Regulations & Policy


  • APIs
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    Small banks, fintechs ask CFPB for more time to phase out screen scraping

    A CFPB proposal aims to eliminate screen scraping by requiring banks to establish APIs, standardized software widely regarded as a more secure way to connect consumers’ accounts to financial apps.

    By Feb. 1, 2023
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    Ultima_Gaina via Getty Images

    NYCB to close 69% of Flagstar’s mortgage offices

    The move lends credence to reports of hundreds of layoffs last week and presumably means the bank will no longer offer new mortgage lending outside its nine-state branch footprint.

    By Feb. 1, 2023
  • Trendline

    The Banking Dive Outlook on 2023

    Harsher penalties, a fiercer fight over ESG philosophy and a more urgent push to regulate crypto appear poised to roil the finance sector in 2023.

    By Banking Dive staff
  • PPP, EIDL borrowers with ‘questionable’ Social Security numbers got $5.4B: panel

    The SBA disbursed loans to 69,323 applicants with SSNs that either didn’t exist or didn’t match name or birth date information, the Pandemic Response Accountability Committee found.

    By Jan. 31, 2023
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    Jack Taylor / Stringer via Getty Images

    Crypto bank Anchorage Digital names execs to compliance, BSA posts

    The eight-move revamp of C-suite and other leading posts comes nine months after the OCC ordered the digital bank to fix BSA and anti-money laundering shortcomings.

    By Jan. 31, 2023
  • Citizens Financial Group branch
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    Permission granted by Citizens Financial Group

    Citizens Bank continues auto-loan pullback

    The Providence, Rhode Island-based lender aims to scale back its portfolio in that segment to between $5 billion and $6 billion by 2024, CEO Bruce Van Saun told Reuters. That’s down from $14.5 billion in December 2021.

    By Jan. 31, 2023
  • Exterior of the Federal Reserve building in Washington, D.C.
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    Anna Hrushka/Banking Dive

    Custodia Bank denied Fed membership, master account

    The Fed said Custodia’s crypto-focused business model "presented significant safety and soundness risks.” The bank said it would continue pursuing its claims in court.

    By Jan. 30, 2023
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    Envato Elements / stokkete

    Sponsored by Bridgeforce LLC

    2023: Same regulatory challenges—different (and better) approaches to furnishing

    Consumers and regulatory agencies are demanding tougher and higher standards from lenders. See trends in credit furnishing and disputes to help you face this year’s challenges.

    By Dianna Cooper • Jan. 30, 2023
  • Goldman Sachs CEO David Solomon appears onstage.
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    Paul Morigi via Getty Images

    Goldman Sachs cuts CEO Solomon’s pay by 28.6%

    The drop to $25 million for 2022 means JPMorgan Chase's Jamie Dimon will most likely retain the title of top-paid U.S. Wall Street bank chief.

    By Jan. 27, 2023
  • Headshot of Wells Fargo CEO and President Charlie Scharf
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo holds CEO Scharf’s pay steady at $24.5M

    The bank targeted a 10.2% pay increase — and Scharf's performance warranted more, Wells said. But the CEO said a raise would be inappropriate given the work that remains in transforming the bank, according to a filing.

    By Jan. 27, 2023
  • elizabeth warren
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    Warren asks Congress to help SEC fight crypto fraud

    The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.

    By Jan. 26, 2023
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    Mario Tama via Getty Images

    Morgan Stanley claws back bankers’ pay over WhatsApp scandal

    The bank is considering the number of messages sent, the banker’s seniority and whether they received prior warnings in levying penalties ranging from a few thousand dollars to more than $1 million, the Financial Times reported.

    By Jan. 26, 2023
  • Popular Bank to pay $2.3M over alleged PPP fraud

    The subsidiary of Puerto Rico-based Popular Inc. processed and funded six PPP loans in August 2020, totaling roughly $1.1 million, despite having detected signs of potential fraud, the Fed said.

    By Jan. 25, 2023
  • A person uses a red Bank of America ATM.
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    David McNew via Getty Images

    Bank of America again awards restricted stock to rank and file

    Roughly 96% of the bank’s employees are eligible, though details are sparse this year on the incentive’s value. This marks the sixth straight year Bank of America has given the awards.

    By Jan. 25, 2023
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    JPMorgan Chase
    Column

    Davos may have a time-travel portal. Just listen to bank CEOs.

    CEO comments on remote work, junior banker salaries and Bitcoin belie a warp to 2021. Or 2017. Or 1975. Or the '50s.

    By Jan. 24, 2023
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    Dan Kitwood via Getty Images

    FTX-connected Farmington State Bank retreats from crypto, cannabis

    The bank will also stop using the Moonstone Bank brand it developed for such “innovation-driven” pursuits, it said.

    By Jan. 23, 2023
  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images

    Crypto lender Nexo to pay $45M in SEC settlement

    Nexo said last month it would cease U.S. operations after hitting a “dead end” in talks with regulators. One of company’s founders Thursday said he is “confident that a clearer regulatory landscape will emerge soon.”

    By Jan. 20, 2023
  • Deep Dive

    ESG debate escalates as GOP goes after influencers

    Twenty-one Republican attorneys general argue proxy advisers ISS and Glass Lewis' shareholder voting recommendations on climate policy and board diversity violate their duty to investors.

    By Jan. 19, 2023
  • the exterior of the federal reserve building in washington, dc
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    crbellette via Getty Images

    Fed lays out details of its climate pilot

    The nation's six largest banks have until July 31 to analyze the impact two natural disasters would have on real estate lending portfolios, and factor in changing sentiment regarding climate change.

    By Jan. 18, 2023
  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
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    Retrieved from Senate Banking Committee.

    ‘Too-big-to-manage’ banks could be broken up, OCC says

    The size and complexity of a bank is the core problem, not “the weaknesses of its systems and processes or the unwillingness or incompetence of its senior leaders,” Acting Comptroller Michael Hsu said.

    By Jan. 18, 2023
  • San Francisco skyline at night
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    iStock/Getty via Getty Images

    Fed, OCC approve BMO’s $16.3B Bank of the West acquisition

    The tie-up, expected to close Feb. 1, could be an early test of the central bank's proposal to revamp capital requirements for banks with $250 billion to $700 billion in assets.

    By Jan. 18, 2023
  • Citi sign outside of skyscraper
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    Mario Tama via Getty Images

    Why Citi expects to see more of its less productive workers

    Less productive workers can expect to come into the office to get “coaching they need until they bring the productivity back up again,” CEO Jane Fraser told Bloomberg.

    By Jan. 17, 2023
  • A picture of Merrick Garland standing in front of an American flag
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    Drew Angerer/Getty Images via Getty Images

    City National Bank to pay $31M redlining settlement

    The Royal Bank of Canada subsidiary avoided providing mortgage lending services to majority-Black and Hispanic neighborhoods in Los Angeles County from 2017 to at least 2020, the Justice Department alleged.

    By Jan. 13, 2023
  • CFPB proposes registry of nonbanks’ contract terms, conditions

    “Take it or leave it” form contracts, usually drafted by a company and its lawyers, can conceal consumer harm and suppress criticism about products and services, the bureau said.

    By Jan. 12, 2023
  • Clipboard with small business loan application form and pen on wooden desk background.
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    Piotrekswat via Getty Images

    Bank trade groups blast SBA’s fintech proposal

    Vice President Kamala Harris has said opening the SBA’s 7(a) program to fintechs would increase lending in underserved markets. The trade groups say the move threatens the integrity of the program.

    By Jan. 11, 2023
  • Portland Oregon at night.
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    photoquest7 via Getty Images

    FDIC gives $5.2B Columbia-Umpqua deal its final sign-off

    The biggest pending U.S. banking merger not involving a Canadian buyer is now expected to be complete by the end of February.

    By Jan. 11, 2023