Regulations & Policy
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Deep Dive
4 banking trends to watch in 2021
Banking Dive expects M&A to pivot toward niches, race to be a continuing focus of ESG, and crypto to have a make-or-break year in 2021.
By Dan Ennis , Anna Hrushka • Jan. 20, 2021 -
Plaid sees 'opportunity' after $5.3B Visa deal ends
The data aggregator's biggest priority now is getting 75% of its traffic dedicated to application programming interfaces by the end of 2021 — a prospect John Pitts, Plaid's head of policy, calls an "immense challenge."
By Anna Hrushka • Jan. 19, 2021 -
Ex-Wells Fargo general counsel fined $3.5M by OCC
James Strother is the seventh former Wells exec to settle with the regulator in the past year over the fake accounts scandal. He must show the OCC's cease-and-desist order to leaders of any bank with which he is or will be affiliated.
By Dan Ennis • Jan. 19, 2021 -
Capital One to pay an extra $290M over anti-money laundering lapse
The bank admitted to FinCEN that it failed to file suspicious activity reports even after it learned in 2013 of potential criminal charges against a client whose check-cashing businesses were served by a unit Capital One acquired.
By Dan Ennis • Jan. 19, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC finalizes controversial fair access rule
Bank trade groups and some Democratic lawmakers said the regulator is overstepping, while some Republicans in Congress said the rule prevents unpopular sectors of the economy from being blackballed.
By Anna Hrushka • Jan. 14, 2021 -
PPP portal access to expand to small banks Friday, all lenders Tuesday
About 5,000 more lenders with $1 billion or less in assets can submit applications Friday, the SBA said. That gives those institutions one business day — and an overtime-filled weekend — to file paperwork before big banks.
By Dan Ennis • Jan. 14, 2021 -
Getty
Crypto firm Anchorage receives trust bank charter from OCC
The company must maintain $7 million in Tier 1 capital and must set aside at least $3 million in liquidity, or the equivalent of 180 days’ worth of operating expenses, under its agreement with the regulator.
By Dan Ennis • Jan. 14, 2021 -
Visa terminates $5.3B acquisition of Plaid after DOJ antitrust suit
The abandonment of the deal won't keep Visa from pursuing partnerships with Plaid or other fintechs, CEO Al Kelly said Tuesday during a call with analysts.
By Anna Hrushka • Jan. 13, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC acting chief Brian Brooks steps down
The former Coinbase executive joined the agency as chief operating officer in March and was nominated in November by President Donald Trump to serve a five-year term as comptroller.
By Anna Hrushka • UPDATED: Jan. 14, 2021 at 10:35 a.m. -
Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
Walmart to launch fintech startup with partner Ribbit Capital
Ribbit Capital's past investments include fintechs such as Affirm, Credit Karma and Robinhood.
By Anna Hrushka • Jan. 12, 2021 -
Major banks suspend political donations after US Capitol siege
"The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now," JPMorgan's Peter Scher said.
By Anna Hrushka • Jan. 11, 2021 -
Deutsche Bank to pay more than $130M to settle anti-bribery, spoofing cases
Prosecutors accused the German lender of falsifying records of payments it made between 2009 and 2016 to middlemen in Saudi Arabia, the UAE, Italy and China to help the bank win clients.
By Dan Ennis • Jan. 11, 2021 -
Courtesy of State Street
State Street doubles down on ESG pledge, while HSBC's comes under scrutiny
State Street said it will start voting against board members if companies don't disclose the racial makeup of their boards. Meanwhile, HSBC investors filed a resolution to put teeth on the bank's climate commitment.
By Dan Ennis • Jan. 11, 2021 -
Community-based lenders to get first 2 days of PPP 2.0 to themselves
CDFIs and minority depository institutions get exclusive access to the portal for at least the first two days once it reopens Monday, according to Small Business Administration guidance.
By Dan Ennis • Jan. 07, 2021 -
Permission granted by Office of the Comptroller of the Currency
Column
It's complaint season, and the OCC is a common target
State attorneys general, bank advocacy groups and even fellow regulators are weighing in on the agency's perceived shortcomings.
By Dan Ennis • Jan. 06, 2021 -
Permission granted by Office of the Comptroller of the Currency
Banks can use stablecoins, blockchains for payments, OCC says
The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.
By Anna Hrushka • Jan. 05, 2021 -
Silicon Valley Bank to buy Boston Private for $900M in wealth-management push
The deal, expected to close mid-2021, would vault the bank's assets under management to $17.7 billion, from $1.4 billion. SVB said it planned $200 million in restructuring charges tied to the deal.
By Dan Ennis • Jan. 05, 2021 -
Anna Hrushka/Banking Dive
Fed extends Main Street program amid late rush in loan applications
The program saw a nearly threefold swell in activity in the four weeks preceding Dec. 23.
By Anna Hrushka • Jan. 04, 2021 -
CFPB gives Synchrony, PayActiv sandbox protection, fines Omni $2.2M
Synchrony has a three-year safe harbor to develop a secured credit card the issuer plans to offer borrowers with limited or damaged credit. The product would let the cardholder opt to transition to unsecured credit after 12 months.
By Dan Ennis • Jan. 04, 2021 -
CFPB dings Discover, Santander in year-end enforcement actions
Data migration issues will cost Discover $35 million, while Santander will pay $4.75 million for errors in reporting loans' date of first delinquency.
By Dan Ennis • Dec. 23, 2020 -
PPP reboot promises some relief for borrowers, lenders
Certain provisions indicate lawmakers took the challenges and criticism of the first version to heart and made "PPP 2.0" more targeted, a consultant said.
By Anna Hrushka • Dec. 23, 2020 -
SEC sues Ripple, top execs over sale of XRP cryptocurrency
The company's CEO, Brad Garlinghouse, criticized the timing of the suit and vowed to challenge it. The coin lost 60% of its value in the week after the court action, which one Twitter user called a "kill shot."
By Anna Hrushka • UPDATED: Jan. 4, 2021 at 7:54 a.m. -
Gender breakdown of Citi promotions shows incremental pace of change
About 29% of the people the bank promoted to managing director in 2020 are women — a company record, but far off the 40% proportion it intends to achieve by 2021.
By Dan Ennis • Dec. 22, 2020 -
Fed allows banks to resume stock buybacks with limitations
Just minutes after the Fed released stress test results Friday, JPMorgan Chase said its board approved a new share repurchase program of $30 billion. The central bank said it would continue to cap dividend payments through March.
By Anna Hrushka • Dec. 21, 2020 -
PPP would get $284B under coronavirus aid bill
A $2.3 trillion bill the Senate and House passed Monday touches all three of 2020's most notable loan types. The Main Street program, set to wind down Dec. 31, has seen its lending power double in the past five weeks.
By Dan Ennis • Dec. 21, 2020
