Regulations & Policy
-
SC National Guard. (2018). "180925-Z-XH297-1108" [Photograph]. Retrieved from Flickr.
New York Fed researchers design climate stress test for banks
The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.
By Robin Bradley • Sept. 27, 2021 -
Chip Somodevilla via Getty Images
Boston Fed chief Rosengren retiring Thursday, 9 months early
The regional Fed chief cited a worsening kidney condition in a letter but did not address stock-trading activity that has spurred conflict-of-interest concerns.
By Dan Ennis • Sept. 27, 2021 -
Explore the Trendline➔
Alex Wong via Getty Images
TrendlineFintech 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 -
Permission granted by Bank of Marin
Bank of Marin CEO calls it a career after 2 extra years
The bank on Friday named 14-year veteran Tim Myers as its next CEO. It hired a firm in 2019 to find Russ Colombo's successor. Then COVID-19 hit, and Colombo said he'd stay "as long as the bank needs."
By Dan Ennis • Sept. 27, 2021 -
Justin Sullivan via Getty Images
Cannabis banking measure couched in House-passed defense bill
The NDAA goes to the Senate, a perennial foil for the SAFE Banking Act. While some Republicans would rather the pot bill get a stand-alone vote, a number of Democrats are eyeing larger reform.
By Dan Ennis • Sept. 22, 2021 -
Permission granted by U.S. Bank
U.S. Bank to buy MUFG Union Bank in $8B deal
The transaction would add $133 billion in assets, $58 billion in loans and $90 billion in deposits to U.S. Bank's balance sheet, vaulting the Minneapolis-based lender back into fifth place among largest retail banks in the U.S.
By Robin Bradley • Sept. 21, 2021 -
Courtesy of https://www.varomoney.com/press/
Varo's latest $510M funding round validates bank charter decision, exec says
The bank, now reportedly valued at $2.5 billion, plans to use the new funding on account growth, brand building, its product roadmap and operational and risk management infrastructure.
By Anna Hrushka • Sept. 17, 2021 -
Truist, Microsoft back FDIC fund to invest in minority-owned banks
"I like to joke that this isn't your grandmother's FDIC, and this fund certainly proves that we like to think out of the box," the agency's chair, Jelena McWilliams, said Thursday.
By Anna Hrushka • Sept. 16, 2021 -
Chip Somodevilla via Getty Images
Democrats eye $10K threshold on IRS data reporting boost
Trade groups and Republican lawmakers have argued the compliance costs and security and privacy risks of the tax-collection measure outweigh the windfall.
By Dan Ennis • UPDATED: Sept. 24, 2021 at 12:05 p.m. -
Courtesy of Wells Fargo multimedia resources
ColumnWells Fargo penalties, trial, call for breakup are part of a door-window continuum
In acknowledging the OCC had handed it a fresh $250 million fine, Wells noted that the CFPB had let a separate penalty expire. The unexpected blow, though, may have come from Sen. Elizabeth Warren.
By Dan Ennis • Sept. 15, 2021 -
Tasos Katopodis via Getty Images
SBA quadruples EIDL cap to $2M
The agency said it also instituted a two-year deferred payment period and has greatly increased the rate at which loans ar reviewed, clearing a backlog of more than 600,000 cases.
By Anna Hrushka • Sept. 13, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC's proposed rule would rescind Trump-era CRA rewrite
The agency is accepting comments through Oct. 29 — and aiming for a Jan. 1 effective date — on Wednesday's move to return to 1995 guidance while it coordinates with the Federal Reserve and FDIC on an interagency rule.
By Dan Ennis • Sept. 09, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America debuts overdraft alternative
If a customer overdraws on one Bank of America account, Balance Connect ferries money from another of the user's accounts with the bank for a $12 fee.
By Robin Bradley • Sept. 08, 2021 -
CFPB proposes rule to boost data collection on small business loans
The bureau laid out a list of 23 data points, including the race and gender of borrowers and reasons for loan denial. But some trade groups are taking issue with the proposal's scope.
By Robin Bradley • Sept. 07, 2021 -
FTC fines Capital One CEO $638K in stock award disclosure violation
The agency did not penalize the executive over Hart-Scott-Rodino violations in 1999 and 2004. The fine represents a significant reduction from a maximum penalty of around $29.7 million.
By Robin Bradley • Sept. 03, 2021 -
ICBA calls for 'exit fee' on credit union-bank deals
The trade group's proposed fee would be equal to 10% of the gross value of the acquired bank's assets or liabilities from its most recent balance sheet — whichever are greater — and would be payable by the acquiring credit union.
By Anna Hrushka • Sept. 03, 2021 -
SBA 'threat' draws ire of PPP lenders, Republican lawmakers
Lenders that have not opted in to the agency's forgiveness portal could face audits, the SBA said in a letter.
By Anna Hrushka • Sept. 02, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo seeks more time to comply with scandal consent orders: report
The bank could face additional sanctions from regulators over the pace at which it is compensating victims of its consumer abuse violations, Bloomberg reported Tuesday.
By Anna Hrushka • Sept. 01, 2021 -
NY governor taps ex-Obama staffer to lead state regulator
Adrienne Harris served from 2015 to 2017 as a special assistant to the president for economic policy. She still must be confirmed by the New York state Senate before taking office.
By Dan Ennis • Sept. 01, 2021 -
Mario Tama via Getty Images
Morgan Stanley bumps first-year pay to $110K to match Goldman Sachs
Tuesday's move marks the second time in a month the bank lifted salaries for first-year investment banking and global capital markets analysts.
By Robin Bradley • Sept. 01, 2021 -
Mark Wilson via Getty Images
SBA's second-largest loan program may run out of funds this week
The pandemic and low interest rates have caused demand for SBA 504 loans to soar to record levels.
By Robin Bradley • Aug. 31, 2021 -
CFPB won't recommend OppFi enforcement action, lender says
OppFi disclosed the bureau's investigation into its Military Lending Act practices in March, ahead of a planned merger with a blank-check company.
By Dan Ennis • Aug. 31, 2021 -
Fotolia
Bank regulators issue guidance on partnering with fintechs
Banks should evaluate fintechs' business experience and qualifications, financial condition, legal and regulatory compliance, risk management and controls, information security and operational resilience, regulators said Friday.
By Anna Hrushka • Aug. 30, 2021 -
Alex Wong via Getty Images
SEC seeks public feedback on brokers' digital practices
At issue is whether in-app prompts or gamification strategies constitute investment advice. In a tweet, the agency's chairman compares such practices to streaming service recommendations that shape viewer algorithms.
By Dan Ennis • Aug. 30, 2021 -
Jeff Swensen via Getty Images
PNC increasing minimum hourly pay to $18
The $3-per-hour boost represents a 20% increase for legacy PNC employees, but is a bigger jump for BBVA USA staff joining PNC in October. Minimum hourly pay there is $11, according to The Associated Press.
By Robin Bradley • Aug. 30, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America execs Finucane, Montag to retire this year
The bank will roll out succession plans in the coming weeks to replace its chief ESG architect and COO. The moves may cement a new generation of leadership at the Charlotte, North Carolina-based lender.
By Dan Ennis • Aug. 27, 2021
