Regulations & Policy: Page 74
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What US fintechs can learn from Wirecard's collapse
"Think about diversifying your supply chain and your partners," said Kim Muhota, vice president at SSA & Company. "It's really just a risk management play — the classic, don't have all your eggs in one basket."
By Anna Hrushka • July 22, 2020 -
Morgan Stanley joins group aiming to measure, reduce climate impact
The move comes less than two weeks after JPMorgan Chase, Bank of America, Goldman Sachs and Wells Fargo were revealed as backers of a renewable energy group's Center for Climate-Aligned Finance.
By Dan Ennis • July 21, 2020 -
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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 -
Congress should consider forgiving all 'small' PPP loans, Mnuchin says
The treasury secretary's comments come as trade groups, including some representing the nation's largest banks, have called for blanket forgiveness for PPP loans under $150,000.
By Anna Hrushka • July 20, 2020 -
Anna Hrushka/Banking Dive
Fed extends Main Street Lending Program to nonprofits
Terms released Friday allow organizations with as few as 10 employees to apply. To be eligible, non-donation revenue must have accounted for 60% or more of expenses from 2017 to 2019.
By Dan Ennis • July 20, 2020 -
Houston man charged with investing PPP loan money in crypto
A GAO report last month said the number of loans approved, the speed with which they were processed, and PPP's limited safeguards leave it open to "significant risk" of fraud.
By Dan Ennis • July 17, 2020 -
Permission granted by Finicity
Q&AMastercard deal brings Finicity to global stage, CEO says
"The days of the walled garden approach to data sitting at a bank, only good for the bank and not so much good for the consumer, are over with the advent of open banking," Finicity CEO Steve Smith told Banking Dive.
By Anna Hrushka • July 17, 2020 -
Banks, fintechs weigh fallout from H1-B work visa restrictions
Opening a Vancouver office gives corporate card startup Brex a workaround. Others may rely on remote consultants.
By Suman Bhattacharyya • July 15, 2020 -
Column
Main Street's measured approach could help it avoid PPP pitfalls
It's unclear what the Boston Fed will get from publishing its lender list, but the attempt at transparency is at least starting early.
By Dan Ennis • July 13, 2020 -
Permission granted by Office of the Comptroller of the Currency
Don't use coronavirus as excuse to close branches, OCC says
Some industry observers have questioned the future of bank branches in light of the pandemic, as customers grow accustomed to digital channels and banks rethink the viability of brick and mortar amid a recession.
By Anna Hrushka • July 13, 2020 -
Permission granted by SoFi
SoFi files for national bank charter with OCC
A national charter would let SoFi operate under a unified set of national regulations instead of the "patchwork of varying requirements" it follows to comply with regulations across 50 states, the company said.
By Anna Hrushka • July 10, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo may start cutting tens of thousands of jobs this year
The bank vowed to pause staff reductions as the pandemic escalated. Any announcement — not expected with Tuesday's earnings — could tell other banks that window is over.
By Dan Ennis • July 10, 2020 -
CFPB rolls back 'ability-to-repay' portion of payday lending rule
The provisions would have limited the number of consecutive, short-term loans a borrower could take out, and would have required lenders to verify borrowers' income.
By Dan Ennis • July 8, 2020 -
Kendall Davis/HR Dive
Colorado credit union adds lending to pot banking effort
The move completes a "huge piece of the puzzle" that's missing for cannabis businesses, most of which don't have access to government funding, such as the PPP, the credit union's president says.
By Anna Hrushka • July 8, 2020 -
Permission granted by Edward Jones
Investment company Edward Jones files for ILC charter
"Given market conditions, we believe the need for enhancements to our financial services is more important than ever to our clients as they look to reach their financial goals," Edward Jones Principal Ken Cella said.
By Anna Hrushka • July 6, 2020 -
Citi survey asks workers if they'd like to return Oct. 5
The bank would cap office presence at 30%, a source told Bloomberg. The questionnaire also asks employees to give a general reason why they're staying home, so the bank can offer potential solutions.
By Dan Ennis • Updated Sept. 10, 2020 -
Senate passes PPP extension as Fed chair cites middling Main Street demand
The five-week addendum comes amid waning interest in the program — and a slow start for another government-backed vehicle, the Main Street Lending Program, about which Fed Chair Jerome Powell testified Tuesday.
By Dan Ennis • Updated July 6, 2020 -
(2020). "Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust". Retrieved from https://www.youtube.com/watch?v=Sf5D9BprcXg&feature=youtu.be.
Wells Fargo cuts dividend to level it will reveal July 14
Most other big banks will keep their third-quarter shareholder payouts consistent with second-quarter figures, including Goldman Sachs, which the Fed says must maintain a 6.7% stress capital buffer.
By Dan Ennis • June 30, 2020 -
Permission granted by Office of the Comptroller of the Currency
Bank profitability at risk as pandemic slows economy, OCC says
Financial institutions are beginning to see the adverse credit effects of the economic shock brought on by the pandemic, according to the regulator's semiannual report.
By Anna Hrushka • June 30, 2020 -
Supreme Court rules president can fire CFPB chief 'at will'
In a 5-4 decision Monday, the court left the bureau intact but ruled the structure puts too much power in one person's hands.
By Dan Ennis • June 29, 2020 -
JPMorgan tweaks policy to cut customer ties over racist interactions
The bank is following through on a pledge to pay more attention to employee complaints. JPMorgan Chase made diversity training mandatory after a New York Times report and a class-action suit highlighted discrimination at the bank.
By Dan Ennis • June 29, 2020 -
FDIC to launch competition on system to replace quarterly reports
The effort, which debuted Monday and enlists 20 tech companies, would help the regulator keep more timely data on the roughly 3,200 community banks under its purview.
By Dan Ennis • June 29, 2020 -
Fotolia
PPP's quick rollout, rule changes, few safeguards are fraud risks, GAO says
More than $100 billion in loan money is still available through the program. The SBA plans to stop taking new applications Tuesday.
By Dan Ennis • June 26, 2020 -
Anna Hrushka/Banking Dive
Fed orders banks to suspend share buybacks, cap dividends
The restrictions follow the release of the regulator's "sensitivity analysis," which found under the worst-case scenario, the country’s largest banks would lose roughly $700 billion.
By Anna Hrushka • June 26, 2020 -
Permission granted by Office of the Comptroller of the Currency
Community groups sue OCC over anti-redlining revamp
The lawsuit claims the agency's rule decreases bank investment in low- and moderate-income areas and ignores criticism from community stakeholders.
By Anna Hrushka • June 25, 2020 -
Anna Hrushka/Banking Dive
Main Street Lending Program doesn't live up to its name, community banker says
Businesses with up to 15,000 employees or $5 billion in revenue are eligible to participate in the program. But certain requirements, while well-intentioned, are neither attractive nor attainable for most of her clients, one banker says.
By Anna Hrushka • June 23, 2020
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