Crypto framework would define SEC, CFTC oversight purview

A bipartisan Senate measure introduced Tuesday tackles regulatory requirements on stablecoin issuers, taxes on crypto transactions and delineates commodities and securities. But its chances of passing appear low.

By Robin Bradley • June 7, 2022

Wells Fargo pauses policy mandating diverse interviews

The bank will review, then relaunch in July, its policy requiring at least half the candidates interviewed for open positions paying $100,000 or more per year be women, nonwhite or disadvantaged, CEO Charlie Scharf wrote Monday.

By Dan Ennis • June 7, 2022

Explore the Trendline➔

Top 5 stories from Banking Dive

Amid a swell of activity, financial institutions large and small are leaning into their aspirations. For PNC, it’s scale. For some fintechs, it’s a charter. For Millbury National Bank, it may simply be niceness.

By Banking Dive staff

Former FDIC chair McWilliams to lead law firm Cravath's new D.C. office

The move marks McWilliams' return to the private sector after leaving FDIC in February. Also joining the office is former SEC Acting Chair Elad Roisman.

By Anna Hrushka • June 7, 2022

'Faster alone, farther together': Bank regulators discuss unified approach to CRA rewrite

Leaders of the OCC, FDIC and Federal Reserve discussed top takeaways of their interagency revamp to the anti-redlining law during a rare in-person event.

By Anna Hrushka • June 6, 2022

Tennessee judge lifts injunction, lets credit union-bank deal proceed

The state's Department of Financial Institutions has until June 27 to file an appeal concerning Orion Federal Credit Union's proposed acquisition of Financial Federal Bank.

By Dan Ennis • June 3, 2022

Banks eye first-mover advantage to embracing the metaverse

Banks are carving out their own spaces in the metaverse, a virtual world estimated to represent a $1 trillion market opportunity.

By Anna Hrushka • June 2, 2022

Fix Wells Fargo 'once and for all,' senator tells CEO Scharf

Senate Banking Committee Chair Sherrod Brown, D-OH, called out the bank in a letter Tuesday, noting its racial disparity in mortgage lending, revelations of fake job interviews and a recent anti-money laundering fine.

By Robin Bradley • June 1, 2022

DWS CEO resigns in wake of greenwashing raid

A former executive of the asset manager, majority-owned by Deutsche Bank, alleged the company exaggerated in its 2020 annual report that more than half of its assets were "ESG integrated."

By Robin Bradley • June 1, 2022

4 takeaways from Morgan Stanley's annual meeting

CEO James Gorman wouldn't detail how long he intends to lead the bank but affirmed last year's C-suite shake-up cemented two generations of leadership behind him.

By Dan Ennis • May 31, 2022

CBDC, stablecoins and commercial bank money can coexist, Brainard says

The Federal Reserve vice chair, at a House Financial Services Committee hearing Thursday, also called for stricter regulation in the stablecoin space.

By Robin Bradley • May 27, 2022

CFPB won't let lenders hide behind algorithms

Lenders that use "black-box" models to determine creditworthiness must still give denied applicants detailed reasoning under ECOA, the bureau said Thursday.

By Dan Ennis • May 27, 2022

State regulators push to include pot banking in manufacturing bill

Proponents of the cannabis legislation have previously tried and failed to tie the SAFE Banking Act to the 2022 National Defense Authorization Act, as well as two COVID-19 relief bills.

By Anna Hrushka • May 27, 2022

Kansas City Fed chief to retire in January

Esther George, widely regarded as one of the most hawkish central bank regional presidents, faces age-related mandatory retirement. She is the fourth regional Fed president since September to signal she's leaving office.

By Robin Bradley • May 26, 2022

Bank of America's 7% raise may make it a rank-and-file retention role model

Aside from lavishing attention on non-specialized employees, the Charlotte, North Carolina-based lender has developed a habit of rolling out perks in pairs.

By Dan Ennis • May 26, 2022

The week the banking industry's climate chasm widened

An HSBC executive's comments downplaying climate risk, combined with a relatively paltry ESG fine for BNY Mellon, may show the need for regulators to stiffen their penalties.

By Dan Ennis • May 25, 2022

How banks might approach M&A amid regulatory revamp

Looping in regulators early and preparing for an increase in public hearings can help banks better situate themselves ahead of a tie-up, says one attorney. But "mergers of equals" may be on hold.

By Anna Hrushka • May 25, 2022

CFPB recasts innovation office to emphasize competition

The bureau walked back its no-action letter and sandbox policies in favor of "incubation events" meant to troubleshoot barriers to innovation and help customers switch providers more easily.

By Dan Ennis • May 25, 2022

BNY Mellon to pay $1.5M to SEC over ESG misstatements

A unit of the bank indicated in prospectuses for six U.S. mutual funds that an affiliate pursued ESG quality reviews for all investments, but some lacked the appropriate score at the time of investment, the regulator found.

By Jim Tyson • May 23, 2022

Wells Fargo unit to pay $7M to SEC over AML failures

Wells Fargo Advisors failed to properly implement and test a new version of its internal anti-money laundering transaction monitoring and alert system, which it adopted in January 2019, the regulator said.

By Anna Hrushka • May 23, 2022

Barr quizzed on fair lending, climate change during Fed confirmation hearing

Barr is Biden’s second pick for Federal Reserve vice chairman for bank supervision. Sarah Bloom Raskin, whom Biden nominated in January, took herself out of the running amid Republican pushback.

By Anna Hrushka • May 20, 2022

OCC, Fed announce hearings on proposed TD, BMO tie-ups

Federal regulators called for public meetings on two proposed deals involving Canadian lenders looking to grow their U.S. retail presence through acquisition.

By Robin Bradley • May 18, 2022

Women-owned de novo to open in Houston after pandemic-related delays

Agility Bank filed paperwork with the FDIC in April 2020, with initial plans to open by the end of that year, but the pandemic altered the bank’s opening timeline, CEO Lauren Sparks said.

By Anna Hrushka • May 18, 2022

JPMorgan shareholders reject special $52M payout to CEO Jamie Dimon

The measure received 31% support in a nonbinding vote — far below the 90% backing the bank's pay proposals have typically received. Bank executives are expected to address criticism over spending at a May 23 presentation.

By Dan Ennis • Updated May 17, 2022

SEC enforcement attorney predicts 'a lot more fraud' in crypto markets

The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

By Jim Tyson • May 16, 2022

Goldman Sachs to give unlimited leave to partners, managing directors

Under another change, junior employees will get an extra two days off per year. Starting Jan. 1, the bank is requiring its employees to take off at least three weeks per year.

By Dan Ennis • May 16, 2022