Regulations & Policy: Page 15
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OceanFirst to pay $15M in DOJ redlining settlement
The bank failed to provide mortgage lending services to predominantly nonwhite neighborhoods in three New Jersey counties, the agency said. The OCC downgraded the bank’s CRA rating in 2021.
By Dan Ennis • Sept. 19, 2024 -
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Evolve Bank ‘failed in its most basic duty,’ stole from customers: lawsuit
The allegations come from Yotta Technologies, a fintech that says its customers are currently locked out of more than $100 million in funds.
By Gabrielle Saulsbery • Sept. 18, 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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DOJ joins OCC, FDIC in updating bank merger guidelines
Regulators’ revamped guidelines increase the agencies’ discretion, which is likely to stoke industry uncertainty and, perhaps, extend the timeline to approval, analysts say.
By Caitlin Mullen • Sept. 18, 2024 -
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Fed payments proposal pits big banks against small rivals
Large institutions welcome the move to extend the operating hours of two interbank payments systems, but smaller ones may feel the squeeze of increased workload, staffing and competition.
By Lynne Marek • Sept. 18, 2024 -
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CFPB wants banks to prove overdraft opt-ins
Regulators should assume, as a default, that customers have not agreed to coverage and fees unless banks can provide signed agreements or recorded conversations, the agency said in a policy reminder.
By Dan Ennis • Sept. 18, 2024 -
Anna Hrushka/Banking Dive
FDIC seeks tougher recordkeeping on fintech partners
The regulator also approved a policy update to consider small business and residential loan originations, in addition to deposits, when evaluating a merger’s competitive effects.
By Gabrielle Saulsbery • Sept. 17, 2024 -
Spencer Platt / Staff via Getty Images
KeyBank CFO eyes opportunities through Scotia deal
The two banks are exploring potential partnership opportunities – and their geographic footprints might allow a jumping-off point, KeyBank CFO Clark Khayat said last week at a conference.
By Caitlin Mullen • Sept. 16, 2024 -
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Lawmakers push for crackdown on fintech, ban on false claims
Sens. Elizabeth Warren and Chris Van Hollen demanded tighter regulations on BaaS and fintech partnerships, saying they pose “a broader threat to the stability of our banking system and the economy.”
By Rajashree Chakravarty • Sept. 13, 2024 -
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OCC hits Wells Fargo with AML enforcement action
The newest order for the bank introduces questions around whether it could affect the lifting of Wells' asset cap, or if other big banks might face AML orders.
By Caitlin Mullen • Sept. 12, 2024 -
Atlanta Fed chief violated trading rules, OIG finds
Raphael Bostic’s transactions created “an appearance of a conflict of interest,” the central bank watchdog said, making no recommendation for next steps.
By Dan Ennis • Sept. 12, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC names interim CFO Gibson as permanent
The move presumably puts more distance between the bank and Gibson’s predecessor, Nadine Ahn, who has sued the bank for wrongful dismissal and damages.
By Rajashree Chakravarty • Sept. 12, 2024 -
Michael M. Santiago / Staff via Getty Images
A year after reorg, progress at Citi comes in ‘fits and starts’
New penalties gave the bank focal points for its tech overhaul. But Citi is also aiming to keep staff robust enough – in the right places – to chase opportunity, CFO Mark Mason said.
By Caitlin Mullen • Sept. 12, 2024 -
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BofA, JPMorgan, others urged to stop financing livestock production
An open letter singles out the nation's largest banks for their support of food giants like JBS, saying lending activities undermine the sector’s environmental commitments.
By Sarah Zimmerman • Sept. 12, 2024 -
Retrieved from OCC.
Innovation may slow amid bank-fintech partnership scrutiny: analysts
Additional guardrails, however, are necessary as business connections grow more complex and as fintechs tackle more compliance responsibilities, a regulator said.
By Suman Bhattacharyya • Sept. 11, 2024 -
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9 crucial reactions to the capital requirements preview
BofA and JPMorgan execs talk death, despair and a lack of specifics, while lawmakers and regulators appear to fall along party lines in the snowballing fight over the Basel endgame.
By Dan Ennis • Sept. 11, 2024 -
Drew Angerer / Staff via Getty Images
TD to pay CFPB $28M for giving credit agencies inaccurate data
The penalty is hardly the largest that Canada’s second-largest lender expects. TD is facing criminal and civil investigations into its U.S. anti-money laundering program and anticipates a fine in the billions of dollars before year’s end.
By Caitlin Mullen • Sept. 11, 2024 -
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Basel revamp would boost capital requirements by 9%: Fed’s Barr
The central bank’s vice chair for supervision previewed changes that would cut in half the extra capital the nation’s largest banks would be forced to hold.
By Gabrielle Saulsbery • Sept. 10, 2024 -
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PNC’s Demchak wants to lean in to open banking for growth
The Pittsburgh-based lender’s CEO is wary of larger rivals building branches in every city but said he won’t pay “silly” M&A prices for a “busted” franchise.
By Caitlin Mullen • Sept. 10, 2024 -
Win McNamee / Staff via Getty Images
Bank of America boosts minimum hourly wage to $24
The move puts the Charlotte, North Carolina-based lender presumably one raise away from its long-held goal of lifting its pay floor to $25 per hour by next year.
By Dan Ennis • Sept. 10, 2024 -
Courtesy of Morgan Stanley
Morgan Stanley fined $2M over ex-First Republic CEO stock sales
The consent order issued by a Massachusetts regulator Thursday states the lender failed to properly monitor the former executive, who sold over $6.8 million in First Republic stock from February 2022 to March 2023.
By Rajashree Chakravarty • Sept. 9, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC ‘selectively quoted’ texts to justify CFO’s firing, lawyer says
In a new filing, the bank's ex-CFO, Nadine Ahn, said she received “differential treatment” as a woman and denied knowledge of “Project Ken” or an online “LoveBook” another executive allegedly ordered.
By Dan Ennis • Sept. 6, 2024 -
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Many regionals lack clear strategy for private credit threat: analyst
Private credit firms are no longer just extending loans banks won’t, Deloitte’s Richard Rosenthal said.
By Caitlin Mullen • Sept. 6, 2024 -
Douglas Rissing via Getty Images
Fed dings banks over flood insurance, crypto
First Interstate Bank must pay $70,000 to the National Flood Insurance Program, and United Texas Bank must revamp its compliance programs.
By Gabrielle Saulsbery • Sept. 5, 2024 -
Drew Angerer via Getty Images
OCC’s Hsu wants to label domestic systemically important banks
The regulator spoke at length on the need for horizontal, risk-based supervision — and the equivalent of regular physical exercise.
By Dan Ennis • Sept. 4, 2024 -
Win McNamee via Getty Images
CFPB slammed with EWA commentary
The Consumer Financial Protection Bureau asked for public feedback on its earned wage access rule proposal and it got an earful.
By Lynne Marek • Sept. 4, 2024
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