Regulations & Policy
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SBA releases borrower data on EIDL, smaller PPP loans
A federal judge rejected the agency's request for a full stay on the disclosure. Five media organizations sued the SBA in May to divulge the data, but the agency cited concerns over borrower privacy.
By Dan Ennis • UPDATED: Dec. 2, 2020 at 5:49 a.m. -
Fed, Treasury to extend 4 lending facilities to March 31
The move came a day before both agencies' leaders testified on Capitol Hill. While some lawmakers accused Treasury Secretary Steven Mnuchin of politicizing unspent COVID aid funds, Mnuchin said a loophole in law motivated him.
By Anna Hrushka • UPDATED: Dec. 3, 2020 at 8:07 a.m. -
Facebook-led digital currency, renamed Diem, could launch in January
"We like the connotation of it kind of being a new day for the project," said the group's CEO, Stuart Levey, referring to the moniker's use of the Latin word for "day."
By Anna Hrushka • UPDATED: Dec. 1, 2020 at 11:11 a.m. -
OCC fines JPMorgan $250M over weak controls in its advisory business
Last week's fine from the OCC comes amid a surge of settlements some banks may be looking to secure before the Biden administration takes office.
By Anna Hrushka • Nov. 25, 2020 -
Permission granted by Office of the Comptroller of the Currency
OCC proposes scoring framework for CRA exams
Banks that see a 10% or greater drop in lending or investment in low- and moderate-income areas, compared with their historical data, will receive a "downward adjustment." But first, the OCC requires four types of data.
By Dan Ennis • Nov. 25, 2020 -
LMI lender Oportun applies for national banking charter
Ten companies applied with the regulator in fiscal 2020 — the most in a decade. Oportun's filing is the second of fiscal 2021.
By Dan Ennis • Nov. 24, 2020 -
Banks whose assets grew amid PPP get temporary relief from regulators
The interim final rule will give banks more time to either reduce their balance sheets or prepare for the stricter regulatory and reporting standards associated with the higher asset thresholds, the agencies said.
By Anna Hrushka • Nov. 23, 2020 -
Permission granted by Office of the Comptroller of the Currency
OCC proposal prohibits banks from denying lending to oil, gun companies
The 45-day comment period is uncommonly short, but may allow the agency a brief window to issue the rule before the Biden administration is expected to take office Jan. 20.
By Dan Ennis • Nov. 23, 2020 -
Anna Hrushka/Banking Dive
Fed capitulates on Mnuchin's request to return unused COVID funds
"We will work out arrangements with you" regarding the wrap-up of several lending facilities Dec. 31, Fed Chair Jerome Powell wrote Friday in a letter posted on the central bank's website.
By Dan Ennis • UPDATED: Nov. 23, 2020 at 5:34 a.m. -
Kendall Davis/HR Dive
Montana banks prepare to navigate regulatory haze upon legalizing pot
"At this point, we're all just holding our breath, hoping we figure it out and the banks stay out of trouble," the president and CEO of the Montana Bankers Association said.
By Anna Hrushka • Nov. 18, 2020 -
Permission granted by Office of the Comptroller of the Currency
Trump aims to nominate OCC's Brooks to 5-year term
A Senate panel — and then the full Senate — must approve the nomination before Jan. 20. But a Biden administration can also lean on untested legal authority to try to replace Brooks with its own nominee.
By Dan Ennis • Nov. 18, 2020 -
Court dismisses loan agents' case seeking cut of banks' PPP processing fees
Plaintiffs alleged the CARES Act entitles them to up to 1% of the processing fees. A judge on Monday said the complaint was "too generalized," but gave the agents 21 days to file a new claim.
By Dan Ennis • Nov. 18, 2020 -
SEC Chairman Jay Clayton to step down by year's end
Under Clayton's tenure, the regulator obtained orders for more than $14 billion in monetary remedies, including a record $4.68 billion in fiscal 2020.
By Anna Hrushka • Nov. 16, 2020 -
SEC charges 2 ex-Wells Fargo executives with misleading investors
The regulator settled charges against former CEO John Stumpf for $2.5 million, and will litigate fraud charges against former community bank chief Carrie Tolstedt in court in connection to the bank's 2016 fake accounts scandal.
By Anna Hrushka • Nov. 13, 2020 -
DOJ challenge to Visa-Plaid deal could change financial services landscape
The outcome will decide how the industry might evolve in an ever-changing world of technology — through acquisition of small, innovative fintechs or organic growth, an antitrust attorney said.
By Anna Hrushka • Nov. 10, 2020 -
Kendall Davis/Industry Dive/Banking Dive, data from Marc Nozell
Bank executives, trade groups react to Biden-Harris victory
Several bank and credit union trade groups, as well as top bank executives, not waiting on a Trump concession, have released statements and congratulatory posts on the highly contested 2020 election.
By Anna Hrushka • Nov. 09, 2020 -
DOJ sues to block Visa's $5.3B Plaid acquisition
The Justice Department cited Visa CEO Al Kelly's description of the deal as an "insurance policy" to neutralize a "threat to our important US debit business" as evidence the deal represents an anti-competitive move.
By Anna Hrushka • Nov. 06, 2020 -
Standard Chartered to offer permanent flexible working options early next year
About 60% of surveyed employees have accepted the bank's offer of hybrid work, including 79% of the London-based lender's U.S. staff, according to Bloomberg.
By Dan Ennis • Nov. 05, 2020 -
Why a Biden win could be good for fintech
As Democrats increasingly push for financial inclusion initiatives, a Biden presidency could usher in fintech's "golden years," said Kara Ward, a Holland & Knight partner.
By Anna Hrushka • Nov. 05, 2020 -
Schwab's move into Texas casts spotlight on state's two-regulator system
A savings bank charter may prove a prudent choice for mortgage lenders whose terms are long and risks unique, analysts said.
By Ken McCarthy • Nov. 05, 2020 -
Wells Fargo plans to freeze raises for workers earning over $150K
The move comes two weeks after the bank said it would eliminate its 401(k) program's 6% matching contribution for employees who make $250,000 a year or more. Wells Fargo reversed course two days later.
By Dan Ennis • Nov. 05, 2020 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman pushes back over plaintiffs' request for 'bimbo' documents
The bank, embroiled in a decade-long suit alleging promotion bias against women, said it has already submitted relevant emails to the court, and that a new search would be costly and take 17 months.
By Dan Ennis • Nov. 04, 2020 -
JPMorgan Chase warns of regulator fine over flaw in internal controls
Several banks may have wanted to settle with regulators before the election is decided in case a Biden administration yields stiffer enforcement and penalties.
By Dan Ennis • Nov. 04, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo picks Capital One executive to head diversity efforts
The appointment comes after CEO Charlie Scharf apologized for citing a shortage of diverse talent when aiming to double Black leadership at the bank. The Labor Department has questioned that initiative.
By Anna Hrushka • Nov. 03, 2020 -
Ocasio-Cortez, Tlaib-backed bill would create federally chartered public banking system
The creation of public banks would expand financial services to underbanked communities and help fund public infrastructure projects, the lawmakers said.
By Anna Hrushka • Nov. 02, 2020
