Regulations & Policy: Page 2


  • Tennessee judge lifts injunction, lets credit union-bank deal proceed

    The state's Department of Financial Institutions has until June 27 to file an appeal concerning Orion Federal Credit Union's proposed acquisition of Financial Federal Bank.

    By June 3, 2022
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    Permission granted by Quontic Bank
    Deep Dive

    Banks eye first-mover advantage to embracing the metaverse

    Banks are carving out their own spaces in the metaverse, a virtual world estimated to represent a $1 trillion market opportunity.

    By June 2, 2022
  • Trendline

    Fraud and AML in banking

    The SEC is staffing up its cyber unit to fight a potential uptick in crypto fraud. Meanwhile, lawmakers want answers concerning a "disturbing" rise in fraud linked to a bank-owned payment network.

    By Banking Dive staff
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    Courtesy of Wells Fargo multimedia resources

    Fix Wells Fargo 'once and for all,' senator tells CEO Scharf

    Senate Banking Committee Chair Sherrod Brown, D-OH, called out the bank in a letter Tuesday, noting its racial disparity in mortgage lending, revelations of fake job interviews and a recent anti-money laundering fine.

    By June 1, 2022
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    Thomas Lohnes via Getty Images

    DWS CEO resigns in wake of greenwashing raid

    A former executive of the asset manager, majority-owned by Deutsche Bank, alleged the company exaggerated in its 2020 annual report that more than half of its assets were "ESG integrated."

    By June 1, 2022
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    Neilson Barnard/Getty via WireImages

    4 takeaways from Morgan Stanley's annual meeting

    CEO James Gorman wouldn't detail how long he intends to lead the bank but affirmed last year's C-suite shake-up cemented two generations of leadership behind him.

    By May 31, 2022
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    Alex Wong via Getty Images

    CBDC, stablecoins and commercial bank money can coexist, Brainard says

    The Federal Reserve vice chair, at a House Financial Services Committee hearing Thursday, also called for stricter regulation in the stablecoin space.

    By May 27, 2022
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    Courtesy of The Consumer Financial Protection Board.  

    CFPB won't let lenders hide behind algorithms

    Lenders that use "black-box" models to determine creditworthiness must still give denied applicants detailed reasoning under ECOA, the bureau said Thursday.

    By May 27, 2022
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    Courtesy of Cannabis plants

    State regulators push to include pot banking in manufacturing bill

    Proponents of the cannabis legislation have previously tried and failed to tie the SAFE Banking Act to the 2022 National Defense Authorization Act, as well as two COVID-19 relief bills.

    By May 27, 2022
  • Kansas City Fed chief to retire in January

    Esther George, widely regarded as one of the most hawkish central bank regional presidents, faces age-related mandatory retirement. She is the fourth regional Fed president since September to signal she's leaving office.

    By May 26, 2022
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    Drew Angerer via Getty Images
    Column

    Bank of America's 7% raise may make it a rank-and-file retention role model

    Aside from lavishing attention on non-specialized employees, the Charlotte, North Carolina-based lender has developed a habit of rolling out perks in pairs.

    By May 26, 2022
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    Matt Cardy/Getty via Getty Images
    Column

    The week the banking industry's climate chasm widened

    An HSBC executive's comments downplaying climate risk, combined with a relatively paltry ESG fine for BNY Mellon, may show the need for regulators to stiffen their penalties.

    By May 25, 2022
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    Delmaine Donson via Getty Images

    How banks might approach M&A amid regulatory revamp

    Looping in regulators early and preparing for an increase in public hearings can help banks better situate themselves ahead of a tie-up, says one attorney. But "mergers of equals" may be on hold.

    By May 25, 2022
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    The image by Ted Eytan is licensed under CC BY-SA 2.0

    CFPB recasts innovation office to emphasize competition

    The bureau walked back its no-action letter and sandbox policies in favor of "incubation events" meant to troubleshoot barriers to innovation and help customers switch providers more easily.

    By May 25, 2022
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    Mario Tama / Staff via Getty Images

    BNY Mellon to pay $1.5M to SEC over ESG misstatements

    A unit of the bank indicated in prospectuses for six U.S. mutual funds that an affiliate pursued ESG quality reviews for all investments, but some lacked the appropriate score at the time of investment, the regulator found.

    By Jim Tyson • May 23, 2022
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    Chip Somodevilla via Getty Images

    Wells Fargo unit to pay $7M to SEC over AML failures

    Wells Fargo Advisors failed to properly implement and test a new version of its internal anti-money laundering transaction monitoring and alert system, which it adopted in January 2019, the regulator said.

    By May 23, 2022
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    Tasos Katopodis via Getty Images

    Barr quizzed on fair lending, climate change during Fed confirmation hearing

    The Senate Banking Committee will vote June 8 on the Treasury vet's nomination to become the central bank's vice chair for supervision.

    By Updated June 6, 2022
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    Permission granted by Office of the Comptroller of the Currency

    OCC, Fed announce hearings on proposed TD, BMO tie-ups

    Federal regulators called for public meetings on two proposed deals involving Canadian lenders looking to grow their U.S. retail presence through acquisition.

    By May 18, 2022
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    Haugland Bowen, Katie. (2014). "Houston Skyline" [Photograph]. Retrieved from Flickr.

    Women-owned de novo to open in Houston after pandemic-related delays

    Agility Bank filed paperwork with the FDIC in April 2020, with initial plans to open by the end of that year, but the pandemic altered the bank’s opening timeline, CEO Lauren Sparks said.

    By May 18, 2022
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    Alex Wroblewski via Getty Images

    JPMorgan shareholders reject special $52M payout to CEO Jamie Dimon

    The measure received 31% support in a nonbinding vote — far below the 90% backing the bank's pay proposals have typically received. Bank executives are expected to address criticism over spending at a May 23 presentation.

    By Updated May 17, 2022
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    Dan Kitwood/Getty Images News via Getty Images

    SEC enforcement attorney predicts 'a lot more fraud' in crypto markets

    The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

    By Jim Tyson • May 16, 2022
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    Chris Hondros via Getty Images

    Goldman Sachs to give unlimited leave to partners, managing directors

    Under another change, junior employees will get an extra two days off per year. Starting Jan. 1, the bank is requiring its employees to take off at least three weeks per year.

    By May 16, 2022
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    Alex Wong via Getty Images
    Column

    24 hours at the Fed: 'Pain,' race and continuity

    The Senate confirmed Jerome Powell to a second term as chair Thursday. Hours later, he discussed inflation. Meanwhile, the Fed revealed yearly data showing (minimal) added diversity among economists.

    By May 13, 2022
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    H. Armstrong Roberts via Getty Images

    Michigan credit union to buy Florida bank in 7th such deal of 2022

    DFCU Financial's acquisition of First Citrus Bank, estimated at $105 million, would mark the second time since June 2021 that a credit union from the Wolverine State has bought a bank based in Tampa.

    By May 13, 2022
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    Christopher Furlong via Getty Images

    Senators push for cannabis banking legislation in competition bill

    Nineteen Senate Democrats and five Republicans wrote the majority and minority leaders as both chambers of Congress prepare to discuss the final bill over the coming weeks.

    By May 13, 2022
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    Tom Pennington via Getty Images

    Dallas Fed picks NY Fed insider as its next president

    The bank "chose to perpetuate a legacy that has largely excluded Latino voices at all levels," Sen. Bob Menendez, D-NJ, and Rep. Raul Ruiz, D-CA, said Wednesday, a week after urging the Dallas Fed to select a Latino leader.

    By May 12, 2022