Regulations & Policy

New laws extend statute of limitations to 10 years in PPP, EIDL fraud cases

Two laws signed Friday give prosecutors the same time frame to bring fraud charges against fintechs as they have for banks in cases tied to COVID-19 relief loan applications.

By Dan Ennis • Aug. 8, 2022

Warren asks OCC to scrap Trump-era crypto guidance — and recent work

The OCC, FDIC and Fed said in November they planned to provide more clarity this year on permissible digital asset activity. A letter from the senator last week challenges the agencies to follow through.

By Dan Ennis • Aug. 8, 2022

Explore the 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

Senators ask U.S. Bank for more details on fake-accounts scandal

Five Democratic lawmakers asked the bank’s CEO when senior executives became aware of the scandal, how incentives were tallied, how customers were told and how much revenue the program generated.

By Dan Ennis • Aug. 5, 2022

Goldman, Citi, Jefferies reveal ‘August surprises’ to stave off September ones

Warnings of a CFPB probe into Goldman's credit-card business, Citi's rising Russia exposure and Jefferies' $80 million WhatsApp set-aside give investors time to settle in to bad news.

By Dan Ennis • Aug. 5, 2022

USAA sues Truist in patent case over mobile deposit tech

The U.S. District Court for the Eastern District of Texas has awarded USAA three nine-figure judgments since 2019 (against Wells Fargo and PNC) in patent cases.

By Dan Ennis • Aug. 4, 2022

Senate bill would couch Bitcoin, Ether under CFTC purview

The bill would define a new asset class, exclude securities from it, and require brokers, custodians, dealers and trading facilities to register with the CFTC.

By Dan Ennis • Aug. 3, 2022

NDAA provision would make cyber agency a bank regulator, trade groups say

The bill would create a designation for systemically important entities, and require them to report information to the Cybersecurity and Infrastructure Security Agency.

By Anna Hrushka • Aug. 3, 2022

NY regulator fines Robinhood $30M over AML, cybersecurity failures

The company Tuesday also cut its workforce by 23%, or roughly 780 employees, and announced it would be closing two offices, according to a filing.

By Dan Ennis • Aug. 2, 2022

Wells Fargo to restart updated diverse hiring policy

The bank will now require that half of candidates be diverse for roles according to “job level” rather than for all positions paying $100,000 or more per year.

By Dan Ennis • Aug. 2, 2022

FDIC advisory reinforces boundaries of bank-crypto ties

The note emphasizing risks comes a day after the regulator issued a cease-and-desist order giving bankrupt platform Voyager Digital two business days to remove any misleading claims regarding deposit insurance.

By Dan Ennis • Aug. 1, 2022

West Virginia bars JPMorgan, Wells, Goldman from new state contracts

Those banks, plus Morgan Stanley and BlackRock, were added Thursday to the state’s list of restricted financial institutions over their de-emphasis on coal financing. U.S. Bank avoided being put on the list.

By Dan Ennis • July 29, 2022

How Cogent Bank treats cannabis account holders like ‘any other client’

To help broaden the lender’s cannabis banking program, Cogent Bank partnered with Green Check Verified, a fintech that works with banks to provide compliant cannabis banking services.

By Anna Hrushka • July 29, 2022

CFPB fines U.S. Bank $37.5M over customer data misuse

The bank was aware that sales pressure was leading employees to access customers’ credit reports and personal data to apply for and open unauthorized accounts, the bureau said.

By Anna Hrushka • July 28, 2022

Berkshire Hathaway subsidiary to pay $20M to settle redlining allegations

A government investigation uncovered “problematic conduct” at Trident Mortgage Co., including distribution of emails containing racial slurs and racist content about certain neighborhoods, the CFPB said.

By Anna Hrushka • July 28, 2022

Crypto ‘citizen’s arrests’ may continue until Congress wrangles ‘Wild West’

The SEC, DOJ and Treasury are all patrolling the digital asset space. The CFTC is calling for unity. And lawmakers’ vision for a cohesive strategy just took a summer vacation.

By Dan Ennis • July 28, 2022

Credit Suisse names new CEO, launches review of business amid $1.7B loss

Ulrich Körner, the bank’s asset-management chief, takes his new role Aug. 1 as the Swiss lender embarks on a strategy to cut costs and de-emphasize its investment bank.

By Dan Ennis • July 27, 2022

NCUA cyber breach rule would give credit unions longer reporting window than banks

The time frame falls in line with the Critical Infrastructure Act that President Joe Biden signed in March, but is twice as long as the reporting window banks have had to comply with since May.

By Anna Hrushka • July 25, 2022

Goldman CEO pitches SBA reform plan as recession threatens small business

David Solomon in a CNBC op-ed, suggested paid-leave improvements, a bigger credit pool for CDFIs, improved child care access and better contracting opportunities for women and nonwhite entrepreneurs.

By Dan Ennis • July 20, 2022

Bank of America sets aside $200M over personal-device misuse

The bank hopes to finalize the matter in the coming weeks, its CFO said Monday. That total mirrors amounts Morgan Stanley and Citi said they set aside last week.

By Dan Ennis • July 18, 2022

House-passed NDAA includes banking provisions for cannabis

SAFE Banking’s inclusion in the defense bill marks the seventh time the legislation has passed in the House. Another measure in the bill would allow individuals with a conviction history to work in the financial sector.

By Anna Hrushka • July 18, 2022

JPMorgan's Dimon blasts 'capricious, arbitrary' Fed stress tests

“It’s inconsistent. It’s not transparent. It’s too volatile,” the CEO said of the stress test. JPMorgan said last month it would keep its dividend payouts flat in response to the central bank’s capital requirements.

By Anna Hrushka • July 15, 2022

Bank of America fined $225M over 'botched' disbursement of unemployment benefits

The CFPB accused the bank of implementing a faulty fraud filter that would trigger an account freeze over a “simple set of flags.”

By Anna Hrushka • July 14, 2022

Lawmakers air CRA concerns over race, data collection

The rule’s focus on income level rather than race does not do enough to address disparities along racial lines, some Democrats say.

By Anna Hrushka • July 14, 2022

Senate confirms Barr to fill Fed supervisory role

The incoming central bank official is expected to have a hand in shaping Fed policy with regard to bank mergers, climate risk’s role in stress tests, and the supplementary leverage ratio.

By Dan Ennis • July 14, 2022

Lawmakers renew push for overdraft legislation

Meanwhile, a New York regulator said Tuesday it is conducting a review aimed at curtailing banks from double-charging users in the event of an overdraft.

By Anna Hrushka • July 13, 2022