Regulations & Policy: Page 18
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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 -
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 -
"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 -
Douglas Rissing via Getty Images
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 -
Win McNamee via Getty Images
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 -
Alex Wong / Staff via Getty Images
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 -
Spencer Platt via Getty Images
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 -
AI-generated image/Shutterstock.com
Sponsored by AML RightSourceStrategic compliance: Bridging the skill gap with managed services
Balancing compliance: staff recruitment or external partnership?
Sept. 3, 2024 -
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Custodia cuts 25% of its staff amid Fed lawsuit: report
The digital asset-focused bank, chartered in Wyoming, is putting its resources toward an ongoing lawsuit with the Federal Reserve, which denied the lender a master account last year.
By Gabrielle Saulsbery • Aug. 30, 2024 -
Michael A. McCoy / Stringer via Getty Images
Warren grills FINRA over enforcement decline
“Financial crimes cannot be prevented if you take the cop off the beat,” Sen. Elizabeth Warren scolded FINRA CEO Robert Cook. A spokesperson for the agency said it will respond to Warren's letter.
By Caitlin Mullen • Aug. 30, 2024 -
Michael M. Santiago / Staff via Getty Images
Goldman catches a break on capital requirements
The Fed reduced Goldman’s stress capital buffer to 6.2% after the bank argued that losses from its sale of GreenSky don’t belong in projections for the future.
By Dan Ennis • Aug. 29, 2024 -
Permission granted by TDECU
Texas credit union discovers year-old data breach
TDECU fell victim to last year’s MoveIt data breach, but only found out in July. The credit union said the incident is not expected to impact its acquisition of a Louisiana bank.
By Gabrielle Saulsbery • Aug. 29, 2024 -
Sarah Silbiger via Getty Images
Fed’s Waller questions faster cross-border payments ties
There could be more fraud and money laundering if countries move too quickly to link their faster payments systems, the central bank governor said Wednesday at a conference.
By Lynne Marek • Aug. 29, 2024 -
Just_Super via Getty Images
Abra settles SEC charges over unregistered securities
All assets, plus interest, have been returned to Abra Earn customers since the program shuttered in 2023, CEO Bill Barhydt said Monday on social media.
By Gabrielle Saulsbery • Aug. 27, 2024 -
Courtesy of BNY Mellon newsroom
BNY fined $5M over swap reporting, violating prior CFTC order
The bank “repeatedly failed to correctly report at least five million swap transactions and failed to properly supervise its swap dealer business,” the CFTC said Monday.
By Rajashree Chakravarty • Aug. 27, 2024
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