Regulations & Policy

Morgan Stanley faces 1-2 punch of 1,500 job cuts, $22M fine

The bank plans to take a charge, connected to the staff reduction, of $150 million to $200 million in its fourth-quarter results.
By Dan Ennis • Dec. 10, 2019
Former Fed chief, rule architect Paul Volcker dies at 92

Volcker's policies while leading the central bank helped rein in inflation in the early 1980s, while his proposed ban on proprietary trading drew the ire of big banks after the 2007-08 recession.
By Dan Ennis • Dec. 09, 2019
BB&T completes acquisition of SunTrust to form Truist

The deal marks the largest bank merger since the 2007-08 financial crisis.
By Anna Hrushka • Dec. 09, 2019
Dive Awards
The Banking Dive Awards for 2019

From Jamie Dimon to Mastercard, these are the companies and executives that shaped banking this year.
Warren bill would loop CFPB in to bank merger approval process

Financial institutions' Community Reinvestment Act exam ratings would also be taken into account under the Democratic presidential candidate's legislation, which was introduced Wednesday.
By Dan Ennis • Dec. 06, 2019
NCUA's Hood defends credit union growth during House hearing

Some communities would be without banking access if a credit union hadn't decided to purchase a community bank, NCUA Chairman Rodney Hood told lawmakers Wednesday.
By Anna Hrushka • Dec. 05, 2019
Wells Fargo CEO: Bank to refund some checking account fees next year

The move comes in response to a letter Rep. Katie Porter wrote to Wells chief Charlie Scharf last month regarding a policy that may have confused customers.
By Dan Ennis • Dec. 05, 2019
Suncoast Credit Union targets Miami market with Apollo Bank buy

If regulators approve the deal, it would be the largest bank acquisition by a credit union since 2012, Federal Reserve Bank of St. Louis data shows.
By Anna Hrushka • Dec. 04, 2019
Banks don't need to file SARs when servicing hemp businesses, regulators say

The guidance comes as welcome news to hemp growers, banks and some lawmakers who have long called for clarification.
By Anna Hrushka • Dec. 03, 2019
Bitcoin trading platform Bakkt's CEO tapped to fill Georgia Senate seat

The governor's pick allegedly opened a rift with President Donald Trump, but the announcement Wednesday makes Kelly Loeffler the second woman ever to represent Georgia in the chamber.
By Dan Ennis • Dec. 03, 2019
Wells Fargo names Santander executive COO

Scott Powell, who is set to start at Wells Fargo on Dec. 9, will fill a position that has been vacant since Tim Sloan became the bank's CEO in October 2016.
By Anna Hrushka • Dec. 03, 2019
Robinhood pulls bank charter application

The company may not have reached the size needed to own a bank, an analyst said. Robinhood halted its first savings account endeavor in October after neglecting to notify regulators beforehand.
By Anna Hrushka • Dec. 02, 2019
CFPB constitutionality case gets March date in Supreme Court

Supreme Court Justice Brett Kavanaugh wrote about the bureau's leadership structure in 2016, while sitting on a panel of the U.S. Court of Appeals for the D.C. Circuit.
By Anna Hrushka • Nov. 27, 2019
OCC's 10% supervision fee cut could save banks $85M in 2020

The second straight yearly cost reduction reflects operating efficiencies, including optimized real estate and contracting costs, the agency said.
By Anna Hrushka • Nov. 26, 2019
Bank of America CEO: People still want regulation, security amid tech competition

"If you take deposits, make loans ... you end up with a lot of people's money," Moynihan says. "And if something goes kablooey, it's a problem."
By Anna Hrushka • Nov. 25, 2019
2 in 3 consumers uncomfortable with financial apps' level of access to data

Most of the 4,000 surveyed were unclear on how long financial apps could hold their information; 10% said users themselves were primarily responsible for their own data in the event of a breach, a study found.
By Kate Patrick • Nov. 22, 2019
Shared zeal for CRA reform leads OCC chief, entrepreneur to rare rapport

"I would have bet my last dollar you wouldn't come to D.C. and make CRA your linchpin," Operation HOPE founder John Hope Bryant told OCC chief Joseph Otting. "This whole time, you’ve been scheming on how to do good."
By Dan Ennis • Nov. 21, 2019
Big banks would get climate stress tests under Senate bill

World economies could lose as much as $72 trillion by 2060 in the event of climate inaction, Citigroup predicted.
By Dan Ennis • Nov. 21, 2019
Google checking, Apple Card illustrate blurred spectrum in bank-fintech partnerships

Clear boundaries between companies can help foster innovation, determine regulatory responsibility and put customers at ease, panelists said Tuesday at a conference in New York.
By Dan Ennis • Nov. 20, 2019
Fed, FDIC approve BB&T-SunTrust merger

The deal to create the sixth-largest U.S. bank is expected to close Dec. 6, but on several conditions: The Fed issued a consent order against SunTrust regarding "misleading or inaccurate statements" made to business customers from 2013 to 2017.
By Anna Hrushka • Nov. 19, 2019
House panel approves cannabis legalization bill

The legislation would impose a 5% tax on pot sales, and some of that money would be set aside for loans to small cannabis businesses owned by socially and economically disadvantaged individuals.
By Dan Ennis • UPDATED: Nov. 21, 2019 at 8:33 p.m.
NJ governor creates board to establish public bank

Democratic Gov. Phil Murphy campaigned on the idea two years ago. But opponents say he could move taxpayer funds out of overseas financial institutions and into state ones without creating another bank.
By Dan Ennis • Nov. 14, 2019
Senate bill challenges industrial loan company 'loophole'

"If they're allowed to handle your banking services, they're going to turn into continents," said Sen. John Kennedy, R-LA. "The Rakutens and the Googles of the world shouldn't be able to circumvent the [Federal Reserve]."
By Anna Hrushka • Nov. 14, 2019
Q&A
4 questions with FDIC Chair Jelena McWilliams

"I think that the biggest challenge we have is not allowing innovation to happen, or standing in the way of technological developments that could make the system better," McWilliams told Banking Dive.
By Anna Hrushka • Nov. 12, 2019
Apple Card under investigation for alleged gender discrimination

Customers, such as software developer David Heinemeier Hansson, took to Twitter to complain the credit line offered by his Apple Card was 20 times higher than what was offered to his spouse.
By Anna Hrushka • Nov. 11, 2019