Regulations & Policy


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    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB terminates Payactiv's sandbox protection

    The earned wage access provider told the CFPB last week it wanted to make changes to its fee model without review by the bureau. The bureau, in turn, expressed concern over potentially misleading public statements by Payactiv.

    By July 1, 2022
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    Zach Gibson via Getty Images

    Waters urges regulators to 'escalate penalties' against Wells Fargo

    The chair of the House Financial Services Committee called on the CFPB, OCC, FDIC, Fed and HUD to address mounting reports of consumer abuses and discriminatory behavior at the San Francisco-based bank.

    By June 30, 2022
  • Trendline

    Fraud and AML in banking

    ESG is the latest silo to face fraud-related scrutiny from regulators. Meanwhile, the SEC is staffing up its cyber unit to fight a potential uptick in crypto fraud.

    By Banking Dive staff
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    Chip Somodevilla via Getty Images

    Toomey, other GOP senators blast KC Fed over master account silence

    The regional Fed president’s refusal to give lawmakers details represents "obstructionism" and shows the need for more transparency and accountability to Congress at the central bank, the senators wrote.

    By June 30, 2022
  • Chamber of Commerce, trade groups blast CFPB for perceived overreach

    The groups demand the regulator rescind updates to an exam manual that pushes the definition of “unfairness” to include discrimination.

    By June 29, 2022
  • Bank regulators' heightened scrutiny of AI highlights third-party risk

    As regulators signal a tighter focus on artificial intelligence and machine learning, banks need to be vigilant about their internal models, as well as the models used by vendors, an expert says.

    By June 29, 2022
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    GlobeNewsWire

    https://www.globenewswire.com/en/news-release/2022/06/27/2469596/30865/en/Greystone-Appoints-Hafize-Gaye-Erkan-as-CEO.html

    Ex-First Republic co-CEO Erkan to take the reins atop Greystone

    Erkan’s abrupt departure from First Republic in January came days after the bank’s founder went on medical leave — opening a potential leadership vacuum that has sent the company’s stock price spiraling.

    By June 28, 2022
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    Mark Wilson via Getty Images

    Goldman boosts dividend as JPMorgan, Citi stand pat

    Shareholder returns are expected to see a 13.6% average increase across the six biggest U.S. banks — far less than the 40.4% average jump between 2020 and 2021.

    By June 28, 2022
  • Tennessee regulator files appeal to block credit union's bank takeover

    Financial Federal Bank account holders would be “irreparably harmed and disrupted” — as would the state’s interest in maintaining a safe and sound banking system — if the deal is allowed to close, a state official argued.

    By June 28, 2022
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    JPMorgan, Goldman, BofA pledge to cover employee travel for abortion

    The banks are following Citi, which said in March it would pay for workers to get the procedure out of state. Friday’s move by the Supreme Court to overturn Roe v. Wade has prompted a new wave of policy shifts.

    By June 27, 2022
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    Anna Hrushka/Banking Dive

    New Fed financial disclosures omit regional chiefs tied to trading scandal

    “The rules in place when President [Robert] Kaplan departed did not require him to file an updated financial disclosure upon his departure,” James Hoard, a Dallas Fed representative, told The New York Times.

    By June 27, 2022
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    Judge denies Citi whistle-blower a share of $400M OCC penalty

    A district court agreed with U.S. attorneys’ April assertion that the OCC's workstream addressing the complaint was separate from the one assessing the actions that resulted in the fine.

    By June 27, 2022
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    Big banks pass muster in Fed's annual stress test

    The 33 largest U.S. banks would be able to maintain adequate capital levels in the event of a severe recession, the Federal Reserve found in its latest annual bank stress test. 

    By June 24, 2022
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    Cannabis banking nixed from competition bill

    Bowing to Republican demand, leaders from both parties decided to exclude the Secure and Fair Enforcement Banking Act from the bicameral version of the America COMPETES Act.

    By June 24, 2022
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    The image by New America is licensed under CC BY 2.0

    CFPB takes aim at card late fees

    The Consumer Financial Protection Bureau seems to think credit card late fees are out of control. Now, it plans to do something about it.

    By Lynne Marek • June 23, 2022
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    Breach at Flagstar Bank impacts more than 1.5M customers

    The breach, which occurred between Dec. 3 and Dec. 4, is the second to impact the bank in less than two years.

    By June 22, 2022
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    Chicago de novo taps Google to build bank on the cloud

    The startup bank submitted its application for deposit insurance with the FDIC in April, and plans to use a proprietary lending algorithm to provide small business owners unbiased access to flexible capital, founder Seke Ballard said.

    By June 22, 2022
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    U.S. Bank tests well-being guidelines with outside counsel

    The Minneapolis-based bank’s pilot program with seven law firms encourages delaying non-urgent matters that come up during off-work hours to protect personal time and promote work-life balance.

    By Lyle Moran • June 21, 2022
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    Mark Wilson via Getty Images

    Ex-Amazon employee convicted over 2019 Capital One breach

    Paige Thompson was found guilty of seven federal crimes in connection with the 2019 Capital One hack.

    By June 19, 2022
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    Drew Angerer / Staff via Getty Images

    Sen. Warren asks OCC to block TD merger over fraud reports

    Warren cited a Capitol Forum report that alleged the Toronto-based lender signed up customers for costly services without their knowledge or consent.  

    By June 16, 2022
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    Chip Somodevilla via Getty Images

    Fed failure in fighting inflation 'not an option,' Powell says

    The Federal Reserve announced a 0.75 percentage point increase in the main interest rate and indicated that policymakers plan more aggressive tightening in coming months.

    By Jim Tyson • June 15, 2022
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    West Virginia may boycott 6 finance firms over fossil-fuel lending stance

    The state’s Treasury is set to place BlackRock, Wells Fargo, JPMorgan Chase, Morgan Stanley, Goldman Sachs and U.S. Bank on a list blocking them from state contracts within 45 days, according to letters seen by Politico.

    By June 15, 2022
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    Mario Tama via Getty Images

    Citi more than doubles Black executive headcount

    “Have we made significant progress, and progress we’re proud of? Yes, absolutely. But to say, ‘We’ve done it, ... that’s not the case at all,” said Erika Irish Brown, the bank’s head of talent and diversity.

    By June 14, 2022
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    Column

    At Bank of America, flexibility means unit policy fills the vacuum

    The Charlotte, North Carolina-based lender has typically maintained a nonspecific office-return policy at the company level. Divisions like M&A are pushing for better attendance — but not in writing.

    By June 14, 2022
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    Justin Sullivan via Getty Images

    Federal prosecutors probe Wells Fargo's hiring practices: report

    The investigation comes after the bank paused its policy on diverse hiring. A dozen sources told The New York Times last month Wells Fargo interviewed nonwhite and female candidates for jobs that had already been filled.

    By June 10, 2022
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    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB, alternative lender Upstart end no-action letter

    The bureau had asked for more time to review time-sensitive changes to Upstart’s model. That, and the CFPB’s shift away from the no-action letter program, prompted Upstart to request to cut its agreement short.

    By June 10, 2022