Regulations & Policy

CFPB terminates Payactiv's sandbox protection

The earned wage access provider told the CFPB last week it wanted to make changes to its fee model without review by the bureau. The bureau, in turn, expressed concern over potentially misleading public statements by Payactiv.

By Dan Ennis • July 1, 2022

Waters urges regulators to 'escalate penalties' against Wells Fargo

The chair of the House Financial Services Committee called on the CFPB, OCC, FDIC, Fed and HUD to address mounting reports of consumer abuses and discriminatory behavior at the San Francisco-based bank.

By Robin Bradley • June 30, 2022

Explore the 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

Toomey, other GOP senators blast KC Fed over master account silence

The regional Fed president’s refusal to give lawmakers details represents "obstructionism" and shows the need for more transparency and accountability to Congress at the central bank, the senators wrote.

By Dan Ennis • June 30, 2022

Chamber of Commerce, trade groups blast CFPB for perceived overreach

The groups demand the regulator rescind updates to an exam manual that pushes the definition of “unfairness” to include discrimination.

By Robin Bradley • June 29, 2022

Bank regulators' heightened scrutiny of AI highlights third-party risk

As regulators signal a tighter focus on artificial intelligence and machine learning, banks need to be vigilant about their internal models, as well as the models used by vendors, an expert says.

By Anna Hrushka • June 29, 2022

Ex-First Republic co-CEO Erkan to take the reins atop Greystone

Erkan’s abrupt departure from First Republic in January came days after the bank’s founder went on medical leave — opening a potential leadership vacuum that has sent the company’s stock price spiraling.

By Robin Bradley • June 28, 2022

Goldman boosts dividend as JPMorgan, Citi stand pat

Shareholder returns are expected to see a 13.6% average increase across the six biggest U.S. banks — far less than the 40.4% average jump between 2020 and 2021.

By Dan Ennis • June 28, 2022

Tennessee regulator files appeal to block credit union's bank takeover

Financial Federal Bank account holders would be “irreparably harmed and disrupted” — as would the state’s interest in maintaining a safe and sound banking system — if the deal is allowed to close, a state official argued.

By Anna Hrushka • June 28, 2022

JPMorgan, Goldman, BofA pledge to cover employee travel for abortion

The banks are following Citi, which said in March it would pay for workers to get the procedure out of state. Friday’s move by the Supreme Court to overturn Roe v. Wade has prompted a new wave of policy shifts.

By Robin Bradley • June 27, 2022

New Fed financial disclosures omit regional chiefs tied to trading scandal

“The rules in place when President [Robert] Kaplan departed did not require him to file an updated financial disclosure upon his departure,” James Hoard, a Dallas Fed representative, told The New York Times.

By Anna Hrushka • June 27, 2022

Judge denies Citi whistle-blower a share of $400M OCC penalty

A district court agreed with U.S. attorneys’ April assertion that the OCC's workstream addressing the complaint was separate from the one assessing the actions that resulted in the fine.

By Dan Ennis • June 27, 2022

Big banks pass muster in Fed's annual stress test

The 33 largest U.S. banks would be able to maintain adequate capital levels in the event of a severe recession, the Federal Reserve found in its latest annual bank stress test. 

By Robin Bradley • June 24, 2022

Cannabis banking nixed from competition bill

Bowing to Republican demand, leaders from both parties decided to exclude the Secure and Fair Enforcement Banking Act from the bicameral version of the America COMPETES Act.

By Anna Hrushka • June 24, 2022

CFPB takes aim at card late fees

The Consumer Financial Protection Bureau seems to think credit card late fees are out of control. Now, it plans to do something about it.

By Lynne Marek • June 23, 2022

Breach at Flagstar Bank impacts more than 1.5M customers

The breach, which occurred between Dec. 3 and Dec. 4, is the second to impact the bank in less than two years.

By Anna Hrushka • June 22, 2022

Chicago de novo taps Google to build bank on the cloud

The startup bank submitted its application for deposit insurance with the FDIC in April, and plans to use a proprietary lending algorithm to provide small business owners unbiased access to flexible capital, founder Seke Ballard said.

By Anna Hrushka • June 22, 2022

U.S. Bank tests well-being guidelines with outside counsel

The Minneapolis-based bank’s pilot program with seven law firms encourages delaying non-urgent matters that come up during off-work hours to protect personal time and promote work-life balance.

By Lyle Moran • June 21, 2022

Ex-Amazon employee convicted over 2019 Capital One breach

Paige Thompson was found guilty of seven federal crimes in connection with the 2019 Capital One hack.

By Robin Bradley • June 19, 2022

Sen. Warren asks OCC to block TD merger over fraud reports

Warren cited a Capitol Forum report that alleged the Toronto-based lender signed up customers for costly services without their knowledge or consent.  

By Robin Bradley • June 16, 2022

Fed failure in fighting inflation 'not an option,' Powell says

The Federal Reserve announced a 0.75 percentage point increase in the main interest rate and indicated that policymakers plan more aggressive tightening in coming months.

By Jim Tyson • June 15, 2022

West Virginia may boycott 6 finance firms over fossil-fuel lending stance

The state’s Treasury is set to place BlackRock, Wells Fargo, JPMorgan Chase, Morgan Stanley, Goldman Sachs and U.S. Bank on a list blocking them from state contracts within 45 days, according to letters seen by Politico.

By Robin Bradley • June 15, 2022

Citi more than doubles Black executive headcount

“Have we made significant progress, and progress we’re proud of? Yes, absolutely. But to say, ‘We’ve done it, ... that’s not the case at all,” said Erika Irish Brown, the bank’s head of talent and diversity.

By Anna Hrushka • June 14, 2022

At Bank of America, flexibility means unit policy fills the vacuum

The Charlotte, North Carolina-based lender has typically maintained a nonspecific office-return policy at the company level. Divisions like M&A are pushing for better attendance — but not in writing.

By Dan Ennis • June 14, 2022

Federal prosecutors probe Wells Fargo's hiring practices: report

The investigation comes after the bank paused its policy on diverse hiring. A dozen sources told The New York Times last month Wells Fargo interviewed nonwhite and female candidates for jobs that had already been filled.

By Anna Hrushka • June 10, 2022

CFPB, alternative lender Upstart end no-action letter

The bureau had asked for more time to review time-sensitive changes to Upstart’s model. That, and the CFPB’s shift away from the no-action letter program, prompted Upstart to request to cut its agreement short.

By Dan Ennis • June 10, 2022