Regulations & Policy


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    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 Dec. 6, 2021
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    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 Dec. 6, 2021
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    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
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    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 Dec. 2, 2021
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    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 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 Dec. 2, 2021
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    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 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 Dec. 1, 2021
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    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 Nov. 30, 2021
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    Column

    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 Nov. 30, 2021
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    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 Nov. 29, 2021
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    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
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    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 Nov. 24, 2021
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    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 Nov. 23, 2021
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    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 Nov. 23, 2021
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    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 Updated Nov. 23, 2021
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    Deep Dive

    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 Nov. 22, 2021
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    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 Nov. 22, 2021
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    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 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 Nov. 19, 2021
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    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 Nov. 19, 2021
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    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 Nov. 18, 2021
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    Column

    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 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 Nov. 16, 2021
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    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 Nov. 12, 2021
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    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 Nov. 12, 2021