Regulations & Policy: Page 74
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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 -
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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 -
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TrendlineTop 5 stories from Banking Dive
Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.
By Banking Dive staff -
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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 -
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OpinionRegulation 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 -
Megan Quinn/Banking Dive
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 -
Retrieved from Senate Banking Committee.
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 -
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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 -
Lintao Zhang via Getty Images
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 -
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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 -
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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 -
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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 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
ColumnGoldman, 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 -
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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 -
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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 -
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JPMorgan Chase, Bank of America, TD reign in small-business satisfaction: J.D. Power
The nation's largest bank stood atop the West region for the ninth straight year — albeit in a tie with Bank of the West — the researcher found.
By Robin Bradley • Nov. 1, 2021 -
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Barclays CEO Staley steps down amid Epstein probe
British regulators are questioning how Jes Staley characterized his ties with the late disgraced financier while working at JPMorgan Chase. Barclays named C.S. Venkatakrishnan its next chief executive.
By Dan Ennis • Nov. 1, 2021 -
TD Bank will give a bonus of 5 shares to non-executive employees
The incentive, worth around $363 based on the bank's Oct. 27 closing price, references TD's tenet that employees should "act like an owner." Employees outside the U.S., Canada and the U.K. will receive cash instead.
By Robin Bradley • Oct. 28, 2021 -
Anna Hrushka/Banking Dive
Senate bill would fine Fed officials for stock-trading breaches
Under legislation introduced Tuesday, central bank officials would face penalties of at least 10% of the value of the investment bought or sold, according to The Wall Street Journal.
By Robin Bradley • Oct. 27, 2021 -
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Valley Bank unveils payments app for cannabis businesses
Valley Bank is partnering with a large processor to offer the service, which is similar to using a reloadable Starbucks wallet gift card, Chief Digital Product Officer Stuart Cook said.
By Anna Hrushka • Oct. 27, 2021 -
Regulators to issue policy on crypto, stablecoins, FDIC chair says
Jelena McWilliams shared details about the interagency "crypto sprint" involving the FDIC, the OCC and the Fed, and said the agencies plan to issue a series of policy statements in the coming months.
By Anna Hrushka • Oct. 26, 2021 -
Goldman sweetens the pot for Solomon, COO with stock incentive
Under the deal offered Friday, the CEO — whose pay was cut by 36% last year in connection with the 1MDB scandal — could reap $50 million if the bank's stock jumps another 75% over the next five years.
By Dan Ennis • Oct. 25, 2021 -
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DOJ, CFPB and OCC link up to crack down on redlining
Jackson, Mississippi-based Trustmark Bank told the agencies it would pay $5 million to settle allegations it engaged in discriminatory lending practices from 2014 to 2018.
By Anna Hrushka • Oct. 22, 2021
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