Regulations & Policy


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    How banks might approach M&A amid regulatory revamp

    Looping in regulators early and preparing for an increase in public hearings can help banks better situate themselves ahead of a tie-up, says one attorney. But "mergers of equals" may be on hold.

    By May 25, 2022
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    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB recasts innovation office to emphasize competition

    The bureau walked back its no-action letter and sandbox policies in favor of "incubation events" meant to troubleshoot barriers to innovation and help customers switch providers more easily.

    By May 25, 2022
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    ESG concerns in banking

    Banks' ESG considerations stretch far beyond climate change. This snapshot touches on banks' inclusion efforts along lines of race, gender and income, social stances and a look at the LMI-area investment one big bank is making ahead of a merger.

    By Banking Dive staff
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    Matt Cardy/Getty via Getty Images
    Column

    The week the banking industry's climate chasm widened

    An HSBC executive's comments downplaying climate risk, combined with a relatively paltry ESG fine for BNY Mellon, may show the need for regulators to stiffen their penalties.

    By May 24, 2022
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    Mario Tama / Staff via Getty Images

    BNY Mellon to pay $1.5M to SEC over ESG misstatements

    A unit of the bank indicated in prospectuses for six U.S. mutual funds that an affiliate pursued ESG quality reviews for all investments, but some lacked the appropriate score at the time of investment, the regulator found.

    By Jim Tyson • May 23, 2022
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    Chip Somodevilla via Getty Images

    Wells Fargo unit to pay $7M to SEC over AML failures

    Wells Fargo Advisors failed to properly implement and test a new version of its internal anti-money laundering transaction monitoring and alert system, which it adopted in January 2019, the regulator said.

    By May 23, 2022
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    Tasos Katopodis via Getty Images

    Barr quizzed on fair lending, climate change during Fed confirmation hearing

    Michael Barr is Biden’s second pick for Federal Reserve vice chairman for bank supervision. Sarah Bloom Raskin, whom Biden nominated in January, took herself out of the running in March amid strong Republican pushback.

    By May 20, 2022
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    Permission granted by Office of the Comptroller of the Currency

    OCC, Fed announce hearings on proposed TD, BMO tie-ups

    Federal regulators called for public meetings on two proposed deals involving Canadian lenders looking to grow their U.S. retail presence through acquisition.

    By May 18, 2022
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    Haugland Bowen, Katie. (2014). "Houston Skyline" [Photograph]. Retrieved from Flickr.

    Women-owned de novo to open in Houston after pandemic-related delays

    Agility Bank filed paperwork with the FDIC in April 2020, with initial plans to open by the end of that year, but the pandemic altered the bank’s opening timeline, CEO Lauren Sparks said.

    By May 18, 2022
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    Alex Wroblewski via Getty Images

    JPMorgan shareholders reject special $52M payout to CEO Jamie Dimon

    The measure received 31% support in a nonbinding vote — far below the 90% backing the bank's pay proposals have typically received. Bank executives are expected to address criticism over spending at a May 23 presentation.

    By Updated May 17, 2022
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    Dan Kitwood/Getty Images News via Getty Images

    SEC enforcement attorney predicts 'a lot more fraud' in crypto markets

    The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

    By Jim Tyson • May 16, 2022
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    Chris Hondros via Getty Images

    Goldman Sachs to give unlimited leave to partners, managing directors

    Under another change, junior employees will get an extra two days off per year. Starting Jan. 1, the bank is requiring its employees to take off at least three weeks per year.

    By May 16, 2022
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    Alex Wong via Getty Images
    Column

    24 hours at the Fed: 'Pain,' race and continuity

    The Senate confirmed Jerome Powell to a second term as chair Thursday. Hours later, he discussed inflation. Meanwhile, the Fed revealed yearly data showing (minimal) added diversity among economists.

    By May 13, 2022
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    Seventh credit union this year announces plans to buy bank

    Michigan-based DFCU Financial will acquire Florida-based First Citrus Bank in an all-cash deal estimated at $105 million. 

    By May 13, 2022
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    Christopher Furlong via Getty Images

    Senators push for cannabis banking legislation in competition bill

    Nineteen Senate Democrats and five Republicans wrote the majority and minority leaders as both chambers of Congress prepare to discuss the final bill over the coming weeks.

    By May 13, 2022
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    Tom Pennington via Getty Images

    Dallas Fed picks NY Fed insider as its next president

    The bank "chose to perpetuate a legacy that has largely excluded Latino voices at all levels," Sen. Bob Menendez, D-NJ, and Rep. Raul Ruiz, D-CA, said Wednesday, a week after urging the Dallas Fed to select a Latino leader.

    By May 12, 2022
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    Justin Sullivan via Getty Images

    Connecticut issues cease-and-desist order over fintech's 'tip' structure

    Including tips, the annual percentage rates on loans made to SoLo Funds borrowers in Connecticut ranged from 43% to 4,280% between June 2018 and August 2021, the state's banking commissioner said.

    By May 12, 2022
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    Chip Somodevilla via Getty Images

    Senate confirms Jefferson to Fed board in 91-7 vote

    A vote on Jerome Powell's renomination to lead the central bank is expected Thursday. The Senate Banking Committee is set to hold a hearing May 19 for Michael Barr, a nominee for the last open Fed board seat.

    By May 12, 2022
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    Chip Somodevilla via Getty Images

    Yellen urges stricter stablecoin regulation this year, amid TerraUSD crash

    The coin, which relies on an algorithm rather than being backed by dollar reserves, plummeted to 23 cents Wednesday, according to CoinDesk.

    By May 11, 2022
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    Anna Hrushka/Banking Dive

    Senate confirms 1st Black woman Fed governor

    Democrats needed a tie-breaking vote from Vice President Kamala Harris to put Michigan State University economist Lisa Cook on the seven-seat board. Votes for nominees Philip Jefferson and Jerome Powell are expected this week.

    By May 11, 2022
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    Permission granted by U.S. Bank

    U.S. Bank lays out $100B community benefits plan tied to merger

    U.S. Bank agreed to increase mortgage lending by 20% nationally and by 30% to nonwhite and LMI borrowers in California. The bank also must analyze demographics and consider community input before closing LMI-area branches.

    By May 10, 2022
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    Retrieved from Senate Banking Committee.

    OCC reviews bank merger framework alongside DOJ, other regulators

    The OCC is weighing how it can incorporate public input and is leaning toward holding public meetings on tie-ups involving large banks, Acting Comptroller Michael Hsu said Monday.

    By May 10, 2022
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    Courtesy of Wells Fargo multimedia resources

    Judge dismisses Wells Fargo commercial lending class-action suit

    Investors led by a retirement fund for Hawaii state employees failed to prove the bank unjustifiably inflated loans, understated loss reserves or misstated its practices, a judge ruled Friday.

    By May 9, 2022
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    Tom Pennington via Getty Images

    Lawmakers push Dallas Fed to name Latino as next leader

    The vacancy presents a "key opportunity" because the bank's district serves a population that is 40% Latino, wrote four Democratic senators and 18 House members.

    By May 6, 2022
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    Drew Angerer via Getty Images

    Bank of America, JPMorgan, Goldman consider abortion travel policies

    "With all things like this, we look at what our team needs from us," Bank of America CEO Brian Moynihan told CBS. A leaked Supreme Court draft opinion ignited a political firestorm tied to the possible overturn of Roe v. Wade.

    By May 6, 2022
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    Chip Somodevilla via Getty Images

    Fed, OCC, FDIC issue revamped CRA proposal

    The measure would require large banks to consider areas with concentrations of mortgage and small-business lending. The proposal also clarifies which activities constitute community development.

    By May 5, 2022