Regulations & Policy
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N26
German regulator BaFin caps neobank N26's European growth
The limit — to no more than 70,000 new users a month — is "a temporary measure," the neobank's chief growth officer said, meant to allow N26 to focus on strengthening internal processes and frameworks.
By Anna Hrushka • Oct. 19, 2021 -
Dan Kitwood/Getty Images News via Getty Images
ColumnCelsius, Tether and the 'known known'
Lender Celsius' admission that Tether accepts crypto tokens in exchange for stablecoins should be a bombshell. Rather, it confirms a suspicion regulators held so strongly that they've already penalized Tether for it. Twice.
By Dan Ennis • Oct. 19, 2021 -
Explore the Trendline➔
Alex Wong via Getty Images
TrendlineFintech disruption in the banking industry
There are as many schools of thought on how to disrupt the banking space as there are disruptors.
By Banking Dive staff -
Courtesy of Coinbase
Coinbase sees single regulator, new framework for crypto supervision
The approach would keep companies from having to comply with several agencies, which are adapting old laws to new tech, and help maintain the U.S.'s status as a "shaper" of oversight, Coinbase said.
By Dan Ennis • Oct. 18, 2021 -
Megan Quinn/Banking Dive
Treasury goes into damage control on bank data reporting
A blog post on the agency's website seeks to clarify what it calls "pernicious" misinformation disseminated by the measure's opponents.
By Dan Ennis • Oct. 15, 2021 -
Lintao Zhang via Getty Images
Quarles' term as Fed vice chair to end without replacement
The central bank's panel on supervision and regulation will meet "as necessary," and rule-writing or policy changes would need "broad consensus" among Quarles and Fed Governors Lael Brainard and Michelle Bowman.
By Dan Ennis • Oct. 13, 2021 -
Chris Hondros via Getty Images
JPMorgan Chase joins UN's Net-Zero Banking Alliance
The pledge comes weeks ahead of a United Nations climate-focused conference in Glasgow, but the initiative has drawn blowback from advocates seeking stricter emissions standards.
By Robin Bradley • Oct. 11, 2021 -
Permission granted by Office of the Comptroller of the Currency
LMI lender Oportun withdraws OCC banking charter application
The company plans "to amend elements" of the application "to reflect changes to our business." But advocacy groups wrote the OCC in August with concern over Oportun's debt-collection practices, which the CFPB is investigating.
By Dan Ennis • Oct. 11, 2021 -
Joe Raedle via Getty Images
Fair-housing group sues Old National over alleged redlining ahead of merger
Only 37 of the more than 2,250 mortgage loans the bank made in the Indianapolis area in 2019 and 2020 were to Black borrowers, said the Fair Housing Center of Central Indiana, which wants to get the Fed involved.
By Dan Ennis • Oct. 08, 2021 -
Mark Wilson via Getty Images
SBA overpaid $4.5B in EIDL grants, IG report finds
The agency's inspector general said it found instances where sole proprietors or independent contractors improperly claimed to have as many as 1 million employees.
By Anna Hrushka • Oct. 08, 2021 -
Capital One gives up predicting office-return timeline
The bank said it will give employees 30 days' notice before deciding to reopen sometime next year. The indefinite delay marks the bank's second timeline rollback since August.
By Dan Ennis • Oct. 08, 2021 -
NatWest faces $463M fine, pleads guilty in AML case
The bank's cooperation could persuade a judge to reduce the penalty at sentencing in December. The case marks the Financial Conduct Authority's first criminal prosecution of a bank under 2007 anti-money laundering rules.
By Dan Ennis • Oct. 07, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America offers $200 award to vaccinated, in-office Merrill Lynch staff
Eligible staff must come to the office at least eight times between early October and mid-November and be fully vaccinated by mid-November, publications reported.
By Robin Bradley • Oct. 07, 2021 -
Green Dot
Republic Bank sues Green Dot for calling off $165M deal
The prepaid card company said it was unable to get the Fed's approval or non-objection to the acquisition of Republic's tax refund processing unit. But it's not the only transaction held up by an unresponsive Fed.
By Dan Ennis • Oct. 06, 2021 -
Fed inspector general's office to probe officials' trading
The move came hours after Sen. Elizabeth Warren, D-MA, wrote a letter asking the SEC to look into whether activity by the central bank's vice chair, Richard Clarida, and others violated insider-trading rules.
By Dan Ennis • Oct. 05, 2021 -
Chris Hondros via Getty Images
JPMorgan stiffens vaccination policy
Unvaccinated staff must be tested for COVID-19 twice a week, and will receive heftier payroll deductions to cover the cost of testing beginning next year, according to an internal memo Monday.
By Robin Bradley • Oct. 05, 2021 -
US Postal Service not equipped to handle banking, industry trade groups say
"The USPS already has its hands full with its current mission and lacks the bandwidth needed to run such a large and complex operation," NAFCU President and CEO Dan Berger said.
By Anna Hrushka • Oct. 05, 2021 -
Emma Cosgrove/Banking Dive
Postal banking pilot brings check cashing, bill pay in 4 areas
The program, launched last month, aims to bring financial services to low- to moderate-income people and is set to expand after the holiday season.
By Robin Bradley • Oct. 04, 2021 -
Courtesy of Monzo press kit
UK challenger Monzo withdraws OCC application
The company still aims to "build and scale [its] early-stage product offer in the U.S. through existing partners," it said. A debate reportedly rumbled for months within Monzo as to whether the licensing effort was the best use of resources.
By Dan Ennis • Oct. 04, 2021 -
First Citizens, CIT extend timeline for $2.2B merger over Fed delay
The FDIC and a North Carolina regulator have approved the deal, the banks said, adding that they're waiting on the central bank. If the deal is not completed by March 1, either bank may back out, American Banker reported.
By Dan Ennis • Oct. 01, 2021 -
Mark Wilson via Getty Images
Overdraft alternatives
Regions unveils overdraft alternative
The Birmingham, Alabama-based bank's new checking account charges $5 monthly to provide overdraft protection without transfer fees.
By Robin Bradley • Oct. 01, 2021 -
Chopra screen grab/Banking Dive, data from Screen grab
Senate confirms Chopra to lead CFPB
Analysts expect a tenure marked by stiffer penalties. But the bureau has been laying the groundwork for its shift in tone for months.
By Dan Ennis • Oct. 01, 2021 -
Warren cites 'grave concern' in opposing Powell on new Fed term
The Democrat characterized Powell as "dangerous," taking the chair to task on Capitol Hill on Tuesday over three deregulatory actions.
By Dan Ennis • Sept. 29, 2021 -
Thomas Lohnes via Getty Images
ColumnDeutsche's office siren runs counter to its December plan
The two lines of thinking can co-exist. Deutsche could eye a return for its 5,000 New York-area employees in the next six months only to see them scatter later, when the sheen of the bank's new U.S. headquarters has worn off.
By Dan Ennis • Sept. 29, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo fined $37.3M to settle DOJ foreign-exchange case
The penalty comes in addition to $35.3 million in restitution the bank has paid 771 harmed commercial customers.
By Robin Bradley • Sept. 28, 2021 -
SC National Guard. (2018). "180925-Z-XH297-1108" [Photograph]. Retrieved from Flickr.
New York Fed researchers design climate stress test for banks
The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.
By Robin Bradley • Sept. 27, 2021
