Regulations & Policy: Page 108
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Wells Fargo sued after DACA participant is denied auto loan
An Illinois man alleges a Wells Fargo representative told him he was ineligible for a car loan because his DACA status would expire before the loan would come due.
By Dan Ennis • July 19, 2019 -
PayPal expands Xoom, launches blockchain startup in Europe
PayPal's expansion of Xoom puts it in direct competition with other leading international money remittance services like MoneyGram and TransferWise, all fighting for a slice of the $689 billion global remittance market.
By Anna Hrushka • July 18, 2019 -
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Since President Donald Trump retook office, bank mergers and acquisitions have jumped considerably. But two of 2025’s biggest acquirers – PNC and Huntington– are choosing markedly diverging paths.
By Banking Dive staff -
FASB's delay of credit-loss standard not enough, banks say
Banks and credit unions want FASB to do more than just delay new CECL accounting standards; they want the standards revisited.
By Robert Freedman • July 17, 2019 -
New bill would increase access to loans for small manufacturers
Reps. Tim Ryan, D-Ohio, and Tom Reed, R-N.Y., introduced the legislation this week saying it will make loans more available for manufacturers and provide incentives for them to grow.
By Matt Leonard • July 17, 2019 -
FDIC gives banks extra year on deposit-tracking rule
The agency also approved a final rule giving banks additional ways to verify the signature of each joint account holder and proposed to relieve some of the public-disclosure requirements related to securitized assets.
By Dan Ennis • July 17, 2019 -
BB&T, SunTrust reveal $60B community benefits plan ahead of merger hearing
News of the banks' Community Benefits Plan comes ahead of a House Financial Services Committee hearing July 24 where lawmakers will examine the proposed merger.
By Anna Hrushka • July 17, 2019 -
Nevada to pilot closed-loop payments system to serve marijuana-related businesses
The proposal would eliminate the large amounts of cash the state's pot businesses must deal with by creating an online system where digital currency transactions could be made.
By Anna Hrushka • July 17, 2019 -
Lawmakers raise money laundering concerns during Libra hearing
Lawmakers both supportive and wary of the launch of Facebook's cryptocurrency were concerned over how the social media giant plans to limit "bad actors" from using the currency.
By Anna Hrushka • July 16, 2019 -
2 bank openings highlight de novo splurge
Piermont Bank's New York opening marks the second bank opening in a week — a sign of new energy in a banking sector that has seen few de novos this decade.
By Dan Ennis • July 16, 2019 -
Banks face higher reserves for some lot development loans
Banks have to maintain 150% risk-weighted reserve for residential lot development loans under a rule proposed Monday.
By Robert Freedman • July 16, 2019 -
Kendall Davis/Banking Dive
Facebook hearing brings consumer protection, financial stability questions
Lawmakers are set to scrutinize a Facebook executive's testimony over the company's proposed cryptocurrency, a hearing could make waves on Capitol Hill and in the market.
By Dan Ennis • Updated July 15, 2019 -
Low interest rates won't hurt banks, analyst says
Since March, the spread has widened, and now long-term rates are at a healthy place relative to short-term rates.
By Robert Freedman • July 15, 2019 -
Quarles discusses tweaks to Volcker Rule, countercyclical capital buffer
The Federal Reserve plans to revamp the Volcker Rule "early in the fall," Vice Chair Randal Quarles says, adding the Fed is considering changes to the amount big banks hold during boom times.
By Dan Ennis • July 12, 2019 -
Regulators' effort to ease reporting falls short, small banks say
For the country's smallest banks, a mere savings of about 1.8 hours a quarter from about 64 hours just doesn't cut it, a trade group says.
By Robert Freedman • July 12, 2019 -
Analysts: No great need to lower rates, but it won't do any damage either
Even though interest rates and unemployment are already low, there's little concern over lowering rates further, because inflation remains well below the Fed's target of 2%.
By Robert Freedman • July 11, 2019 -
More banks, credit unions to cover pot-related businesses
The product's federal designation as a Schedule 1 drug has limited banking options for cannabis dispensaries and the industries' ancillary businesses.
By Anna Hrushka • July 11, 2019 -
Fed Chairman Powell open to rate cut as 'crosscurrents' reemerge
In testimony today before Congress, the Fed chairman says the U.S. economy is doing reasonably well but he's prepared to take appropriate steps to maintain growth.
By Robert Freedman • July 10, 2019 -
Fed's Quarles pushes streamlined stress tests
The regulator's vice chair defends using stress capital buffer to simplify tests amid criticism that further easing won't adequately prepare banks for downturn.
By Dan Ennis • July 10, 2019 -
Small-bank exemption from Volcker Rule made final
Unlike large, systemically important banks, community banks can use deposits to make trades on their own accounts, known as proprietary trading.
By Robert Freedman • July 10, 2019 -
'Shifting justifications' prompt 9th Cir. to overturn Wells Fargo summary judgment
An email from a supervisor undercut the bank's argument that the plaintiff was fired because her position was eliminated in restructuring.
By Lisa Burden • July 10, 2019 -
Kate Tornone/Banking Dive
EEOC says Citizens Bank failed to accommodate worker with anxiety, forced him to quit
The agency claims that the bank engaged in disability bias when it refused to reassign an employee to one of several vacant positions.
By Jennifer Carsen • July 9, 2019 -
Student loan forgiveness creates moral hazard, critics say
Removed from the consequences of their financial decisions, borrowers may take risks they otherwise wouldn't.
By Robert Freedman • July 9, 2019 -
Top US banks join over 200 corporations to sign LGBTQ rights amicus brief in SCOTUS cases
Lambda Legal described it as a "landmark brief" with more corporate signers than any other previous brief supporting the LGBTQ community.
By Valerie Bolden-Barrett • July 9, 2019 -
Banks take wait and see approach to ROI on AI deployment
Gartner's Moutusi Sau said the banking industry as a whole still waits to see actual value from their current AI projects before committing more resources to the emerging tech.
By Anna Hrushka • July 8, 2019 -
Citi first major US bank to join UN sustainability initiative
The U.N. says the principles are meant to align banks with the organization’s Sustainable Development Goals and the Paris Climate Agreement.
By Anna Hrushka • July 3, 2019
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