Regulations & Policy: Page 2


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    Scott Olson via Getty Images

    CFPB should update regulations in response to Zelle fraud, Warren says

    Warren urged the regulator to amend Regulation E of the Electronic Fund Transfer Act “to increase consumer protection and interpret the guidelines surrounding peer-to-peer platforms.”

    By Oct. 31, 2022
  • The Office of the Comptroller of the Currency's seal hangs on a brick building.
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    Permission granted by Office of the Comptroller of the Currency

    New OCC office to focus on fintech

    The regulator said it plans to open the office next year in response to the growing complexity of bank-fintech partnerships.

    By Oct. 28, 2022
  • Trendline

    Fraud and AML in banking

    Peer-to-peer payments, crypto platforms, ESG investment vehicles and COVID-era relief programs continue to be sources of fraud-related frustration.

    By Banking Dive staff
  • President Joe Biden
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    Mark Makela via Getty Images

    Biden administration takes aim at banks’ ‘junk fees’

    The move is being touted as an effort to combat rising inflation, and comes just two weeks before the 2022 midterm elections.

    By Oct. 27, 2022
  • Warren wants regulators to answer for crypto ‘revolving door’

    Five Democrats wrote the SEC, CFTC, CFPB, OCC, FDIC, Fed and Treasury to see how the agencies’ policies keep employees who jump to crypto lobbying roles from exerting undue influence.

    By Oct. 27, 2022
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive

    COVID-19 brought unbanked percentage to record low, FDIC says

    Almost half of recently banked households said receiving a government benefit during the pandemic contributed to their opening a bank account.

    By Oct. 26, 2022
  • Consumer Financial Protection Bureau Director Rohit Chopra with his hand raised while speaking.
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    Win McNamee via Getty Images

    CFPB aims to give ‘open banking’ rule teeth in 2024

    The bureau's chief, Rohit Chopra, laid out a timeline on a rule change meant to make it easier for consumers to break up with their banks.

    By Oct. 26, 2022
  • Fed approves $5.2B Columbia-Umpqua merger

    The FDIC has yet to give the tie-up its blessing. Columbia must divest 10 branches under the deal. The bank has said it plans to close or consolidate 49 more, according to the Fed.

    By Oct. 26, 2022
  • Federal Reserve Governor Christopher Waller sits on a chair on stage.
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    Lynne Marek/Banking Dive

    FedNow will be a ‘public utility model,’ Waller says

    The central bank governor equated the nascent system with an interstate highway on which private companies will provide "on-ramps" and "off-ramps."

    By Lynne Marek • Oct. 26, 2022
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    ipopba via Getty Images
    Deep Dive

    Banking-as-a-service grows as regulators play catch-up

    The BaaS space is expected to reach $74.55 billion by 2030, and has emerged as an enticing revenue stream for community banks. Meanwhile, the OCC has hinted more regulation is forthcoming.

    By Oct. 25, 2022
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    HATICE GOCMEN via Getty Images

    CFPB sets sights on ‘junk data’ in credit reports

    Companies must have policies and procedures to detect and remove inconsistencies and “obvious impossibilities” in credit data, the CFPB said.

    By Oct. 24, 2022
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    Thomas Lohnes via Getty Images

    Deutsche Bank’s DWS sued over ‘confusing’ ESG claim

    A consumer group claims the company’s marketing materials simultaneously indicate that a fund invests 0% in coal but that fund holdings may include companies with 15% coal revenue.

    By Oct. 24, 2022
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive

    Inside 6 of the FDIC’s top concerns over stablecoins

    The regulator’s acting chief discussed their potential effect on community banks, interplay with FedNow and a potential CBDC, the importance of inclusion and the limits of regulation.

    By Oct. 21, 2022
  • Exterior of the Federal Reserve building in Washington, D.C.
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    Anna Hrushka/Banking Dive

    Fed disputes allegations of favoritism over BNY Mellon crypto move

    The central bank asserts Custodia’s complaint ignores "substantial differences" between the two banks’ business models.

    By Oct. 21, 2022
  • Gavel and money in the court. Penalty or bribe.
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    designer491 via Getty Images

    Fintech OppFi challenges California regulator’s ‘true lender’ theory

    The company used a Utah-chartered bank to issue loans carrying an interest rate above California’s 36% cap, the regulator said.

    By Oct. 20, 2022
  • Ken Paxton giving a speech with both of his hands raised in front of his chest
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    Brandon Bell/Getty Images via Getty Images

    14 Republican AGs probe 6 big banks’ climate pledges

    The banks’ involvement in the Net-Zero Banking Alliance will prevent farmers from getting loans, Missouri Attorney General Eric Schmitt said.

    By Oct. 20, 2022
  • Entrance to CFPB building
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    The image by Ted Eytan is licensed under CC BY-SA 2.0

    Appeals court rules CFPB funding structure unconstitutional

    Because the CFPB receives funds from the Federal Reserve and not Congress, the bureau’s funding apparatus violates the separation-of-powers principles in the U.S. Constitution, the court ruled.

    By Oct. 20, 2022
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    Drew Angerer via Getty Images

    Bank of America issues revamped office-return policy

    Employees with job profiles that support a split schedule will work in the office at least three days a week, the bank said.

    By Oct. 19, 2022
  • founder of ftx sam bankman-fried
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    Craig Barritt via Getty Images

    Texas securities regulators investigate FTX, Sam Bankman-Fried

    FTX shouldn't be allowed to buy Voyager's digital assets while the regulator is looking into whether the company is illegally offering interest-bearing accounts, an enforcement official asserted.

    By Oct. 18, 2022
  • Exterior of the Federal Reserve building in Washington, D.C.
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    Anna Hrushka/Banking Dive

    Atlanta Fed chief discloses violations, reigniting ethics scandal

    Paperwork filed Friday included previously unreported sales or purchases of mutual funds, some of which were settled on dates within blackout periods.

    By Oct. 17, 2022
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    Envato Elements / allatsyganova

    Sponsored by Bridgeforce LLC

    In this era of increased regulatory scrutiny, this is where credit furnishers are most vulnerable

    A perfect storm is brewing for credit reporting and disputes management. See why and how to minimize risk.

    By Michael Orefice • Oct. 17, 2022
  • Bank sign
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    Courtesy of U.S. Bank

    Regulators approve U.S. Bank-MUFG Union merger

    The green light came as the Fed proposed requiring banks with $250 billion to $700 billion in assets to carry long-term debt that could be converted into equity in the event of failure.

    By Oct. 14, 2022
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    Scott Olson via Getty Images

    Warren roasts Wells Fargo’s ‘severely bad performance’ on Zelle fraud

    Four of the seven banks that own Zelle reported specific data to the senator, but she focused on Wells CEO Charlie Scharf specifically in a letter Thursday.

    By Oct. 14, 2022
  • A Wells Fargo flag flies in front of a Wells Fargo bank branch.
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    Justin Sullivan via Getty Images

    Wells Fargo takes $2B in Q3 operating losses

    “As we have said several times, we remain at risk of setbacks as we … put these issues behind us,” CEO Charlie Scharf said of the bank’s litigation charges, customer remediation and “historical” regulatory matters.

    By Oct. 14, 2022
  • the exterior of the federal reserve building in washington, dc
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    crbellette via Getty Images

    Fed bans 5 ex-bankers over EIDL, PPP fraud

    The employees — from Ally, Regions, First Horizon and Bank of America's Merrill Lynch — obtained loans or grants of up to $112,500 and used the funds for unauthorized personal expenses, the Fed said.

    By Oct. 14, 2022
  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images

    Custodia Bank accuses Fed of favoritism toward BNY Mellon

    The Wyoming-based bank said the Fed’s warning last week on crypto is counter to allowing BNY Mellon to hold and transfer digital assets.

    By Oct. 13, 2022