Regulations & Policy: Page 2


  • Image attribution tooltip
    Drew Angerer via Getty Images

    DOJ backs FDIC Democrats, requests public comments on bank merger review

    A Friday statement from the Justice Department's Antitrust Division echoes comments by CFPB Director Rohit Chopra and other Democrats on the FDIC board, as federal regulators set banking M&A in their sights.

    By Dec. 20, 2021
  • Image attribution tooltip
    Permission granted by Office of the Comptroller of the Currency

    Banking group drops OCC suit after Figure updates charter application

    "We still feel like the law would have come out on our side ... but we just don't want to continue to wait," the fintech's general counsel said of its decision to seek deposit insurance.

    By Updated Jan. 14, 2022
  • Trendline

    Fraud and AML in banking

    The coronavirus pandemic, the rise of cryptocurrencies and the growth of cannabis banking make it imperative for financial institutions to stay on top of the risks related to fraud and money laundering.

    By Banking Dive staff
  • Image attribution tooltip
    Chris Hondros via Getty Images

    JPMorgan to pay $200M in SEC, CFTC fines over record-keeping failures

    The bank in June ordered staff to save relevant texts from as early as 2018 made on personal devices and on messaging platforms until the company's legal department said otherwise, Bloomberg reported.

    By Dec. 17, 2021
  • Image attribution tooltip
    Drew Angerer via Getty Images

    Lawmaker tells CFPB chief to stay in his own lane

    Rep. Blaine Luetkemeyer, R-MO, introduced a bill to strip Rohit Chopra of his FDIC board voting rights. The bill also would cap FDIC board members' tenure at 12 years. Martin Gruenberg has served on the board for 16.

    By Dec. 16, 2021
  • Image attribution tooltip
    Chris Hondros via Getty Images

    JPMorgan locked down its No. 2. Now how will it keep its rank and file?

    The bank this week gave its co-president a stock award worth roughly $25 million. It's also considering a 40% bump in the bonus pool for investment bankers in underwriting and M&A advisory roles.

    By Dec. 16, 2021
  • Image attribution tooltip
    Courtesy of FDIC

    FDIC board power struggle continues after meeting

    CFPB Director Rohit Chopra, in a statement Tuesday, said he received a last-minute revision to a request for information "with a series of strings attached," which he deemed unacceptable.

    By Dec. 15, 2021
  • Image attribution tooltip
    Alex Wroblewski via Getty Images

    JPMorgan Chase reaches its virtual tipping point

    The bank told unvaccinated Manhattan-based employees to work remotely for now, and pushed its annual healthcare conference online after two biotech giants backed out.

    By Dec. 15, 2021
  • Image attribution tooltip
    Jack Taylor / Stringer via Getty Images

    Crypto custody firm Anchorage Digital raises $350M in $3B valuation

    The company's latest raise comes as the firm is ramping up its strategy to partner with financial institutions that want to provide their clients with custody services for their digital assets.

    By Dec. 15, 2021
  • Morgan Stanley CEO Gorman: 'I was wrong' on office-return stance

    The executive said Monday he anticipates COVID-19 variants could disrupt work life "through most of next year." Meanwhile, several banks are urging U.K. employees to work from home as the country reports its first omicron death.

    By Dec. 14, 2021
  • JPMorgan's reported $200M fine, Credit Suisse crackdown spotlight mobile comms

    The U.S.'s largest bank could settle by the end of the year a probe by the SEC and CFTC over lax communications monitoring, according to Bloomberg. Meanwhile, the Swiss lender tightened its own policy on monitoring comms.

    By Dec. 13, 2021
  • Image attribution tooltip
    Anna Hrushka/Banking Dive

    FDIC, CFPB clash in partisan bank merger debate

    Banks' ability to merge is a privilege, not a right, the CFPB's director and a former FDIC chair said in a joint statement denounced by Sen. Pat Toomey, R-PA, as a "coup."

    By Updated Dec. 13, 2021
  • Column

    Coinbase's revenge, CFTC shade-throwing highlight return of 'winter filter'

    Coinbase debuted an interest-bearing product for non-U.S. users a day after warning lawmakers the U.S. is at risk of being left behind. Also, "regulating through enforcement" comes under fire — from a regulator.

    By Dec. 10, 2021
  • Image attribution tooltip
    National Institute of Allergy and Infectious Diseases. (2020). "Novel Coronavirus SARS-CoV-2" [Micrograph]. Retrieved from Flickr.

    Jefferies advises remote work for rest of 2021 amid COVID-19 spike

    The investment bank is also requiring its workers to get a booster for their vaccine by Jan. 31 as the company has seen 40 new cases this month, CEO Richard Handler said in a memo.

    By Dec. 9, 2021
  • Image attribution tooltip
    Alex Wong via Getty Images

    Crypto execs tout financial inclusion during digital-asset hearing

    Circle, for example, aims to funnel "billions of dollars" of USDC dollar-denominated reserves into minority depository institutions to aid underserved communities, CEO Jeremy Allaire told lawmakers Wednesday.

    By Dec. 9, 2021
  • Image attribution tooltip
    Chris Hondros via Getty Images

    JPMorgan Chase to allow earlier paycheck access, expand overdraft grace period

    Starting next year, the bank will give customers until the end of the day after overdrawing to get their account to within $50 of positive. The move expands on a policy shift JPMorgan instituted in August.

    By Dec. 9, 2021
  • Image attribution tooltip
    Megan Quinn/Banking Dive

    Crypto execs push for tailored regulation, but not a rush to judgment

    At stake, they said in a Wednesday hearing on Capitol Hill, is the U.S.'s leadership in the field.

    By Dec. 8, 2021
  • Image attribution tooltip
    Justin Sullivan via Getty Images

    Cannabis banking excluded from defense bill

    Rep. Ed Perlmutter, D-CO, who introduced the bill, tweeted his disappointment Tuesday, adding he planned to file an amendment that afternoon with the House Rules Committee — a move he did not pursue.

    By Dec. 8, 2021
  • Image attribution tooltip
    Anna Moneymaker via Getty Images

    Biden's OCC pick Omarova withdraws nomination

    In the evenly divided Senate, the lack of consensus among Democrats would have prevented Omarova's confirmation to lead the agency, which has been without a permanent head since May 2020.

    By Dec. 7, 2021
  • Image attribution tooltip
    Dan Kitwood via Getty Images

    The decentralization in DeFi just an illusion, BIS says

    DeFi is ripe for regulation before the ecosystem becomes more popular, the Basel, Switzerland-based organization says in its quarterly report.

    By Dec. 7, 2021
  • Image attribution tooltip
    Permission granted by Office of the Comptroller of the Currency

    Crypto, cybersecurity and climate in focus in OCC risk report

    "The OCC is approaching crypto-related activities in the federal banking system very carefully with a high degree of caution and expects its supervised institutions to do the same," the agency said in its report.

    By Dec. 7, 2021
  • Image attribution tooltip
    Tasos Katopodis via Getty Images

    SBA failed to check EIDL applicants against 'Do Not Pay' database: IG

    The report is the latest in several months to highlight a lack of checks and balances in the agency's handling of the EIDL program, which distributed $210 billion in loans and grants to struggling businesses last year.

    By Dec. 6, 2021
  • Image attribution tooltip
    Green Dot

    Regulators aren't the only reason bank deals are stalling

    A handful of proposed acquisitions this fall saw delays over the lack of timely regulator sign-off. But a pair of deals has found pushback — even termination, in one case — in court.

    By Dec. 6, 2021
  • Image attribution tooltip
    Permission granted by Circle

    Execs from 6 crypto firms to testify Dec. 8 before House panel

    Representatives from Coinbase, Circle — and a former acting comptroller — are set to discuss "the challenges and benefits of financial innovation" as lawmakers seek answers.

    By Dec. 2, 2021
  • Image attribution tooltip
    Mark Wilson via Getty Images

    OppFi to pay more than $2M to settle D.C. interest rate cap suit

    The District's attorney general alleged the fintech's loans to city residents carried interest rates well above a 24% cap. OppFi will pay $1.5 million in restitution to 4,000 borrowers and waive more than $640,000 in unpaid interest.

    By Dec. 2, 2021
  • CFPB signals tougher stance on banks 'hooked' on overdraft fees

    "Financial institutions that have a higher share of frequent overdrafters or a higher average fee burden for overdrafting should expect us to be paying them close supervisory attention," bureau Director Rohit Chopra said.

    By Dec. 2, 2021