Regulations & Policy
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DOJ examines Capital One-Discover deal’s competitive angle
The Fed and the OCC extended their comment periods on the proposed acquisition until May 31. Capital One doesn’t “take any signaling” from the regulators’ decision, CEO Richard Fairbank said.
By Caitlin Mullen • April 26, 2024 -
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FDIC tables asset manager proposal
The proposed measures were shelved Thursday when FDIC director and Acting Comptroller of the Currency Michael Hsu did not support either one.
By Gabrielle Saulsbery • April 26, 2024 -
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TrendlineTop 5 stories from Banking Dive
Banks brace to see if commercial real estate exposure will trigger a rerun of last year’s crisis. And regulators face a mountain of comments from the most contentious proposed rule in decades.
By Banking Dive staff -
Permission granted by Customers Bank
Customers Bancorp reframes ex-CFO’s dismissal
Carla Leibold's departure was by "mutual agreement," not "cause," the bank holding company said in an amended filing. Leibold will receive $2.5 million but will forfeit her equity awards.
By Dan Ennis • April 26, 2024 -
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Russian court orders seizure of nearly $440M in JPMorgan funds
The ongoing legal battle between state-owned VTB Bank and the largest U.S. bank revolves around funds frozen in the wake of Russia’s invasion of Ukraine and subsequent sanctions.
By Rajashree Chakravarty • April 25, 2024 -
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BofA, Goldman shareholders nix proposals to split CEO, chair roles
Roughly 33% of Goldman voters and 31% of BofA shareholders supported the measures, an uptick from last year for both banks. JPMorgan Chase shareholders will vote on a similar measure next month.
By Caitlin Mullen • April 25, 2024 -
US seeks 3 years in prison for Changpeng Zhao, $5.3B fine for Do Kwon
The federal government is tying up loose ends to address high-profile crypto crimes of yesteryear.
By Gabrielle Saulsbery • April 24, 2024 -
Permission granted by First Internet Bank
First Internet Bank CEO talks M&A, BaaS work
After its acquisition of First Century Bank fell through in 2022, First Internet built its own banking-as-a-service team, CEO David Becker said. It now counts startup Ramp as a client.
By Caitlin Mullen • April 24, 2024 -
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Two SEC attorneys resign after ‘gross abuse of power’ sanctions
A judge sanctioned the regulator in March for issues in its case against crypto platform DEBT Box. The lead attorneys on the case have resigned, according to Bloomberg.
By Gabrielle Saulsbery • April 23, 2024 -
Anna Hrushka/Banking Dive
FDIC eyes executive bonus rule, asset management passivity rule
At its next board meeting, the regulator is likely to address limits on asset managers’ power over banks as well as an unfulfilled Dodd-Frank requirement.
By Gabrielle Saulsbery • April 22, 2024 -
Permission granted by Office of the Comptroller of the Currency
OCC fines ex-CEO, founder of Michigan’s Sterling Bancorp
The executives were each ordered to pay civil penalties related to a troubled loan program the bank ran between 2011 and 2019.
By Caitlin Mullen • April 19, 2024 -
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15 AGs put BofA on notice for ‘de-banking’ conservatives
“Your discriminatory behavior is a serious threat to free speech and religious freedom, is potentially illegal, and is causing political and regulatory backlash,” Kansas Attorney General Kris Kobach wrote.
By Gabrielle Saulsbery • April 18, 2024 -
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Discover puts $799M more toward card misclassification issue
The card network opted to increase the card misclassification remediation reserve based in part on discussions with regulators, executives said Thursday.
By Caitlin Mullen • April 18, 2024 -
Permission granted by Truist
Truist tightens in-office attendance policy
The bank will require its hybrid employees to work on-site four days a week starting this fall, and its investment bankers to be in the office every weekday from June 1, a spokesperson said.
By Dan Ennis • April 18, 2024 -
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Pathward to pay refunds, penalty tied to NY AG investigation
The bank, a frequent partner to fintechs, froze customer accounts and transferred money to debt collectors, violating state law, the NY AG’s office said.
By Caitlin Mullen • April 17, 2024 -
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PNC’s Demchak urges OCC to rethink bank merger review changes
If regulators don’t promote healthy mergers of banks of all sizes, organic growth of the largest banks will accelerate until they are the only ones left, the CEO wrote in a comment letter last week.
By Caitlin Mullen • April 17, 2024 -
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OCC was ‘asleep at the wheel’ on NYCB, Warren says
The Massachusetts Democrat and another senator asked the regulator's acting chief why it approved NYCB's merger with Flagstar when the FDIC didn't and when it saw red flags.
By Dan Ennis • April 17, 2024 -
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Wells Fargo CEO Scharf details asset cap limitations
When the cap is removed, the CEO anticipates Wells can further invest in its consumer or wealth businesses, build out its product offerings and be more aggressive on lending and deposits.
By Caitlin Mullen • April 16, 2024 -
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Warren, Grassley want details on CFTC, Bankman-Fried meetings
FTX founder Sam Bankman-Fried and his team met with CFTC Chair Rostin Behnam 10 times in the 14 months preceding FTX's bankruptcy. Lawmakers are now asking questions.
By Gabrielle Saulsbery • April 16, 2024 -
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US, Europe lock arms on payments regulation
U.S. and European regulators have joined forces to monitor digital payment concerns, including those related to buy now, pay later financing and big tech market participation.
By Lynne Marek • April 15, 2024 -
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Sponsored by Shield ComplianceNavigating the complexities of cannabis rescheduling
Rescheduling may bring new complexity to cannabis banking, along with new opportunities.
By Tony Repanich • April 15, 2024 -
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Citi’s reorg job toll climbs to 7,000: Fraser
The bank boosted its expectation for annual savings to $1.5 billion. Meanwhile, Citi, Wells Fargo and JPMorgan Chase reported marked increases in FDIC special assessment costs.
By Caitlin Mullen • April 12, 2024 -
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UBS could face stricter capital requirements
The Swiss government outlined a 209-page report Wednesday proposing stricter capital requirements for UBS, which has a balance sheet of $1.7 trillion and floated the idea of additional powers for Finma.
By Rajashree Chakravarty • April 11, 2024 -
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Gruenberg: FDIC knows how it would wind down a G-SIB
Until the FDIC and regulators are tasked with a G-SIB wind-down, and until they do so successfully, questions will arise “as to whether it can be done,” the agency chief said.
By Gabrielle Saulsbery • April 11, 2024 -
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ColumnDive Deposits: This isn’t the year to gauge women’s progress in banking
JPMorgan's proxy statement is mum regarding the Piepszak-Lake race, but neither executive is the bank's best-paid woman. Meanwhile, the jury is out on Goldman and Citi.
By Dan Ennis • April 9, 2024 -
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Citi, TD, HSBC, Northern Trust added to West Virginia restricted list
The state warned the banks in February of consequences if they "boycott" fossil fuels. BMO and Fifth Third avoided being added to the list, the state said.
By Caitlin Mullen • April 9, 2024
