Regulations & Policy


  • Blue Ridge, FVCB call off proposed merger

    The banks delayed the transaction in November but did not say whether the termination related to OCC "concerns" surrounding Blue Ridge — which neither the regulator nor the banks detailed.

    By Jan. 24, 2022
  • Image attribution tooltip
    Courtesy of Wells Fargo multimedia resources

    OCC terminates Wells Fargo consent order from 2015

    The termination comes after the bank remediated the customers who bought third-party identity theft protection and debt cancellation products for full price even when they did not receive a full slate of credit monitoring services.

    By Jan. 21, 2022
  • Explore the Trendline
    Image attribution tooltip
    Alex Wong via Getty Images
    Trendline

    Fintech disruption in the banking industry

    There are as many schools of thought on how to disrupt the banking space as there are disruptors.

    By Banking Dive staff
  • Image attribution tooltip
    Chip Somodevilla via Getty Images

    Fed's long-awaited CBDC report arrives

    The 40-page paper makes no policy recommendations but rather lays out concerns — particularly, security — and benefits, such as access for the unbanked, and is designed to elicit feedback over a 120-day comment period.

    By Jonathan Berr • Jan. 21, 2022
  • Image attribution tooltip
    Drew Angerer via Getty Images

    Crypto questions, Fed vacancies fill 2022 regulatory agenda with unknowns

    The people doing the regulating will be as important as rulemaking substance — and the Senate's vote on the Fed's Lael Brainard can serve as a test of Republicans' appetite for change.

    By Jan. 20, 2022
  • Image attribution tooltip
    Permission granted by SoFi

    SoFi gets OCC's conditional approval to become a bank

    The OCC restricted the bank, once it's operational, from crypto activity without first obtaining the regulator's non-objection.

    By Jan. 19, 2022
  • Image attribution tooltip
    Chip Somodevilla via Getty Images

    Biden nominates Raskin among 3 candidates for Fed posts

    Raskin, a Fed veteran, would serve as vice chair of supervision. Lisa Cook would be the first Black woman to serve on the central bank's board.

    By Jan. 14, 2022
  • Image attribution tooltip
    Alex Wong via Getty Images

    House Republicans blast prospect of SBA direct lending

    Republicans cited the discrepancy between suspected criminal activity tied to PPP, run in cooperation with financial institutions, and the smaller EIDL program run solely by the SBA.

    By Jan. 13, 2022
  • Image attribution tooltip
    Courtesy of State Street

    State Street arm vows voting action on companies with all-male boards

    The Boston-based bank's investment arm wants companies on major indexes in the U.S., Canada, Europe and Australia to have women make up 30% of their boards by next year.

    By Jan. 13, 2022
  • Image attribution tooltip
    Chip Somodevilla via Getty Images

    Powell hints at Fed's inflation moves, CBDC paper, ethics rules in hearing

    The oft-delayed digital currency white paper is coming "within weeks," Powell said, but is "an exercise in asking questions and seeking input ... rather than taking a lot of positions."

    By Jan. 12, 2022
  • Image attribution tooltip
    Alex Wroblewski via Getty Images

    Dimon: 'We're not going to pay you not to work in the office'

    JPMorgan's CEO said the bank's policy toward COVID-19 vaccination would vary by locality. The bank hasn't threatened termination, as Citi has. But Dimon told CNBC, "To go to the office, you have to be vaxxed."

    By Jan. 11, 2022
  • Image attribution tooltip
    Anna Hrushka/Banking Dive

    Richard Clarida, Fed's outgoing vice chair, resigns

    His last day is Friday, less than three weeks before his term was slated to end. An amended disclosure last week revealed Clarida sold a stock fund and re-bought it three days later, ahead of a Fed interest-rate move.

    By Jan. 11, 2022
  • Image attribution tooltip
    Drew Angerer via Getty Images
    Column

    Bank of America's bonus do-over

    A purported 40% bump to the bank's bonus pool could set the tone among Wall Street rivals. It also may be a belated olive branch for last year, when bonuses stood pat despite a 20% revenue boost in 2020.

    By Jan. 10, 2022
  • Image attribution tooltip
    Justin Sullivan via Getty Images

    Citi sticks to vaccine mandate, could fire workers this month

    Office-based employees who don't upload their COVID-19 inoculation card or request an exemption by Jan. 14 will be placed on unpaid leave the next day and terminated Jan. 31, Bloomberg and The New York Times reported.

    By Jan. 7, 2022
  • Image attribution tooltip
    Delmaine Donson via Getty Images

    Nebraska agency denies GreenState Credit Union bank deal

    The credit union, established under Iowa laws, does not meet the definition of a "financial institution" that can participate in cross-industry acquisitions or mergers in Nebraska, a hearing officer ruled.

    By Jan. 7, 2022
  • Image attribution tooltip
    Chip Somodevilla via Getty Images

    Clarida stock-trading controversy deepens

    An amended financial disclosure shows the Fed vice chair sold an exchange-traded fund Feb. 24, 2020, then re-bought it Feb. 27, calling into question a previous characterization of the move.

    By Jan. 6, 2022
  • Image attribution tooltip
    Chopra screen grab/Banking Dive, data from Screen grab

    Credit bureaus increasingly fail on consumer complaint response, CFPB finds

    Equifax, Experian and TransUnion reported relief in response to less than 2% of covered complaints filed in 2021, compared with 25% in 2019, the bureau reported Wednesday.

    By Jan. 6, 2022
  • 5 banking trends to watch in 2022

    A reversal on in-office work from a hard-liner like Goldman Sachs may represent a pivot point in the acceptance of remote policies. But other narratives, such as small-scale niche M&A, mark a continuation from 2021.

    By , , Jan. 4, 2022
  • FDIC Chair Jelena McWilliams resigns

    McWilliams' resignation comes after a power struggle emerged when Democratic FDIC board members Rohit Chopra and Martin Gruenberg published a review of bank merger policies without her approval.

    By Dec. 31, 2021
  • Image attribution tooltip
    Justin Sullivan via Getty Images

    Green Dot, PayPal helped Secret Service recover more than $400M in stolen COVID-19 relief funds

    Criminals have swindled nearly $100 billion through fraudulent applications since the start of the pandemic in the U.S., the agency said this week.

    By Dec. 23, 2021
  • Image attribution tooltip
    Permission granted by LendUp

    CFPB shuts down online lender LendUp

    The fintech agreed to pay a $100,000 penalty as part of a settlement. It stopped originating loans this summer and expects to wind down operations early next year. A digital bank the parent company operates will not be affected.

    By Dec. 22, 2021
  • Image attribution tooltip
    Courtesy of Wells Fargo multimedia resources

    Wells Fargo postpones office return indefinitely

    Tuesday's move marks the fifth delay to the bank's timeline since August. Wells is not alone in resisting setting a new target date. Capital One gave up on that in October.

    By Dec. 22, 2021
  • Image attribution tooltip
    David McNew via Getty Images
    Column

    Timing of Bank of America's stay-home call is either grinchy or genius

    Giving New York City-area workers a remote option after the weekend keeps them on a shorter leash. By contrast, JPMorgan's announcement Friday, in theory, offered some a chance to flee town early.

    By Dec. 21, 2021
  • Fed signs off on 3 mergers, but several still remain in limbo

    First Citizens and CIT may find relief in their green light, but for other banks such as Old National, the wait is not over.

    By Dec. 20, 2021
  • Image attribution tooltip
    Drew Angerer via Getty Images

    DOJ backs FDIC Democrats, requests public comments on bank merger review

    A Friday statement from the Justice Department's Antitrust Division echoes comments by CFPB Director Rohit Chopra and other Democrats on the FDIC board, as federal regulators set banking M&A in their sights.

    By Dec. 20, 2021
  • Image attribution tooltip
    Permission granted by Office of the Comptroller of the Currency

    Banking group drops OCC suit after Figure updates charter application

    "We still feel like the law would have come out on our side ... but we just don't want to continue to wait," the fintech's general counsel said of its decision to seek deposit insurance.

    By Updated Jan. 14, 2022