Regulations & Policy: Page
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Senate passes PPP extension as Fed chair cites middling Main Street demand
The five-week addendum comes amid waning interest in the program — and a slow start for another government-backed vehicle, the Main Street Lending Program, about which Fed Chair Jerome Powell testified Tuesday.
By Dan Ennis • Updated July 6, 2020 -
(2020). "Holding Wells Fargo Accountable: CEO Perspectives on Next Steps for the Bank that Broke America’s Trust". Retrieved from https://www.youtube.com/watch?v=Sf5D9BprcXg&feature=youtu.be.
Wells Fargo cuts dividend to level it will reveal July 14
Most other big banks will keep their third-quarter shareholder payouts consistent with second-quarter figures, including Goldman Sachs, which the Fed says must maintain a 6.7% stress capital buffer.
By Dan Ennis • June 30, 2020 -
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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 -
Permission granted by Office of the Comptroller of the Currency
Bank profitability at risk as pandemic slows economy, OCC says
Financial institutions are beginning to see the adverse credit effects of the economic shock brought on by the pandemic, according to the regulator's semiannual report.
By Anna Hrushka • June 30, 2020 -
Supreme Court rules president can fire CFPB chief 'at will'
In a 5-4 decision Monday, the court left the bureau intact but ruled the structure puts too much power in one person's hands.
By Dan Ennis • June 29, 2020 -
JPMorgan tweaks policy to cut customer ties over racist interactions
The bank is following through on a pledge to pay more attention to employee complaints. JPMorgan Chase made diversity training mandatory after a New York Times report and a class-action suit highlighted discrimination at the bank.
By Dan Ennis • June 29, 2020 -
FDIC to launch competition on system to replace quarterly reports
The effort, which debuted Monday and enlists 20 tech companies, would help the regulator keep more timely data on the roughly 3,200 community banks under its purview.
By Dan Ennis • June 29, 2020 -
PPP's quick rollout, rule changes, few safeguards are fraud risks, GAO says
More than $100 billion in loan money is still available through the program. The SBA plans to stop taking new applications Tuesday.
By Dan Ennis • June 26, 2020 -
Anna Hrushka/Banking Dive
Fed orders banks to suspend share buybacks, cap dividends
The restrictions follow the release of the regulator's "sensitivity analysis," which found under the worst-case scenario, the country’s largest banks would lose roughly $700 billion.
By Anna Hrushka • June 26, 2020 -
Permission granted by Office of the Comptroller of the Currency
Community groups sue OCC over anti-redlining revamp
The lawsuit claims the agency's rule decreases bank investment in low- and moderate-income areas and ignores criticism from community stakeholders.
By Anna Hrushka • June 25, 2020 -
Anna Hrushka/Banking Dive
Main Street Lending Program doesn't live up to its name, community banker says
Businesses with up to 15,000 employees or $5 billion in revenue are eligible to participate in the program. But certain requirements, while well-intentioned, are neither attractive nor attainable for most of her clients, one banker says.
By Anna Hrushka • June 23, 2020 -
Fed's 3 pandemic recovery scenarios could determine bank dividends
Alongside its annual stress test, the central bank will measure banks' resilience to a V-shaped, U-shaped and W-shaped economic bounce-back.
By Dan Ennis • June 23, 2020 -
Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
SBA follows through on promise to disclose PPP loan recipients
The move comes days after President Donald Trump signed into law a five-week extension of the deadline to file new applications for the program.
By Dan Ennis • Updated July 7, 2020 -
Courtesy of FDIC
Bank earnings drop 70% in Q1, FDIC report finds
Banks set aside $52.7 billion during the quarter — a 280% increase from the previous year — to prepare for potential loan losses and the implementation of CECL standards.
By Anna Hrushka • June 17, 2020 -
PPP forgiveness process constrains lenders, small businesses, bankers say
In a letter Friday, 47 senators bemoaned the 11-page document as unwieldy as banks repurpose staff for the next stage of coronavirus relief.
By Anna Hrushka • June 15, 2020 -
California 'mini-CFPB' clears latest hurdle
The state Assembly and Senate on Monday passed the California Consumer Financial Protection Law, which restructures the Department of Business Oversight and expands its purview to include fintechs, payday lenders and debt collectors.
By Dan Ennis • Updated Sept. 1, 2020 -
Permission granted by Office of the Comptroller of the Currency
Senate fails to overturn OCC's rewrite of CRA
The largely party-line vote was expected. Ninety days remain on the public comment period for the Federal Reserve's answer to revamp the 1977 anti-redlining rule.
By Dan Ennis • Updated Oct. 21, 2020 -
Anna Hrushka/Banking Dive
Fed opens Main Street Lending Program to small, midsize businesses
The Boston Fed, which is administering the program, posted registration documents on its website and is encouraging financial institutions to begin lending "immediately."
By Dan Ennis • Updated June 15, 2020 -
Banks' video hiring may be here to stay, but interviewing is changing
Preparation is crucial to avoiding awkward communication when screens replace candidates' in-room presence, executives say.
By Ken McCarthy • June 5, 2020 -
Courtesy of Wells Fargo multimedia resources
Big banks took $11.7B in overdraft fees last year, nonprofit says
About 9% of account holders paid 84% of the $35 fees, according to data from the Center for Responsible Lending, which wants regulators to bar banks from charging for negative balances during the pandemic.
By Dan Ennis • June 4, 2020 -
Trump signs revised PPP rules into law
The Senate passed a bill Wednesday that reduces to 60% the proportion of loans that must be put toward payroll and gives small businesses 24 weeks to use the funds.
By Dan Ennis • Updated June 5, 2020 -
Permission granted by Office of the Comptroller of the Currency
COVID-19 lockdowns threaten banking system's stability, OCC says
"Requiring businesses to remain closed decreases businesses' ability to service their debt, thus increasing default risk in the banking system," the regulator's acting chief said.
By Anna Hrushka • June 2, 2020 -
Morgan Stanley, TD Bank take opposite tacks on post-COVID office return
The investment bank wants to begin sending its traders back to its New York headquarters in mid- to late June. Meanwhile, all six of Canada's biggest banks pledged to keep their employees out of downtown Toronto until September.
By Dan Ennis • Updated July 30, 2020 -
Alabama Extension. (2020). "The image" [Photograph]. Retrieved from Flickr.
House passes bill to ease PPP payroll rule, triple spending period
The legislation, which also extends the time recipients have to repay the loan from two to five years, heads to the Senate, which reconvenes Monday.
By Anna Hrushka • May 28, 2020 -
Banks face logistical, security challenges with branch reopenings
The right date to allow lobby foot traffic — and the proliferation of face masks — present just two tests in post-pandemic banking.
By Anna Hrushka • May 28, 2020 -
Column
HSBC, Deutsche take divergent paths in resuming overhauls
Britain's leading lender stresses urgency in demanding more radical restructuring, while Germany's largest bank courts employee buy-in.
By Dan Ennis • May 27, 2020
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