Regulations & Policy

SBA failed to check EIDL applicants against 'Do Not Pay' database: IG

The report is the latest in several months to highlight a lack of checks and balances in the agency's handling of the EIDL program, which distributed $210 billion in loans and grants to struggling businesses last year.

By Anna Hrushka • Dec. 6, 2021

Regulators aren't the only reason bank deals are stalling

A handful of proposed acquisitions this fall saw delays over the lack of timely regulator sign-off. But a pair of deals has found pushback — even termination, in one case — in court.

By Dan Ennis • Dec. 6, 2021

Explore the 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

Execs from 6 crypto firms to testify Dec. 8 before House panel

Representatives from Coinbase, Circle — and a former acting comptroller — are set to discuss "the challenges and benefits of financial innovation" as lawmakers seek answers.

By Robin Bradley • Dec. 2, 2021

OppFi to pay more than $2M to settle D.C. interest rate cap suit

The District's attorney general alleged the fintech's loans to city residents carried interest rates well above a 24% cap. OppFi will pay $1.5 million in restitution to 4,000 borrowers and waive more than $640,000 in unpaid interest.

By Dan Ennis • Dec. 2, 2021

CFPB signals tougher stance on banks 'hooked' on overdraft fees

"Financial institutions that have a higher share of frequent overdrafters or a higher average fee burden for overdrafting should expect us to be paying them close supervisory attention," bureau Director Rohit Chopra said.

By Anna Hrushka • Dec. 2, 2021

Biden considers ex-CFPB chief Cordray for Fed post

The bureau collected nearly $12 billion in settlements during his nearly six-year stint, but his stances on monetary policy, bank capital and leverage requirements, and accounting rules are less well-known.

By Dan Ennis • Dec. 1, 2021

Capital One eliminates overdraft fees

The new policy is expected to cost the $425.4 billion-asset bank $150 million in lost revenue per year.

By Anna Hrushka • Dec. 1, 2021

Powell warns COVID-19's omicron variant could slow economic recovery

The variant "pose[s] downside risks to employment and economic activity and increased uncertainty for inflation," the Fed chief told a Senate panel Tuesday, adding the virus "could reduce people's willingness to work in person."

By Robin Bradley • Nov. 30, 2021

Goldman can boost its soft skills with bumped-up benefits

The bank is increasing its matching contribution. But that's money. The key to culture shift may be how it handles perks based on employees' time, such as paid family leave and sabbaticals.

By Dan Ennis • Nov. 30, 2021

Senate banking panel chair seeks stablecoin issuer feedback

The complexity of stablecoins makes it difficult for investors and consumers to fully understand their potential risks, Sen. Sherrod Brown, D-OH, said in letters to eight issuers and exchanges, including Coinbase and Tether.

By Anna Hrushka • Nov. 29, 2021

Operationalizing eligibility data: Going beyond the compliance to keep operations running smoothly

Beyond policies, banks must not overlook the importance of equipping operations managers with timely information on employee eligibility to inform resource planning. 

Nov. 29, 2021

Fintechs Blueacorn, Womply added to House panel's PPP probe

A subcommittee focused on COVID-19's impact seeks documents and information on the companies' fraud prevention measures. The panel made similar requests of Kabbage, BlueVine and others in May.

By Dan Ennis • Nov. 24, 2021

Bank regulators to roll out crypto guidance in 2022

A two-page report doesn't provide many details regarding how banks should navigate digital assets, but regulators said the industry should expect further guidance throughout the next year.

By Anna Hrushka • Nov. 23, 2021

JPMorgan regains status as world's most systemically important bank

The Financial Stability Board also recommended higher capital buffers for Goldman Sachs and BNP Paribas in the annual list that, for the first time, figured in banks' response to the COVID-19 pandemic.

By Dan Ennis • Nov. 23, 2021

Biden to renominate Powell as Fed chair

Lael Brainard, Powell's chief rival for the role, will be nominated as vice chair. Biden intends to announce nominees for three open Fed slots in early December, the White House said Monday.

By Dan Ennis • Updated Nov. 23, 2021

Banks, fintechs navigate market's appetite for crypto amid pending regulatory guidance

From Bitcoin rewards to custody services for digital assets, banks and fintechs are carving out strategies and services tied to crypto as regulators seek to catch up with guidance.

By Anna Hrushka • Nov. 22, 2021

UBS nominates ex-Morgan Stanley No. 2 Kelleher as next chair

The executive would work alongside CEO Ralph Hamers on, among other initiatives, the launch of a digital bank in the U.S. targeting customers with between $250,000 and $2 million in assets.

By Dan Ennis • Nov. 22, 2021

Biden's OCC pick faces bipartisan grilling in contentious Senate banking hearing

A question regarding Cornell Law Professor Saule Omarova's early years in the Soviet Union prompted a testy exchange between Sens. Sherrod Brown, D-OH, and John Kennedy, R-LA, with the latter referring to her as "comrade."

By Anna Hrushka • Nov. 19, 2021

FinCEN asks banks to boost scrutiny of environmental crime links

The agency is asking for help in finding transactions tied to illegal logging, fishing and mining and the trafficking of wildlife, waste and hazardous substances as part of a Biden administration push to fight climate change.

By Dan Ennis • Nov. 19, 2021

OCC orders Chicago bank entangled in Manafort scandal to boost controls

Federal Savings Bank must create a panel that will update the regulator monthly on the lender's efforts to improve risk management, anti-money laundering and consumer compliance standards.

By Robin Bradley • Nov. 19, 2021

Fed's Waller warns against bank-only stablecoins

"While regulations are necessary, they also limit free entry into at least some of the markets in which banks operate," Waller said. "As a result, regulatory oversight can insulate banks from some forms of direct competition."

By Robin Bradley • Nov. 18, 2021

Ripple puts SEC on losing end in crypto regulation proposal

The company on Tuesday said the existing framework can be adapted to fit crypto and touted legislation that would de-emphasize the SEC's role in favor of the CFTC.

By Dan Ennis • Nov. 17, 2021

Florida-based digital de novo gets FDIC approval

Locality's goal is to fill the gaps in community banking, said CTO Corey LeBlanc, adding the bank looks at problem solving through a "first-principle lens."

By Anna Hrushka • Nov. 16, 2021

7 Democratic senators push CFPB to address credit reporting errors

The lawmakers' letter comes about a week after the bureau outlined the prevalence of such errors in nonwhite communities. They suggested the CFPB enlist an ombudsperson to ensure the dispute resolution process's accuracy.

By Robin Bradley • Nov. 12, 2021

Biden's OCC pick to testify Thursday in front of Senate banking panel

Saule Omarova's views have generated concerns from some moderate Democrats, a development that could jeopardize her chances for confirmation in an evenly divided Senate.

By Anna Hrushka • Nov. 12, 2021