Regulations & Policy: Page 12
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Q&AOpen banking to move toward FDX standard, Jack Henry exec says
Industry collaboration on open banking is likely to move forward, with or without the CFPB’s recent final rule, says the payment processor's head of engineering.
By Lynne Marek • Nov. 11, 2024 -
Permission granted by Navy Federal Credit Union
Navy Federal to pay $95M in CFPB overdraft case
The nation’s largest credit union charged overdraft fees on purchases made with sufficient funds from 2017 to 2021, generating about $44 million per year from “surprise” fees, the CFPB said.
By Rajashree Chakravarty • Nov. 8, 2024 -
Explore the Trendline➔
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TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
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Goldman names 95 new partners, most since 2010
The bank touted the diversity of its new class, which included 26 women. But that’s 27%, short of 29% from two years ago. About 4% of new partners are Black, less than half the 9% from 2022.
By Dan Ennis • Nov. 8, 2024 -
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Powell says he would not resign if Trump asks
The comment — punctuated by the assertion that Trump doesn't have the authority to demote a Fed governor — comes as the central bank cut interest rates by a quarter percentage point.
By Jim Tyson • Nov. 7, 2024 -
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How a second Trump term may change bank M&A
Under Trump, bank deal approvals are likely to “speed up markedly and the process will be more clearly delineated,” one analyst predicted.
By Caitlin Mullen • Nov. 7, 2024 -
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Stifel rejects CFTC’s WhatsApp settlement offer
The St. Louis-based investment bank has set aside provisions but said it can't “state with certainty that a settlement will be achieved." Stifel accepted a $35 million SEC penalty in September.
By Dan Ennis • Nov. 7, 2024 -
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FTC sues fintech Dave over alleged misleading marketing, undisclosed fees
The Federal Trade Commission filed a complaint Tuesday claiming the fintech rarely disbursed the advertised loan amount and charged consumers a “tip” without giving them the ability to opt out of it.
By Rajashree Chakravarty • Nov. 6, 2024 -
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6 regulatory moves, people whose days are numbered under Trump
With another Trump presidency set to kick off in January, the clock has turned against several Democratic appointees and agenda items.
By Caitlin Mullen , Dan Ennis • Nov. 6, 2024 -
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First Wells Fargo contract negotiations set to begin
Wells Fargo Workers United members in Albuquerque are sitting down this week with representatives from their employer to set off inaugural contract negotiations, 11 months after voting to unionize.
By Gabrielle Saulsbery • Nov. 5, 2024 -
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7 ways the election could change the Senate Banking Committee
The panel’s chair, Sen. Sherrod Brown, D-OH, is engulfed in a fight for his political life. But several scenarios could shuttle power to Sens. Tim Scott, Elizabeth Warren or a wide Republican field.
By Dan Ennis • Nov. 5, 2024 -
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Visa lawsuit may complicate DOJ’s scrutiny of Capital One-Discover deal, analysts say
If the Justice Department were to block the Capital One-Discover deal while also going after Visa, “they’d be intellectually inconsistent,” a George Mason University law professor said.
By Caitlin Mullen • Nov. 4, 2024 -
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JPMorgan to pay $151M over flawed investment disclosures, more
The Securities and Exchange Commission issued five enforcement actions against the bank, including allegations that some JPMorgan advisers’ recommendations went against the best interests of clients.
By Dan Ennis • Nov. 1, 2024 -
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Capital One warns of possible CFPB enforcement action
The bureau notified the lender last month it’s considering action after customers sued Capital One, claiming it never told savings account holders they could get a higher yield if they switched to another product.
By Caitlin Mullen • Nov. 1, 2024 -
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Singh, fourth FTX exec sentenced, avoids prison
Former FTX engineering chief Nishad Singh showed an “eagerness to assist” the prosecution during its case against Sam Bankman-Fried, and a similar energy to help CEO John Ray in FTX's bankruptcy case.
By Gabrielle Saulsbery • Oct. 31, 2024 -
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FirstSun looks to alter HomeStreet deal again
The firms are “discussing the pursuit of an alternative regulatory structure” after FirstSun said talks with the Fed and a Texas agency indicated the deal may not get a green light.
By Dan Ennis • Oct. 31, 2024 -
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Warren blasts DOJ over TD settlement
Penalties imposed fell short and prosecutors’ “legal gymnastics” allowed the bank’s “reckless leadership” to skirt responsibility, the Democrat said.
By Caitlin Mullen • Oct. 31, 2024 -
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5 lessons learned from Synapse’s collapse
Ledgering issues, bank partner and regulatory lapses and gross mismanagement led to a shortfall of up to $95 million between bank-held funds and amounts owed to fintech end users, a law firm found.
By Rajashree Chakravarty • Oct. 30, 2024 -
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Morgan Stanley adjusts climate targets with Paris goal slipping
The bank’s 2030 targets now include a net-zero scenario that would limit additional temperature rise to 1.7°C, as aspirations for limiting global warming to 1.5°C fade.
By Lamar Johnson • Oct. 30, 2024 -
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Treasury floats financial inclusion strategy
The department’s strategy “provides a national roadmap to expand access to foundational financial tools like credit and investments that are key to building wealth,” Treasury Secretary Janet Yellen said Tuesday.
By Rajashree Chakravarty • Oct. 30, 2024 -
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New Jersey AG accuses Republic First of redlining
The failed lender originated 6% of its home loans to residents of majority-nonwhite neighborhoods between 2018 and 2022, the state found. The state filed a claim with the FDIC seeking remediation.
By Dan Ennis • Oct. 30, 2024 -
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BofA discloses Zelle probe, says it may result in litigation
The bank also said it’s in contact with regulators over its Bank Secrecy Act/anti-money laundering and sanctions compliance programs, and a regulatory order could stem from those discussions.
By Caitlin Mullen • Oct. 30, 2024 -
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JPMorgan Chase sues customers who exploited viral ‘glitch’
With four nearly identical lawsuits, the nation’s largest bank wants users to return hundreds of thousands of dollars taken in a scheme promoted on TikTok.
By Gabrielle Saulsbery • Oct. 29, 2024 -
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Dimon swipes at regulators, large retailers: ‘Time to fight back’
The JPMorgan CEO slammed recent rules, including Basel and open banking, saying the industry is right to challenge regulators. “If you’re in a knife fight, you better damn well bring a knife,” he said.
By Caitlin Mullen • Oct. 29, 2024 -
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How open banking will shape the future of payments
The Consumer Financial Protection Bureau released its open banking final rule last week, leading the payments and financial services industries to begin preparing for a new era in data sharing.
By Patrick Cooley • Oct. 29, 2024 -
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BlackRock pens pushback to asset manager proposal
In a 17-page letter, the investment manager laid out its criticism of an FDIC proposal that would require firms to seek agency approval when they pass the 10% threshold of bank ownership.
By Gabrielle Saulsbery • Oct. 28, 2024
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