Regulations & Policy


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    Win McNamee via Getty Images

    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 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 Aug. 8, 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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    Courtesy of U.S. Bank

    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 Aug. 5, 2022
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    Chris Hondros via Getty Images
    Column

    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 Aug. 5, 2022
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    Courtesy of USAA

    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 Aug. 4, 2022
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    Drew Angerer via Getty Images

    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 Aug. 3, 2022
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    iStock via Getty Images

    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 Aug. 3, 2022
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    Noam Galai via Getty Images

    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 Aug. 2, 2022
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    Courtesy of Wells Fargo multimedia resources

    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 Aug. 2, 2022
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    Anna Hrushka/Banking Dive

    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 Aug. 1, 2022
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    DWalker44 via Getty Images

    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 July 29, 2022
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    Kendall Davis/HR Dive

    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 July 29, 2022
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    Permission granted by U.S. Bank

    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 July 28, 2022
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    bpperry via Getty Images

    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 July 28, 2022
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    Chip Somodevilla via Getty Images
    Column

    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 July 28, 2022
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    Dan Kitwood via Getty Images

    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 July 27, 2022
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    JuSun via Getty Images

    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 July 25, 2022
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    Chris Hondros via Getty Images

    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 July 20, 2022
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    Justin Sullivan / Staff via Getty Images

    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 July 18, 2022
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    Drew Angerer via Getty Images

    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 July 18, 2022
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    Alex Wroblewski via Getty Images

    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 July 15, 2022
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    David McNew via Getty Images

    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 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 July 14, 2022
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    Tasos Katopodis via Getty Images

    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 July 14, 2022
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    Kevin Dietsch via Getty Images

    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 July 13, 2022