Regulations & Policy: Page 105
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Lawmaker wants FDIC to monitor 'rent-a-bank' arrangements
Some online lenders have indicated they would target California consumers but partner with out-of-state banks to avoid the state's interest rate cap, Rep. Katie Porter, D-CA, wrote to the agency's chair.
By Anna Hrushka • Dec. 23, 2019 -
Wells Fargo board members may testify in 2020 over scandal, lawmaker says
If California Democrat Maxine Waters' request is fulfilled, it would be the first time the bank's board members would face the House Financial Services Committee.
By Anna Hrushka • Dec. 20, 2019 -
Explore the Trendlineâž”
Permission granted by Millbury National Bank
TrendlineTop 5 stories from Banking Dive
Amid a swell of activity, financial institutions large and small are leaning into their aspirations. For PNC, it’s scale. For some fintechs, it’s a charter. For Millbury National Bank, it may simply be niceness.
By Banking Dive staff -
Pot banking bill suffers blow as Senate panel chair opposes it
Sen. Mike Crapo, R-ID, surprised the industry in July, when he said his committee would hold a hearing on the issue. The senator later said he planned to hold a vote on the bill by the end of the year.
By Anna Hrushka • Dec. 19, 2019 -
Goldman Sachs bolsters climate policy with $750B goal, fossil-fuel restrictions
The bank pledged to reach net-zero greenhouse-gas emissions in its finance activities by 2050, and said in a blog post it has put $156 billion toward its $750 billion green goal over the past 15 months.
By Dan Ennis • Updated March 5, 2021 -
Regulators find shortcomings in 6 US banks' 'living wills'
Bank of America, Bank of New York Mellon, Citigroup, Morgan Stanley, State Street and Wells Fargo have until the end of March to address them.
By Anna Hrushka • Dec. 18, 2019 -
Truist’s post-merger hurdle: Blending two cultures
BB&T and SunTrust have touted their deal as a merger of equals, but the new entity must reconcile cultural differences to retain employees and clients, a consultant says.
By Anna Hrushka • Dec. 17, 2019 -
Green bank bill aims to turn $35B in government money into climate solutions
The U.S. has 12 green banks at the state, county and city levels. But they're limited in funds and vulnerable to political backlash.
By Iulia Gheorghiu • Dec. 16, 2019 -
PayPal sues CFPB, saying prepaid rule sows confusion
The rule lumps digital wallets under the same umbrella as reloadable cards and forces customers to receive a fee disclosure that may ultimately slow PayPal's growth, the P2P company says.
By Dan Ennis • Dec. 13, 2019 -
Regulators retool CRA to reflect digital banking footprint
The Office of the Comptroller of the Currency and the FDIC on Thursday proposed expanding assessment areas covered under a 1977 law to protect lower-income borrowers.
By Anna Hrushka • Dec. 13, 2019 -
How banks should navigate sports betting
Financial institutions need to make sure they are educated and aware of the issues and risks associated with serving the sector, several banking and compliance experts said during a panel.
By Anna Hrushka • Dec. 11, 2019 -
HSBC agrees to pay $192M to settle U.S. tax case
The bank's Swiss unit helped 720 U.S. clients hide $825 million in assets from the IRS between 2000 and 2010, it admitted. HSBC has quintupled the number of employees assigned to spot suspicious activity in recent years.
By Dan Ennis • Dec. 11, 2019 -
Morgan Stanley faces 1-2 punch of 1,500 job cuts, $22M fine
The bank plans to take a charge, connected to the staff reduction, of $150 million to $200 million in its fourth-quarter results.
By Dan Ennis • Dec. 10, 2019 -
Former Fed chief, rule architect Paul Volcker dies at 92
Volcker's policies while leading the central bank helped rein in inflation in the early 1980s, while his proposed ban on proprietary trading drew the ire of big banks after the 2007-08 recession.
By Dan Ennis • Dec. 9, 2019 -
BB&T completes acquisition of SunTrust to form Truist
The deal creates the nation's sixth-largest bank and marks the largest merger in the sector since the 2007-08 financial crisis.
By Anna Hrushka • Dec. 9, 2019 -
Danielle Ternes/Banking Dive
Dive Awards
The Banking Dive Awards for 2019
From Jamie Dimon to Mastercard, these are the companies and executives that shaped banking this year.
Dec. 9, 2019 -
Warren bill would loop CFPB in to bank merger approval process
Financial institutions' Community Reinvestment Act exam ratings would also be taken into account under the Democratic presidential candidate's legislation, which was introduced Wednesday.
By Dan Ennis • Dec. 6, 2019 -
NCUA's Hood defends credit union growth during House hearing
Some communities would be without banking access if a credit union hadn't decided to purchase a community bank, NCUA Chairman Rodney Hood told lawmakers Wednesday.
By Anna Hrushka • Dec. 5, 2019 -
Wells Fargo CEO: Bank to refund some checking account fees next year
The move comes in response to a letter Rep. Katie Porter wrote to Wells chief Charlie Scharf last month regarding a policy that may have confused customers.
By Dan Ennis • Dec. 5, 2019 -
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Suncoast Credit Union targets Miami market with Apollo Bank buy
If regulators approve the deal, it would be the 16th bank acquisition by a credit union this year and the largest since 2012.
By Anna Hrushka • Dec. 4, 2019 -
Banks don't need to file SARs when servicing hemp businesses, regulators say
The guidance comes as welcome news to hemp growers, banks and some lawmakers who have long called for clarification.
By Anna Hrushka • Dec. 3, 2019 -
Bakkt CEO's Senate assignment sets up potential conflict of interest
The agriculture panel on which Sen. Kelly Loeffler, R-GA, will serve oversees the CFTC, which regulates markets for derivatives that trade on exchanges run by Intercontinental Exchange, where Loeffler's husband is chairman.
By Dan Ennis • Updated Jan. 8, 2020 -
Wells Fargo names Santander executive COO
Scott Powell, who is set to start at Wells Fargo on Dec. 9, will fill a position that has been vacant since Tim Sloan became the bank's CEO in October 2016.
By Anna Hrushka • Dec. 3, 2019 -
Robinhood pulls bank charter application
The company may not have reached the size needed to own a bank, an analyst said. Robinhood halted its first savings account endeavor in October after neglecting to notify regulators beforehand.
By Anna Hrushka • Dec. 2, 2019 -
CFPB constitutionality case gets March date in Supreme Court
Supreme Court Justice Brett Kavanaugh wrote about the bureau's leadership structure in 2016, while sitting on a panel of the U.S. Court of Appeals for the D.C. Circuit.
By Anna Hrushka • Nov. 27, 2019 -
OCC's 10% supervision fee cut could save banks $85M in 2020
The second straight yearly cost reduction reflects operating efficiencies, including optimized real estate and contracting costs, the agency said.
By Anna Hrushka • Nov. 26, 2019
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