Regulations & Policy
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OCC bans ex-Wells Fargo CEO, fines him $17.5M over fake accounts scandal
Five other former executives at the San Francisco-based bank were charged, and two more settled with the regulator after a years-long scandal prompted several leadership changes.
By Anna Hrushka • Jan. 23, 2020 -
Regulator prepping civil charges against ex-Wells Fargo managers
The bank has faced penalties from the OCC in the past, but a charge against former employees would mean the agency wants to hold individuals accountable for the scandal.
By Anna Hrushka • Jan. 23, 2020 -
OCC's CRA plan will move forward regardless of Fed, Otting says
"It isn't like we gave people a standing start to where we were going," the comptroller said, defending the shorter comment period. "We have been working for 18 months on this."
By Anna Hrushka • Jan. 22, 2020 -
OCC fines Citi $18M over flood insurance violations
The bank allowed an unnamed third-party servicer to extend the 45-day period for borrowers to get flood insurance, resulting in an "untimely" delay, according to a consent order.
By Dan Ennis • Jan. 22, 2020 -
Cannabis, banking trade groups urge Crapo to advance SAFE Act
The letter to the Senate banking panel chair echoes arguments advocates have made for years: lack of access to financial services for marijuana-related businesses is a public safety issue.
By Anna Hrushka • Jan. 22, 2020 -
Deep DiveHSBC whistleblower says Iran sanctions could bring AML into sharper focus
"The laws that are about to come out of this ... are going to be unreal," says a private intelligence specialist whose alerts to the CIA nearly a decade ago resulted in a record fine.
By Anna Hrushka • Jan. 21, 2020 -
Citi narrows gender pay gap to 27% in second yearly report
The nation's third-largest bank is using the gulf between the raw and adjusted pay gap figures to call for more women and minorities to fill management roles.
By Dan Ennis • Jan. 16, 2020 -
4 banking trends to watch in 2020
M&A, climate change, fintech partnerships and challenger banks' experiments overseas are among the narratives Banking Dive expects to resurface throughout the year.
By Dan Ennis , Anna Hrushka • Jan. 16, 2020 -
Wells Fargo ordered to pay $102.8M in mobile deposit patent case
Friday's ruling represents the second nine-figure judgment against the bank since November in an ongoing spat between USAA and Mitek.
By Dan Ennis • Jan. 13, 2020 -
Founders Bank's conditional FDIC approval kicks off 2020 de novo activity
Founders Bank, set to open in the first half of this year if it raises $25 million to $30 million, has hired a new CFO. But new banks have had a shaky 12 months in the nation's capital.
By Dan Ennis • Jan. 13, 2020 -
California governor to create state's own version of CFPB
The proposed California Consumer Financial Protection Law, which is expected to be unveiled Friday in the governor's state budget, would revamp the existing Department of Business Oversight.
By Anna Hrushka • Jan. 10, 2020 -
Fed releases its own CRA revamp plan, revealing regulator rift
Gov. Lael Brainard criticized the OCC and FDIC's proposal for the low-income borrowing rule, saying it emphasizes dollar value over number of loans.
By Dan Ennis • Jan. 09, 2020 -
Visa, Mastercard hold fast to gas stations' chip-card deadline
Fuel retailers were given an extra five years to upgrade to EMV technology, but 70% of convenience store owners in a survey said they still haven't done so.
By Dan Ennis • Jan. 08, 2020 -
Goldman revamps business units to highlight consumer growth
The bank eliminated a hard-to-predict investing and lending segment with the aim of boosting its stock and may unveil other strategic shifts at its first investor day this month.
By Dan Ennis • Jan. 07, 2020 -
Banks to tighten third-party data access in 2020, experts say
Following recent moves by PNC and JPMorgan Chase, expect to see a "snowball effect" as financial institutions aim to boost security and control of personal information.
By Anna Hrushka • Jan. 07, 2020 -
Former Wells Fargo execs could face criminal charges, sources say
It's a new year, but an investigation into the bank's scandal-ridden past could take center stage in 2020, sources told American Banker.
By Anna Hrushka • Jan. 06, 2020 -
De novo activity fell in 2019 despite FDIC plea
The regulator conditionally signed off on a Utah startup in late December, bringing the number of 2019 approvals to nine. That's down from 15 in 2018, as capital requirements and executive turnover pose hurdles for new banks.
By Dan Ennis • Jan. 03, 2020 -
Lawmaker wants FDIC to monitor 'rent-a-bank' arrangements
Some online lenders have indicated they would target California consumers but partner with out-of-state banks to avoid the state's interest rate cap, Rep. Katie Porter, D-CA, wrote to the agency's chair.
By Anna Hrushka • Dec. 23, 2019 -
Wells Fargo board members may testify in 2020 over scandal, lawmaker says
If California Democrat Maxine Waters' request is fulfilled, it would be the first time the bank's board members would face the House Financial Services Committee.
By Anna Hrushka • Dec. 20, 2019 -
Pot banking bill suffers blow as Senate panel chair opposes it
Sen. Mike Crapo, R-ID, surprised the industry in July, when he said his committee would hold a hearing on the issue. The senator later said he planned to hold a vote on the bill by the end of the year.
By Anna Hrushka • Dec. 19, 2019 -
Goldman Sachs bolsters climate policy with $750B goal, fossil-fuel restrictions
Until governments attach a price to some efforts, banks may have to police themselves, with help from clients and consumers.
By Dan Ennis • Dec. 18, 2019 -
Regulators find shortcomings in 6 US banks' 'living wills'
Bank of America, Bank of New York Mellon, Citigroup, Morgan Stanley, State Street and Wells Fargo have until the end of March to address them.
By Anna Hrushka • Dec. 18, 2019 -
Truist's post-merger hurdle: Blending two cultures
BB&T and SunTrust have touted their deal as a merger of equals, but the new entity must reconcile cultural differences to retain employees and clients, a consultant says.
By Anna Hrushka • Dec. 17, 2019 -
Green bank bill aims to turn $35B in government money into climate solutions
The U.S. has 12 green banks at the state, county and city levels. But they're limited in funds and vulnerable to political backlash.
By Iulia Gheorghiu • Dec. 16, 2019 -
PayPal sues CFPB, saying prepaid rule sows confusion
The rule lumps digital wallets under the same umbrella as reloadable cards and forces customers to receive a fee disclosure that may ultimately slow PayPal's growth, the P2P company says.
By Dan Ennis • Dec. 13, 2019
