, Bank of America cut CEOs' compensation
Citi slashed outgoing CEO Michael Corbat's pay — and that of other executive management team members — over the risk management woes that led regulators to fine the bank $400 million in October.
By Dan Ennis • Feb. 16, 2021 -
CFPB calls out companies that lag on complaint response
The bureau's efforts to repair relations with consumers and strengthen enforcement follow a move by the SEC to expand the authority to launch formal investigations.
By Dan Ennis • Feb. 11, 2021
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