Regulations & Policy

Goldman Sachs latest major bank to boost junior salaries

One of the last holdouts among major investment banks to resist increasing wages for entry-level employees in the current booming business environment, Goldman joins JPMorgan, Morgan Stanley, UBS and Credit Suisse in boosting junior pay.

By Robin Bradley • Aug. 03, 2021

Neobank Dave shifts to virtual-first model, implements national pay scale

"I think the silver lining of the pandemic is that it really forced companies to listen to what their team members want, maybe more so than they have in the past," said Dave executive Shannon Sullivan.

By Anna Hrushka • Aug. 03, 2021

Explore the Trendline➔

Trendline

Fintech disruption in the banking industry

For challengers and incumbents alike, 2021 has already changed what disruption looks like and how it happens.

By Banking Dive staff

NY regulator asks financial institutions to share diversity data

Superintendent Linda Lacewell cited the impacts of the COVID-19 pandemic, racial injustice and climate change as primary reasons entities should boost diversity.

By Anna Hrushka • July 30, 2021

Morgan Stanley bumps first-year analyst base pay to $100K

The move leaves Goldman Sachs among the last holdouts whose starting salary is under the six-figure threshold. However, the bank's fiscal year ends Saturday, and compensation tweaks typically follow shortly thereafter.

By Dan Ennis • July 29, 2021

SBA launches streamlined PPP forgiveness portal

The agency said more than 600 banks have opted in to the program, representing 30% of loans $150,000 or less that have not yet applied for forgiveness. The portal will begin accepting applications Aug. 4.

By Anna Hrushka • July 28, 2021

Column

Stablecoin meeting's focus finally comes to light

Tether and Diem were reportedly the focus of last week's "act-quickly" directive. The Justice Department is allegedly probing whether executives behind Tether hid from banks that transactions were linked to cryptocurrency.

By Dan Ennis • July 28, 2021

Sen. Cory Booker clarifies SAFE Banking Act support

"For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.

By Anna Hrushka • July 27, 2021

Crypto firm hires ex-CFPB chief Kraninger

She'll serve as vice president of regulatory affairs at Solidus Labs. The digital asset space has become a frequent landing spot for former regulators, including ex-Acting Comptroller Brian Brooks.

By Dan Ennis • July 23, 2021

NJ, Texas order BlockFi to stop offering interest accounts

A third state, Alabama, gave the crypto exchange 28 days to show why it should be allowed to keep selling the product to state residents. At issue is whether the offering is a security.

By Dan Ennis • UPDATED: July 23, 2021 at 11:44 a.m.

OCC to rescind Trump-era revamp to anti-redlining rule

"While the OCC deserves credit for taking action to modernize the CRA through adoption of the 2020 rule, upon review I believe it was a false start," Acting Comptroller Michael Hsu said in a statement.

By Anna Hrushka • July 20, 2021

Yellen urges regulators to 'act quickly' on stablecoins

Regulators have expressed concern that a lack of transparency with regard to tokens pegged to fiat currencies may mean the companies issuing them don't have adequate reserves.

By Dan Ennis • July 20, 2021

Wells Fargo lays out two-wave strategy for office return

Operations and call center workers will return to the office Sept. 7. Technology, corporate and back-office workers will return in October. And some New York- and North Carolina-based bankers will be invited back Aug. 2.

By Dan Ennis • UPDATED: July 27, 2021 at 7:01 a.m.

LendingClub to pay $18M to settle 3-year FTC dispute

The settlement requires the online lender to "clearly and conspicuously" disclose origination fees. But a recent Supreme Court ruling may alter the way the regulator seeks restitution.

By Dan Ennis • July 19, 2021

SAFE Banking secondary to comprehensive pot reform, Senate Democrats say

The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.

By Anna Hrushka • July 16, 2021

Powell clarifies timeline on Fed CBDC paper

In two congressional hearings, lawmakers grilled the central bank chair on digital dollar development and pressed for his second term — or a change in leadership.

By Dan Ennis • July 16, 2021

CFPB fines home improvement fintech GreenSky $2.5M, orders $9M in refunds

GreenSky received more than 6,000 complaints between 2014 and 2019 from customers who said they had not authorized submitting a loan application, the bureau found.

By Dan Ennis • July 13, 2021

Deep Dive

Rethinking overdraft

While many stakeholders would agree banks need to revamp the fee-based model, it remains to be seen whether change will come through legislation or the market.

By Anna Hrushka • July 12, 2021

U.S. Bank boosts unit to advise local governments on asset management

The deal to acquire PFM Asset Management for an undisclosed sum is at least the second move in the past seven months aimed at bolstering the Minneapolis-based bank's noninterest income.

By Dan Ennis • July 12, 2021

Biden executive orders target bank mergers, financial data sharing

One measure requires the Justice Department and bank regulators to update guidelines to boost merger scrutiny, while another encourages the CFPB to issue rules giving customers greater access to their financial data.

By Anna Hrushka • July 09, 2021

Junior banker narrative centered on Goldman, but bank hasn't bumped pay

Goldman Sachs CEO David Solomon told analysts during the bank's second-quarter earnings call to "expect to see us pay appropriately during our normal cycle." The bank's fiscal year ends July 31.

By Dan Ennis • UPDATED: July 14, 2021 at 8:02 a.m.

Chime customers file hundreds of CFPB complaints over locked accounts: report

In an attempt to root out fraud related to government-backed pandemic aid, the fintech may have inadvertently closed hundreds of legitimate customer accounts, ProPublica reported Tuesday.

By Anna Hrushka • July 07, 2021

Robinhood agrees to pay nearly $70M in FINRA settlement

The penalty clears the deck for Robinhood to file for an IPO. That prospectus debuted Thursday, but the filing also revealed several investigations against the company and a search warrant to obtain the CEO's phone.

By Dan Ennis • UPDATED: July 2, 2021 at 8:07 a.m.

Fintechs' letter, panel hearing put CFPB's lending, credit stances in spotlight

Varo, Square and others seek clarity from the bureau on "disparate impact," while lawmakers debate putting the agency in charge of credit reporting.

By Dan Ennis • June 30, 2021

Quarles: Fed-backed digital currency poses 'significant' risks, 'unclear' benefits

His comments Monday, in which he compares cryptocurrencies to parachute pants, show the central bank is far from unified on digital dollar development.

By Dan Ennis • June 29, 2021

TD Bank introduces no overdraft-fee account, revises overdraft policy

The account comes with a $4.95 monthly fee. The bank, effective in August, will increase its overdraft threshold to $10 and reduce the number of times a customer can be charged an overdraft fee from five per day to three.

By Anna Hrushka • June 28, 2021