Fed, FDIC, OCC approve 36-hour window for reporting cyberattacks

Under the rule, which takes effect May 1, banks must notify their primary federal regulator within 36 hours of determining whether a "significant computer-security incident" could disrupt business.

By Dan Ennis • Updated Nov. 19, 2021

Fed joins global climate-focused network of central banks

Fed membership in the Network for Greening the Financial System was one of 53 actions a CFTC panel suggested this year to manage climate-related risk and signals the central bank is taking the fight more seriously.

By Dan Ennis • Dec. 16, 2020

Explore the Trendline➔

Artificial intelligence

Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.

By Banking Dive staff

Crypto firm Paxos gets OCC's conditional approval for trust charter

In contrast to Anchorage and Protego Trust Co., which are converting their state trust charters to national ones, Paxos will maintain its New York state charter and additionally seek a federal one.

By Anna Hrushka • Updated April 27, 2021

Banks could face deadline for board diversity requirements

While most of Nasdaq's companies would have at least one woman director, many fail on the second tenet: to include an underrepresented minority.

By Anna Hrushka • Dec. 10, 2020

AML reform measure would shift burden from banks to clients

U.S. corporations would have to register the identity of their beneficial owners in a FinCEN database, taking the data-collection onus off banks. President Trump has threatened to veto the defense bill in which the measure is couched.

By Dan Ennis • Updated Dec. 12, 2020

Former banking regulators Bair, Curry join Wealthfront's new advisory group

The fintech said the advisory group will play a crucial role in navigating regulatory efforts as it moves deeper into the banking ecosystem.

By Anna Hrushka • Dec. 9, 2020

The Banking Dive Awards for 2020

The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.

By Banking Dive Team • Dec. 9, 2020

Executive of the Year: Jill Castilla, Citizens Bank of Edmond

"A little bank in Oklahoma with one location can have a seat at the table because we have a network," Castilla said.

By Anna Hrushka • Dec. 9, 2020

How Bank of America's small-business strategy laid groundwork for PPP efforts

A 'digital plus human' strategy, combined with ongoing tech investments, helped position the nation's second-largest bank to deliver more than 343,000 of the coronavirus aid loans.

By Suman Bhattacharyya • Dec. 8, 2020

CFPB sues LendUp for allegedly violating Military Lending Act

The bureau alleges the lender made over 4,000 single-payment or installment loans to more than 1,200 covered borrowers in violation of a federal law that caps interest rates at 36% for active-duty service members.

By Anna Hrushka • Dec. 7, 2020

Fed, Treasury agree to extend PPP, 3 more lending facilities through March 31

A special investigator general, meanwhile, is investigating Mnuchin's November decision to claw back unused funds the CARES Act set aside for the Fed.

By Anna Hrushka • Updated Feb. 2, 2021

Facebook-led digital currency, renamed Diem, could launch in January

"We like the connotation of it kind of being a new day for the project," said the group's CEO, Stuart Levey, referring to the moniker's use of the Latin word for "day."

By Anna Hrushka • Updated Dec. 1, 2020

OCC fines JPMorgan $250M over weak controls in its advisory business

Last week's fine from the OCC comes amid a surge of settlements some banks may be looking to secure before the Biden administration takes office.

By Anna Hrushka • Nov. 25, 2020

OCC proposes scoring framework for CRA exams

Banks that see a 10% or greater drop in lending or investment in low- and moderate-income areas, compared with their historical data, will receive a "downward adjustment." But first, the OCC requires four types of data.

By Dan Ennis • Nov. 25, 2020

LMI lender Oportun applies for national banking charter

The CFPB is investigating the lender to see whether its collection practices between 2019 and 2021 — and particularly, hardship treatments the company offered borrowers during the COVID-19 pandemic — violated consumer protection laws.

By Dan Ennis • Updated March 5, 2021

Banks whose assets grew amid PPP get temporary relief from regulators

The interim final rule will give banks more time to either reduce their balance sheets or prepare for the stricter regulatory and reporting standards associated with the higher asset thresholds, the agencies said.

By Anna Hrushka • Nov. 23, 2020

OCC proposal prohibits banks from denying lending to oil, gun companies

The 45-day comment period is uncommonly short, but may allow the agency a brief window to issue the rule before the Biden administration is expected to take office Jan. 20.

By Dan Ennis • Nov. 23, 2020

Fed capitulates on Mnuchin's request to return unused COVID funds

"We will work out arrangements with you" regarding the wrap-up of several lending facilities Dec. 31, Fed Chair Jerome Powell wrote Friday in a letter posted on the central bank's website.

By Dan Ennis • Updated Nov. 23, 2020

Montana banks prepare to navigate regulatory haze upon legalizing pot

"At this point, we're all just holding our breath, hoping we figure it out and the banks stay out of trouble," the president and CEO of the Montana Bankers Association said.

By Anna Hrushka • Nov. 18, 2020

Trump aims to nominate OCC's Brooks to 5-year term

A Senate panel — and then the full Senate — must approve the nomination before Jan. 20. But a Biden administration can also lean on untested legal authority to try to replace Brooks with its own nominee.

By Dan Ennis • Nov. 18, 2020

Court dismisses loan agents' case seeking cut of banks' PPP processing fees

Plaintiffs alleged the CARES Act entitles them to up to 1% of the processing fees. A judge on Monday said the complaint was "too generalized," but gave the agents 21 days to file a new claim.

By Dan Ennis • Nov. 18, 2020

SEC Chairman Jay Clayton to step down by year's end

Under Clayton's tenure, the regulator obtained orders for more than $14 billion in monetary remedies, including a record $4.68 billion in fiscal 2020.

By Anna Hrushka • Nov. 16, 2020

SEC charges 2 ex-Wells Fargo executives with misleading investors

The regulator settled charges against former CEO John Stumpf for $2.5 million, and will litigate fraud charges against former community bank chief Carrie Tolstedt in court in connection to the bank's 2016 fake accounts scandal.

By Anna Hrushka • Nov. 13, 2020

DOJ challenge to Visa-Plaid deal could change financial services landscape

The outcome will decide how the industry might evolve in an ever-changing world of technology — through acquisition of small, innovative fintechs or organic growth, an antitrust attorney said.

By Anna Hrushka • Nov. 10, 2020

Bank executives, trade groups react to Biden-Harris victory

Several bank and credit union trade groups, as well as top bank executives, not waiting on a Trump concession, have released statements and congratulatory posts on the highly contested 2020 election.

By Anna Hrushka • Nov. 9, 2020