Regulations & Policy: Page
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Synchrony lets all US workers stay remote permanently
The credit card provider wants to cut up to $250 million in expenses next year. But the new policy contributed to an $89 million restructuring charge the company took in the third quarter, according to earnings reported Tuesday.
By Dan Ennis • Oct. 21, 2020 -
Fed chair remains cautious on regulator's digital dollar efforts
The central bank's chief, Jerome Powell, told a panel Monday he'd rather the U.S. "get it right" than be first — and that such a currency should aim to complement rather than replace the dollar.
By Dan Ennis • Oct. 20, 2020 -
Explore the Trendline➔
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TrendlineArtificial 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 -
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Regulators close Florida's First City Bank, 2020's 3rd bank failure
The bank's chairman and CEO in January attributed its struggles to the 2008 financial crisis and the Deepwater Horizon oil spill.
By Anna Hrushka • Oct. 19, 2020 -
House panel blasts banks over gap in PPP loan processing times
JPMorgan's larger borrowers waited an average of 3.7 days from application to funding, while others waited 14. But U.S. Bank applicants, regardless of size, saw little to no difference, a report found.
By Dan Ennis • Oct. 19, 2020 -
Permission granted by Varo Money
Varo Bank launches small-dollar loan product
Varo's new product follows Bank of America's rollout this month of Balance Assist, and comes as regulators have encouraged banks to issue small-dollar loans amid the ongoing coronavirus pandemic.
By Anna Hrushka • Oct. 16, 2020 -
Permission granted by Office of the Comptroller of the Currency
OCC fines USAA $85M over compliance, IT failures
"[W]e did not sufficiently invest in the capabilities and expertise necessary to meet regulatory requirements and evolving business needs," USAA CEO Wayne Peacock said.
By Anna Hrushka • Oct. 15, 2020 -
PNC sees bump in Q3 revenue as bank reaches 'stable reserve levels'
After padding its loan-loss reserves over the past two quarters, the Pittsburgh-based lender set aside $2.4 billion less than it did in the previous three months.
By Anna Hrushka • Oct. 14, 2020 -
Simplified PPP forgiveness doesn't go far enough, bank trade groups say
The Independent Community Bankers of America, Bank Policy Institute and Consumer Bankers Association welcomed the two-page form covering loans of $50,000 or less, but continue to push for congressional action.
By Anna Hrushka • Oct. 12, 2020 -
New bank CEOs come of age amid coronavirus trial by fire
Net interest margin is so 2019. Bankers taking top roles during the pandemic have found branch cleanliness and small-business lending just as crucial.
By Ken McCarthy • Oct. 12, 2020 -
Morgan Stanley fined $60M for data center oversight failures
The bank hired a third-party vendor to wipe data from servers and other hardware, but some customer information remained on the equipment after it was sold to a recycler.
By Dan Ennis • Oct. 9, 2020 -
Michael M. Santiago via Getty Images
Citi fined $400M over risk management, data governance issues
The OCC demands approval of any "significant new" acquisition the bank wants to make and reserves the right to make changes to senior management and Citi's board if the regulator deems the bank is moving too slowly.
By Dan Ennis • Oct. 8, 2020 -
Wells Fargo diversity pledge inquiry closes
The bank "responded to the inquiries with in-depth descriptions, materials, and data," a Labor Department spokesman said, according to The Wall Street Journal. "OFCCP was satisfied with the response."
By Dan Ennis • Updated March 8, 2021 -
Sen. Warren asks Fed to weigh Wells Fargo's mortgage missteps in asset cap evaluation
Of the 904 accounts for which forbearance was not requested, 344 told the bank they did not want the help, Warren indicated to the central bank.
By Dan Ennis • Oct. 5, 2020 -
Varo turns focus to new products after national charter milestone
The launch of the Varo Bank app, which the company says is imminent, will free up resources and energy to "pivot on to the customer," Chief Risk Officer Philippa Girling said.
By Anna Hrushka • Oct. 2, 2020 -
As Goldman, JPMorgan resume cuts, Bank of America reiterates no-layoff vow
Brian Moynihan, the CEO of the nation's second-largest bank, touted the Charlotte, N.C.-based lender's progress on diversity Thursday in perhaps a direct counter to comments that put Wells Fargo chief Charlie Scharf in hot water.
By Dan Ennis • Updated Oct. 2, 2020 -
With stimulus in legislative limbo, market may see boost in small-dollar loans
Four regulators issued guidance on the products in May, but banks have been slow to roll out offerings. Higher demand may provide the catalyst they need.
By Suman Bhattacharyya • Oct. 1, 2020 -
Fed extends freeze on share buybacks, cap on dividends
The capital positions of large banks "have remained strong" while the restrictions have been in place, the central bank said. Those limits, imposed in June, were set to expire Wednesday if the Fed hadn't intervened.
By Anna Hrushka • Oct. 1, 2020 -
Treasury says it could start forgiving PPP loans this week
Meanwhile, 10 trade groups urged Senate and House leaders Tuesday to pass a measure reauthorizing the program — and banks gave the Fed insight into why the Main Street Lending Program is flailing.
By Dan Ennis • Sept. 30, 2020 -
Permission granted by Office of the Comptroller of the Currency
OCC's Brooks defends special-purpose charters amid growing 'unbundling'
"Unbundling is not going away," the acting comptroller said Tuesday at a LendIt Fintech conference. "Customers want what they want. The question is, is our platform flexible enough to accommodate that? And I think it has to be."
By Anna Hrushka • Sept. 30, 2020 -
Citi fined for failing to fix 'ticking time bomb,' CFTC says
A bank employee warned Citi in 2014 of a flaw in its audio preservation system. Four years later, the system deleted millions of recordings, including some the CFTC subpoenaed — and the bank promised to preserve.
By Dan Ennis • Sept. 29, 2020 -
Column
With race, as with office returns, banks follow the herd or react to it
Citi's billion-dollar pledge and Deutsche's stay-home policy show when one bank misfires, another redirects the narrative.
By Dan Ennis • Sept. 25, 2020 -
Permission granted by Citigroup
Citi pledges more than $1B toward closing racial wealth gap
Much of the funding is aimed at boosting Black homeownership and entrepreneurship, but the bank also wants to root out biases in its software and eliminate out-of-network ATM fees for minority depository institution customers.
By Dan Ennis • Sept. 24, 2020 -
JPMorgan to pay more than $920M in record CFTC spoofing penalty
The punishment over metals market manipulation allegations that span eight years breaks down to a $436.4 million fine, $311.7 million in restitution and more than $172 million in disgorgement.
By Dan Ennis • Updated Sept. 29, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo CEO Scharf comes under fire over diversity comments
The bank's pledge to double Black leadership created a domino effect in the industry, but the executive's assertion that the talent pool is "very limited" got under some people's skin. He has since apologized.
By Dan Ennis • Sept. 23, 2020 -
Anna Hrushka/Banking Dive
Fed pushes its own plan for CRA overhaul
The central bank would test banks' retail lending and community development separately and expand the activities for which banks could receive CRA credit.
By Dan Ennis • Sept. 22, 2020
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