Regulations & Policy


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    Broker-dealer LPL fires CEO for breaking firm’s code of conduct

    Dan Arnold violated LPL’s “commitment to a respectful workplace,” the company said without further details. He’s ineligible for severance and will forfeit much of his equity awards.

    By Oct. 4, 2024
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    Fiserv nets special banking charter in Georgia

    The payments processor is only the second company to win the charter since the state made it available.

    By Patrick Cooley • Oct. 4, 2024
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    Top 5 stories from Banking Dive

    Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.

    By Banking Dive staff
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    OCC seeks to halt Illinois card interchange fee law

    The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.

    By Lynne Marek • Oct. 3, 2024
  • Sen. Elizabeth Warren, wearing a red jacket, speaks into a microphone during a Congressional hearing.
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    OCC should restrict Citi’s growth, Warren says

    The senator cited a four-step framework the OCC's Michael Hsu floated last year, with growth restriction as a follow-up to penalties. Citi’s July penalties merely repeat Step 2, the senator said.

    By Oct. 3, 2024
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    SEC enforcement director Grewal to depart

    The division’s deputy director Sanjay Wadhwa will become acting director, and chief counsel Sam Waldon will serve as acting deputy director.

    By Oct. 3, 2024
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    Starling Bank slapped with $38M fine

    The U.K.’s financial watchdog called Starling’s financial sanction screening controls “shockingly lax,” and said the challenger bank’s efforts to thwart financial crime failed to keep up with its quick growth.

    By Oct. 2, 2024
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    Barclays fined $4M over swap reporting violations

    The CFTC noted the bank's “substantial cooperation,” leading to a reduced penalty, in comparison to others levied on Goldman Sachs, JPMorgan and Bank of America.

    By Oct. 2, 2024
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    Fed lifts 2013 Citi enforcement action

    The bank, which had been directed to address anti-money laundering and Bank Secrecy Act deficiencies, is still under Fed and OCC orders related to data and internal controls.

    By Oct. 2, 2024
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    TD to pay regulators $28.5M over spoofing scheme

    The broker-dealer arm of the Canadian bank will pay penalties to the DOJ, SEC and FINRA over a former trader’s scheme to place hundreds of fraudulent spoof orders amounting to billions of dollars.

    By Oct. 1, 2024
  • Europe’s other players are watching Commerzbank, UniCredit, too

    Executives from BNP Paribas and BBVA weighed in on the state of M&A and offered differing theories about why the continent is falling short globally against Wall Street.

    By Sept. 27, 2024
  • Michael Barr, Federal Reserve Board official, speaks during a Congressional hearing as other people sit behind him.
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    Banks’ use of discount window can be part of the norm: Fed’s Barr

    The central bank is exploring targeted adjustments to the current liquidity framework based on the lessons learned from spring 2023 bank failures, the vice chair for supervision said.

    By Sept. 27, 2024
  • Elizabeth Warren speaks into microphones and cell phones while surrounded by reporters.
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    Warren wants regulators to boost NYCB’s capital ratio

    The Massachusetts Democrat slammed the Fed and OCC for “lax oversight” of the embattled lender, and called on the agencies to impose stronger controls on the bank.

    By Sept. 26, 2024
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    Coinbase urges court to force SEC to draft digital asset rules

    A lawyer for the crypto exchange said the agency still hasn’t explained its reasoning for denying a request for guidelines as to how it determines what is a security.

    By Sept. 25, 2024
  • Andy Barr, Kentucky Republican, speaks during a Congressional hearing.
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    Lawmakers fret over capital requirements uncertainty

    One House Democrat called a subcommittee hearing “premature,” given that a reproposal is not yet concrete. A witness, meanwhile, called the U.S.'s Basel work more “Infinity War” than endgame.

    By Sept. 25, 2024
  • Commerzbank names next CEO amid UniCredit advances

    Executives met to discuss strategy after Italy’s UniCredit rapidly amassed a sizable stake in the German bank, in what may be a hostile push to create a European counterbalance to Wall Street.

    By Sept. 24, 2024
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    Most global banks unprepared for climate change risks: report

    U.S. banks ranked lowest, by region, in climate adaptation maturity, a Climate X survey of 50 commercial banks found. Bank of America, Citi and PNC scored highest among U.S. banks.

    By Sept. 24, 2024
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    Dive Deposits: Throw away your Basel timeline. Two dominoes have fallen.

    It was already a stretch to get revamped capital requirements across the finish line unobstructed. Now they reportedly face a “‘no”’ vote from an outspoken Democrat.

    By Sept. 20, 2024
  • The front of the agency headquarters, reading "United States Security and Exchange Commission" and the number 450 as a man walks in a glass door at the bottom left of the frame.
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    Macquarie investment unit settles SEC charges for $79.8M

    The advisory firm will settle SEC charges for asset overvaluation and illegal cross trades conducted between January 2017 and April 2021 related to a discontinued fixed-income investment strategy.

    By Sept. 20, 2024
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    OceanFirst to pay $15M in DOJ redlining settlement

    The bank failed to provide mortgage lending services to predominantly nonwhite neighborhoods in three New Jersey counties, the agency said. The OCC downgraded the bank’s CRA rating in 2021.

    By Sept. 19, 2024
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    Evolve Bank ‘failed in its most basic duty,’ stole from customers: lawsuit

    The allegations come from Yotta Technologies, a fintech that says its customers are currently locked out of more than $100 million in funds.

    By Sept. 18, 2024
  • An exterior shot of the Department of Justice building shows the words "Department of Justice" and an American flag flying above.
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    DOJ joins OCC, FDIC in updating bank merger guidelines

    Regulators’ revamped guidelines increase the agencies’ discretion, which is likely to stoke industry uncertainty and, perhaps, extend the timeline to approval, analysts say.

    By Sept. 18, 2024
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    Fed payments proposal pits big banks against small rivals

    Large institutions welcome the move to extend the operating hours of two interbank payments systems, but smaller ones may feel the squeeze of increased workload, staffing and competition.

    By Lynne Marek • Sept. 18, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    CFPB wants banks to prove overdraft opt-ins

    Regulators should assume, as a default, that customers have not agreed to coverage and fees unless banks can provide signed agreements or recorded conversations, the agency said in a policy reminder.

    By Sept. 18, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    FDIC seeks tougher recordkeeping on fintech partners

    The regulator also approved a policy update to consider small business and residential loan originations, in addition to deposits, when evaluating a merger’s competitive effects.

    By Sept. 17, 2024
  • A person wearing a blue hat and light t-shirt walks past a KeyBank branch location, as the glass reflects the street scene.
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    KeyBank CFO eyes opportunities through Scotia deal

    The two banks are exploring potential partnership opportunities – and their geographic footprints might allow a jumping-off point, KeyBank CFO Clark Khayat said last week at a conference.

    By Sept. 16, 2024