OCC bans ex-Wells Fargo CEO, fines him $17.5M over fake accounts scandal

Five other former executives at the San Francisco-based bank were charged, and two more settled with the regulator after a years-long scandal prompted several leadership changes.

By Anna Hrushka • Jan. 23, 2020

Regulator prepping civil charges against ex-Wells Fargo managers

The bank has faced penalties from the OCC in the past, but a charge against former employees would mean the agency wants to hold individuals accountable for the scandal.

By Anna Hrushka • Jan. 23, 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

OCC's CRA plan will move forward regardless of Fed, Otting says

"It isn't like we gave people a standing start to where we were going," the comptroller said, defending the shorter comment period. "We have been working for 18 months on this."

By Anna Hrushka • Jan. 22, 2020

OCC fines Citi $18M over flood insurance violations

The bank allowed an unnamed third-party servicer to extend the 45-day period for borrowers to get flood insurance, resulting in an "untimely" delay, according to a consent order.

By Dan Ennis • Jan. 22, 2020

Cannabis, banking trade groups urge Crapo to advance SAFE Act

The letter to the Senate banking panel chair echoes arguments advocates have made for years: lack of access to financial services for marijuana-related businesses is a public safety issue.

By Anna Hrushka • Jan. 22, 2020

HSBC whistleblower says Iran sanctions could bring AML into sharper focus

"The laws that are about to come out of this ... are going to be unreal," says a private intelligence specialist whose alerts to the CIA nearly a decade ago resulted in a record fine.

By Anna Hrushka • Jan. 21, 2020

Citi narrows gender pay gap to 27% in second yearly report

The nation's third-largest bank is using the gulf between the raw and adjusted pay gap figures to call for more women and minorities to fill management roles.

By Dan Ennis • Jan. 16, 2020

4 banking trends to watch in 2020

M&A, climate change, fintech partnerships and challenger banks' experiments overseas are among the narratives Banking Dive expects to resurface throughout the year.

By Dan Ennis , Anna Hrushka • Jan. 16, 2020

Wells Fargo ordered to pay $102.8M in mobile deposit patent case

Friday's ruling represents the second nine-figure judgment against the bank since November in an ongoing spat between USAA and Mitek.

By Dan Ennis • Jan. 13, 2020

Founders Bank's conditional FDIC approval kicks off 2020 de novo activity

Founders Bank, set to open in the first half of this year if it raises $25 million to $30 million, has hired a new CFO. But new banks have had a shaky 12 months in the nation's capital.

By Dan Ennis • Jan. 13, 2020

California governor to create state's own version of CFPB

The proposed California Consumer Financial Protection Law, which is expected to be unveiled Friday in the governor's state budget, would revamp the existing Department of Business Oversight.

By Anna Hrushka • Jan. 10, 2020

Fed releases its own CRA revamp plan, revealing regulator rift

Gov. Lael Brainard criticized the OCC and FDIC's proposal for the low-income borrowing rule, saying it emphasizes dollar value over number of loans.

By Dan Ennis • Jan. 9, 2020

Visa, Mastercard hold fast to gas stations' chip-card deadline

Fuel retailers were given an extra five years to upgrade to EMV technology, but 70% of convenience store owners in a survey said they still haven't done so.

By Dan Ennis • Jan. 8, 2020

Goldman revamps business units to highlight consumer growth

The bank eliminated a hard-to-predict investing and lending segment with the aim of boosting its stock and may unveil other strategic shifts at its first investor day this month.

By Dan Ennis • Jan. 7, 2020

Banks to tighten third-party data access in 2020, experts say

Following recent moves by PNC and JPMorgan Chase, expect to see a "snowball effect" as financial institutions aim to boost security and control of personal information.

By Anna Hrushka • Jan. 7, 2020

Former Wells Fargo execs could face criminal charges, sources say

It's a new year, but an investigation into the bank's scandal-ridden past could take center stage in 2020, sources told American Banker.

By Anna Hrushka • Jan. 6, 2020

De novo activity fell in 2019 despite FDIC plea

The regulator conditionally signed off on a Utah startup in late December, bringing the number of 2019 approvals to nine. That's down from 15 in 2018, as capital requirements and executive turnover pose hurdles for new banks.

By Dan Ennis • Jan. 3, 2020

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

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