Regulations & Policy
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Wells Fargo’s Scharf calls for capital requirements clarity
The bank’s CEO on Wednesday called uncertainty around how much extra capital banks will be required to hold “a crazy way to run a system.”
By Caitlin Mullen • Dec. 11, 2024 -
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UBS, Barclays diverge on whether to chase US wealth
Barclays indicated the U.S. is “not a priority” in its plan to expand in wealth management. For UBS, which detailed its own realignment Tuesday, stateside mass-affluent wealth is a great white whale.
By Dan Ennis • Dec. 11, 2024 -
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
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PNC’s Demchak: De-regulation clamor is overblown
“I think people are a little bit too excited … that they’re just going to let everybody run free here,” the Pittsburgh bank's CEO said. “I don’t see that at all.”
By Caitlin Mullen • Dec. 11, 2024 -
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Goldman Sachs exits Net-Zero Banking Alliance
The bank said it would remain “focused on the increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world.”
By Zoya Mirza • Dec. 10, 2024 -
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Citi CFO: Evolving data standards make upgrade more complex
Mark Mason, the bank’s finance chief, also said the focus on the need to improve data tied to regulatory reporting isn’t unique to Citi.
By Caitlin Mullen • Dec. 10, 2024 -
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Morgan Stanley to pay $15M over theft by now-former employees
The bank failed to detect “hundreds” of instances when brokers misappropriated client funds through unauthorized Automated Clearing House transfers, the SEC said.
By Dan Ennis • Dec. 10, 2024 -
Courtesy of Comerica
CFPB sues Comerica for ‘systematically failing’ federal benefits recipients
The watchdog, which Comerica sued last month over its “costly” investigation, alleged the bank intentionally dropped 24 million customer service calls and charged illegal ATM fees.
By Gabrielle Saulsbery • Dec. 9, 2024 -
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OIG finds CFPB lacks consistency in oversight transition
The watchdog’s office of the inspector general found that regional CFPB offices were inconsistent, and often slow, in the time they took to onboard banks coming under its oversight.
By Gabrielle Saulsbery • Dec. 6, 2024 -
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TD shelves growth targets in wake of AML settlement
The embattled Canadian lender is undergoing a strategic review of its priorities and opportunities. “Everything is on the table,” said Raymond Chun, the bank’s current COO who will take the CEO reins in April.
By Caitlin Mullen • Dec. 5, 2024 -
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Thread Bank CEO anticipates more ‘reasonable’ regulatory environment under Trump
The lender – hit with an FDIC consent order this year – has tried to ensure its house “can withstand the storm,” rather than simply “being mad at the weather,” CEO Chris Black said.
By Caitlin Mullen • Dec. 4, 2024 -
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Trump taps crypto lobbyist to lead SEC
Trump’s nominee, Paul Atkins, served as a commissioner at the SEC under former President George W. Bush.
By Alexei Alexis • Dec. 4, 2024 -
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FedNow racks up nearly $246M in annual expenses
The Federal Reserve projects the real-time payment system’s costs will climb slightly next year, from the $245.5 million it expects to spend this year.
By Lynne Marek • Dec. 4, 2024 -
Permission granted by Office of the Comptroller of the Currency
OCC ends Lake Shore’s breach-related consent order
The regulator in March 2023 found the bank in “substantial noncompliance” with an agreement to fix IT and risk governance flaws. Lake Shore’s then-CEO resigned.
By Dan Ennis • Dec. 4, 2024 -
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Metropolitan Commercial Bank ‘aided and abetted’ Voyager fraud: lawsuit
MCB is accused of defrauding customers of crypto exchange Voyager Digital, many of whom have been unable to access their funds since Voyager’s 2022 bankruptcy.
By Gabrielle Saulsbery • Dec. 3, 2024 -
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GAO report flags Fed, FDIC supervisory ‘weaknesses’
The government office offered recommendations meant to improve both bank regulators. The OCC, meanwhile, “generally adheres” to its procedures for escalating supervisory concerns, the GAO said.
By Caitlin Mullen • Dec. 2, 2024 -
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BlackRock, State Street, Vanguard sued by Texas, red states
The three firms are accused of forming “a cartel to rig the coal market,” but State Street and BlackRock called the lawsuit “baseless” in separate statements.
By Lamar Johnson • Dec. 2, 2024 -
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BPM spurns UniCredit’s takeover bid
The bank blasted what it sees as a weak premium. Its CEO warned a deal would cost BPM 6,000 jobs. And Italian officials expressed concern that a UniCredit tie-up would stall efforts to grow BPM.
By Dan Ennis • Nov. 27, 2024 -
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Musk calls for end to CFPB
The presumed Trump Cabinet appointee said there “are too many duplicative regulatory agencies,” calling out the consumer watchdog specifically Wednesday.
By Gabrielle Saulsbery • Nov. 27, 2024 -
Anna Hrushka/Banking Dive
Q&AFDIC: New tool highlights opportunities for minority banks
Wearing its “preserve and promote” hat, the banking agency launched a tool this month that reveals neighborhoods that may present opportunities for minority-focused banks.
By Caitlin Mullen • Nov. 27, 2024 -
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Trump 2.0 expected to open the ‘regulatory gates’ for chartering
“Fintech had really just become kind of a dirty word during the Biden administration, and that’s going to change,” said Michele Alt, an OCC veteran and co-founder of financial services advisory firm Klaros Group.
By Caitlin Mullen • Nov. 27, 2024 -
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Custodia takes a step back ahead of Trump term
The Wyoming bank, long embattled with the Federal Reserve, aimed to “preserve capital” and its charter before the White House takes a presumably more crypto-positive tone.
By Dan Ennis • Nov. 26, 2024 -
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Blueacorn founders indicted on PPP fraud charges
The Justice Department accused Nathan Reis and Stephanie Hockridge of submitting thousands of fraudulent PPP applications through the fintech in the name of “democratizing access to loan relief.”
By Gabrielle Saulsbery • Nov. 26, 2024 -
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Warren, Dems bash Capital One’s ‘history’ in Fed letter
Lawmakers told regulators to look at the bank’s aggressive debt collection, anti-money laundering woes and an inflated community investment pledge, in considering the acquisition application.
By Patrick Cooley • Nov. 26, 2024 -
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Old National to acquire Minnesota’s Bremer for $1.4B
The deal would expand $54 billion-asset Old National’s presence in the upper Midwest and make it the third-largest bank in the Twin Cities.
By Caitlin Mullen • Nov. 25, 2024 -
Permission granted by TD Bank
TD names its next chief auditor
The bank’s personnel moves are being closely watched as it addresses its anti-money laundering woes.
By Dan Ennis • Nov. 22, 2024
