Regulations & Policy: Page 7
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Regional bank M&A ramps up
This year’s U.S. bank deal count has outpaced that of last year’s, although cumulative deal value is far lower, according to Dealogic data.
By Caitlin Mullen • Aug. 19, 2024 -
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TD, BNY, Truist hit with WhatsApp penalties
The Canadian lender and its subsidiaries were fined $46.5 million by the SEC and $82 million by the CFTC over unapproved platform use and recordkeeping violations. Truist self-reported and saw reduced penalties.
By Dan Ennis • Aug. 15, 2024 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
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Failed bank CEO’s associate gets 25 years for role in collapse
Robert Kowalski, an attorney and housing developer, must pay $7.2 million to the FDIC over the 2017 fall of Washington Federal, plus more than $400,000 in back taxes to the IRS.
By Gabrielle Saulsbery • Aug. 15, 2024 -
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Texas adds NatWest to its fossil fuel divestment list
The addition expands to 16 the number of financial institutions barred from new state contracts. But, by and large, the list still avoids restricting big U.S. banks.
By Rajashree Chakravarty • Aug. 15, 2024 -
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Senators ask Dimon to justify new checking account fees
“JPMorgan Chase is the industry leader when it comes to usurious overdraft fees,” Sens. Elizabeth Warren, D-MA, and Chris Van Hollen, D-MD, wrote in a letter sent Friday.
By Rajashree Chakravarty • Aug. 13, 2024 -
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CFPB to scour banks’ chatbot use in White House initiative
A year after its order to fight "junk fees,” the CFPB is tasked with rooting out time-wasting “doom loops.”
By Dan Ennis • Aug. 13, 2024 -
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Wells, BofA, JPMorgan approved as underwriters despite Louisiana anti-ESG law
Net-Zero Banking Alliance members were approved as underwriters for state bonds “under a yellow caution flag.” But the state's treasurer later said he wouldn’t recommend Bank of America’s application.
By Lamar Johnson • Aug. 12, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC ex-CFO sues bank for $35.6M
Nadine Ahn and Ken Mason, another fired RBC exec, didn't have an affair, each said in court filings, contrary to a “clear insinuation” from the bank. Further, Ahn said she missed out on a path to CEO.
By Dan Ennis • Aug. 12, 2024 -
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Q&AChime exec talks on CFPB’s new EWA stance
Employers are responding quickly to the Consumer Financial Protection Bureau’s rule noting earned wage access services may constitute lending, says a Chime executive.
By Lynne Marek • Aug. 12, 2024 -
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Fed faults Customers Bank over digital asset strategy
In an enforcement action, the Federal Reserve ordered the bank to enhance its compliance with anti-money laundering and OFAC regulations, citing “significant deficiencies.”
By Caitlin Mullen • Aug. 9, 2024 -
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Analysts cast doubt on antitrust angle of Capital One-Discover deal
Capital One’s proposed acquisition of the smaller Discover seems “too small to be a core antitrust concern,” said Barry Barnett, an antitrust lawyer and partner at Susman Godfrey.
By Caitlin Mullen • Aug. 8, 2024 -
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IRS amends claim over SVB’s owed taxes
The tax agency is now seeking $43.9 million for 2020 through 2022, and is asking for an extra 90-day stay as its dispute with the FDIC reportedly nears an end.
By Rajashree Chakravarty • Aug. 8, 2024 -
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Citi whistleblower again denied a share of $400M penalty
Tamika Miller did not show the OCC was obligated to fine the bank, an appeals court ruled. Her claim, also denied in 2022, “resembles an attempt to use the litigation process to discover hypothetical wrongdoing,” a judge said.
By Dan Ennis • Aug. 7, 2024 -
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ColumnDive Deposits: It might be the season of the cash sweep
Morgan Stanley and Wells Fargo appear to be test cases in an SEC probe into whether broker-dealers are offering the best options they can for clients’ uninvested cash.
By Dan Ennis • Aug. 7, 2024 -
Retrieved from Screenshot: Google Maps on August 07, 2024
Failed Nebraska bank’s ex-president gets 18 months over loan scheme
Jack Poulsen, former president of Ericson State Bank, which failed in 2020, allegedly issued loans to one of his relatives and kept information from the bank’s board.
By Caitlin Mullen • Aug. 7, 2024 -
CFO Editorial Staff
Fed, FDIC firm up living will guidance for midsize banks
The guidance again delays the deadline to submit wind-down plans but contains expectations for single- and multiple point-of-entry resolution for banks with $250 billion to $1 trillion in assets.
By Caitlin Mullen • Aug. 6, 2024 -
Courtesy of USAA
USAA to pay $64.2M to settle military overcharge lawsuit
More than $33 million will go to members who were sent remediation checks in 2021 and never cashed them. Plaintiffs said the checks came in “nondescript envelope[s]” that looked like “junk mail.”
By Dan Ennis • Aug. 6, 2024 -
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Judge approves plan to end SVB ex-parent’s bankruptcy
The 185-page ruling Friday did not resolve the legal battle between SVB Financial Group and the FDIC over $1.9 billion in seized funds. That case will play out in a California court.
By Rajashree Chakravarty • Aug. 5, 2024 -
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JPMorgan threatens to sue CFPB over Zelle
The bank in May flagged government inquiries over its handling of disputes involving the P2P platform. But Friday, it said it would consider litigation if the agency were to issue an enforcement action on the matter.
By Dan Ennis • Aug. 5, 2024 -
Anna Hrushka/Banking Dive
FDIC slow to counter sexual harassment: OIG
The OIG found that some people working on the FDIC’s Action Plan for a Safe, Fair, and Inclusive Work Environment “have, or had, sexual harassment misconduct or retaliation allegations raised against them.”
By Gabrielle Saulsbery • Aug. 2, 2024 -
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Dimon makes plea for president who will ‘unite us’
The JPMorgan Chase CEO also made a push for the private sector to “have a seat at the table,” in an opinion piece the Washington Post published Friday.
By Caitlin Mullen • Aug. 2, 2024 -
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Wells Fargo faces AML, sanctions-related inquiries
A disclosure included in the bank’s quarterly SEC filing did not give further details but may serve as a flag to investors of concerns from government agencies or authorities.
By Dan Ennis • Aug. 2, 2024 -
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HUD ends HSBC alleged redlining probe
The bank announced it was facing a redlining investigation last August. In May, that investigation was terminated, according to a securities filing.
By Gabrielle Saulsbery • Aug. 1, 2024 -
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OpinionThird-party compliance certification can get cannabis cash safely into banks
Even if the SAFER Banking Act passes, the infrastructure exists within the cannabis industry for third parties to do the kind of accrediting the Joint Commission does for the healthcare field, says attorney F. Miles Adler.
By F. Miles Adler • Aug. 1, 2024 -
Anna Hrushka/Banking Dive
FDIC looks to clamp down on brokered deposits, asset managers’ influence
The agency aims to restrict access to volatile “hot money” banks might use to replace deposit losses. The FDIC also may scrap the honor system on asset managers’ promises not to flex on bank policy.
By Dan Ennis • Aug. 1, 2024
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