Regulations & Policy: Page 8
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CFPB picks FDX to set open banking standards
The nonprofit will craft standards for consumer data sharing between financial institutions for the next five years.
By Patrick Cooley • Jan. 8, 2025 -
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JPMorgan becomes latest major US bank to exit NZBA
The bank’s departure from the Net-Zero Banking Alliance follows the exits of five other major U.S. banks from the climate coalition in the past month.
By Lamar Johnson • Jan. 7, 2025 -
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TrendlineM&A
President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.
By Banking Dive staff -
Courtesy of BNY Mellon newsroom
ColumnDive Deposits: Is BNY trying to out-BofA Bank of America?
The U.S.’s oldest bank beat Bank of America to a $25-per-hour pay floor – and is touting its rank-and-file stock offerings and well-being improvements in what’s quickly becoming an annual answer to the Charlotte lender’s PR efforts.
By Dan Ennis • Jan. 7, 2025 -
Courtesy of TD
TD’s next CEO talks about AML fiasco
Raymond Chun, appearing Tuesday at an investor conference, said the bank’s AML debacle underscored the importance of talent and external benchmarking.
By Caitlin Mullen • Jan. 7, 2025 -
Anna Hrushka/Banking Dive
FDIC asked for crypto ‘pause,’ not debanking, unredacted letters show
Letters released Friday tied to a court case between Coinbase and the FDIC show that the regulator asked banks to pause crypto-related activities, but did not tell banks to stop serving crypto firms.
By Gabrielle Saulsbery • Jan. 6, 2025 -
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Fed’s Barr to step down as vice chair for supervision
Michael Barr will continue to serve on the Federal Reserve’s board of governors, the central bank said Monday.
By Caitlin Mullen • Jan. 6, 2025 -
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KeyBank grants top execs $16.7M in equity awards after Scotia deal
CEO Chris Gorman could receive up to $11.35 million if the bank outperforms targets for capital requirements, CET1 and earnings per share. Scotiabank also named two directors to the bank’s board last week.
By Dan Ennis • Jan. 6, 2025 -
iStock | Jacob Wackerhausen
Sponsored by EncaptureBalancing deregulation and compliance: The double-edged sword for banks
Deregulation reshapes banking, but compliance challenges like 1071 raise the stakes. Are you ready?
By Brynna Desantiago • Jan. 6, 2025 -
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Morgan Stanley, BofA, Citi exit Net-Zero Banking Alliance
The financial institutions’ decision to leave the United Nations-backed climate coalition comes shortly after Goldman Sachs and Wells Fargo announced they were doing the same.
By Zoya Mirza • Jan. 3, 2025 -
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FDIC eyes pact with BlackRock on passive investing
The regulator reportedly gave the asset manager a Jan. 10 deadline to agree to stricter oversight when holding a 10% or greater stake in banks, similar to a deal struck last week with Vanguard.
By Dan Ennis • Jan. 3, 2025 -
Anna Hrushka/Banking Dive
Kansas bank challenges $20M FDIC penalty
CBW Bank, charged with failing to maintain adequate anti-money laundering controls, has filed a lawsuit challenging the agency’s action, calling the penalty “unreasonable and unprecedented for a bank of this size.”
By Caitlin Mullen • Jan. 3, 2025 -
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Merchants, banks spar over Fed’s debit card fee proposal
Major trade groups for merchants and banks engaged in another round of fighting last week over whether the Federal Reserve should finalize a lower debit card interchange fee rate.
By Lynne Marek • Jan. 3, 2025 -
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Banking trade groups sue Fed over stress tests
The central bank, a day earlier, had said it aims to improve transparency and consider public comment on its stress-testing models and scenarios. One plaintiff calls that a “first step.”
By Dan Ennis • Jan. 2, 2025 -
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Hawaiian Electric sells majority stake in American Savings Bank
The $450 million deal follows the Hawaiian utility company’s agreement last year to put close to $2 billion toward a joint settlement stemming from the 2023 Maui wildfires.
By Caitlin Mullen • Jan. 2, 2025 -
Justin Sullivan / Staff via Getty Images
Bank of America hit with OCC order over BSA
The bank cautioned in an October filing that it was in talks with regulators over issues with its Bank Secrecy Act compliance programs.
By Gabrielle Saulsbery • Jan. 2, 2025 -
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What Jamie Dimon’s potential successor says about regulation, customer growth
Marianne Lake, CEO of consumer and community banking at JPMorgan Chase, worries most about an uneven playing field, where “as a result of regulation or legislation, effectively, winners and losers are being picked,” she says.
By Caitlin Mullen • Jan. 2, 2025 -
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Warren warns OCC, Fed of ‘malfeasance’ on Capital One-Discover
The incoming Senate Banking Committee ranking member blasted two regulators for failing to update bank merger guidelines as thoroughly as the FDIC and Justice Department.
By Dan Ennis • Dec. 20, 2024 -
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Banks, trade groups seek injunction on CFPB overdraft rule
The same organizations that are suing the agency over its effort to limit overdraft fees to $5 filed court paperwork Wednesday to halt the rule’s implementation.
By Gabrielle Saulsbery • Dec. 20, 2024 -
Michael M. Santiago / Staff via Getty Images
CFPB sues JPMorgan, Bank of America, Wells Fargo over Zelle
Zelle operator Early Warning Services rushed the platform to market to compete with the likes of Venmo and CashApp but without effective safeguards, the agency said.
By Caitlin Mullen • Dec. 20, 2024 -
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Flagstar fined $3.5M for ‘misleading’ after 2021 cyberattack
The bank “negligently made” materially misleading statements after a hack that resulted in the theft of 1.5 million customers’ personally identifying information.
By Gabrielle Saulsbery • Dec. 19, 2024 -
Courtesy of USAA
OCC slaps USAA over failure to fix flaws in several areas
The order blasts the bank’s management, IT, compliance and suspicious activity reporting. It also limits new products or services and restricts USAA’s ability to expand its membership criteria.
By Caitlin Mullen • Dec. 19, 2024 -
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UniCredit pivots back to Commerzbank, increases stake to 28%
The move drew stiff rebukes from the German government, which “assumed” any deal was all but dead a month ago. UniCredit said the stake bump does not affect its offer to buy Banco BPM.
By Dan Ennis • Dec. 18, 2024 -
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TrackerA running list of BaaS banks hit with consent orders in 2024
Regulators have taken a harder look at bank-fintech partnerships. Experts said the orders highlight gaps in due diligence and monitoring related to third-party partners.
Dec. 18, 2024 -
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FDIC weighs lawsuit against ex-SVB execs
The regulator is considering taking legal action against six former officers and 11 former directors of Silicon Valley Bank over their role in the bank’s collapse and $23 billion hit to the Deposit Insurance Fund.
By Caitlin Mullen • Dec. 18, 2024 -
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ConnectOne CEO could weigh more deals in warming M&A climate
As the bank awaits approval of its purchase of The First of Long Island, ConnectOne’s CEO anticipates enhancements to regulators’ review processes, bringing more streamlined approvals under the Trump administration.
By Caitlin Mullen • Dec. 17, 2024
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