Regulations & Policy: Page 2
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Anna Hrushka/Banking Dive
Kansas bank challenges $20M FDIC penalty
CBW Bank, charged with failing to maintain adequate anti-money laundering controls, has filed a lawsuit challenging the agency’s action, calling the penalty “unreasonable and unprecedented for a bank of this size.”
By Caitlin Mullen • Jan. 2, 2025 -
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Banking trade groups sue Fed over stress tests
The central bank, a day earlier, had said it aims to improve transparency and consider public comment on its stress-testing models and scenarios. One plaintiff calls that a “first step.”
By Dan Ennis • Jan. 2, 2025 -
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As the banking sphere prepares for a second Trump presidency, institutions are weighing branch strategy and regulatory changes — and looking at how past crises have altered their perception of risk.
By Banking Dive staff -
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Hawaiian Electric sells majority stake in American Savings Bank
The $450 million deal follows the Hawaiian utility company’s agreement last year to put close to $2 billion toward a joint settlement stemming from the 2023 Maui wildfires.
By Caitlin Mullen • Jan. 2, 2025 -
Justin Sullivan / Staff via Getty Images
Bank of America hit with OCC order over BSA
The bank cautioned in an October filing that it was in talks with regulators over issues with its Bank Secrecy Act compliance programs.
By Gabrielle Saulsbery • Jan. 2, 2025 -
Spencer Platt via Getty Images
What Jamie Dimon’s potential successor says about regulation, customer growth
Marianne Lake, CEO of consumer and community banking at JPMorgan Chase, worries most about an uneven playing field, where “as a result of regulation or legislation, effectively, winners and losers are being picked,” she says.
By Caitlin Mullen • Jan. 2, 2025 -
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Warren warns OCC, Fed of ‘malfeasance’ on Capital One-Discover
The incoming Senate Banking Committee ranking member blasted two regulators for failing to update bank merger guidelines as thoroughly as the FDIC and Justice Department.
By Dan Ennis • Dec. 20, 2024 -
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Banks, trade groups seek injunction on CFPB overdraft rule
The same organizations that are suing the agency over its effort to limit overdraft fees to $5 filed court paperwork Wednesday to halt the rule’s implementation.
By Gabrielle Saulsbery • Dec. 20, 2024 -
Michael M. Santiago / Staff via Getty Images
CFPB sues JPMorgan, Bank of America, Wells Fargo over Zelle
Zelle operator Early Warning Services rushed the platform to market to compete with the likes of Venmo and CashApp but without effective safeguards, the agency said.
By Caitlin Mullen • Dec. 20, 2024 -
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Flagstar fined $3.5M for ‘misleading’ after 2021 cyberattack
The bank “negligently made” materially misleading statements after a hack that resulted in the theft of 1.5 million customers’ personally identifying information.
By Gabrielle Saulsbery • Dec. 19, 2024 -
Courtesy of USAA
OCC slaps USAA over failure to fix flaws in several areas
The order blasts the bank’s management, IT, compliance and suspicious activity reporting. It also limits new products or services and restricts USAA’s ability to expand its membership criteria.
By Caitlin Mullen • Dec. 19, 2024 -
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UniCredit pivots back to Commerzbank, increases stake to 28%
The move drew stiff rebukes from the German government, which “assumed” any deal was all but dead a month ago. UniCredit said the stake bump does not affect its offer to buy Banco BPM.
By Dan Ennis • Dec. 18, 2024 -
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TrackerA running list of BaaS banks hit with consent orders in 2024
Regulators have taken a harder look at bank-fintech partnerships. Experts said the orders highlight gaps in due diligence and monitoring related to third-party partners.
Dec. 18, 2024 -
Justin Sullivan via Getty Images
FDIC weighs lawsuit against ex-SVB execs
The regulator is considering taking legal action against six former officers and 11 former directors of Silicon Valley Bank over their role in the bank’s collapse and $23 billion hit to the Deposit Insurance Fund.
By Caitlin Mullen • Dec. 18, 2024 -
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ConnectOne CEO could weigh more deals in warming M&A climate
As the bank awaits approval of its purchase of The First of Long Island, ConnectOne’s CEO anticipates enhancements to regulators’ review processes, bringing more streamlined approvals under the Trump administration.
By Caitlin Mullen • Dec. 17, 2024 -
Drew Angerer / Staff via Getty Images
Trade groups sue CFPB over overdraft rule
It took only one day for trade groups and banks to take legal action against the financial watchdog, which announced its overdraft rule Thursday.
By Gabrielle Saulsbery • Dec. 16, 2024 -
Nafiz Rahat via Getty Images
Carver board members reelected, but activist investor calls for ‘transparency’
The CEO of investor Dream Chasers, which sought to install two of its own members to the bank’s board, protested the vote and said the firm “will pursue every avenue available to ensure a fair and transparent election.”
By Caitlin Mullen • Dec. 16, 2024 -
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SouthState, Independent deal approved by Fed
The roughly $2 billion deal is the second banking investment or combination to which the central bank has given its blessing in as many days.
By Dan Ennis • Dec. 13, 2024 -
Anna Hrushka/Banking Dive
FDIC’s readiness ‘not sufficiently mature’ in 2023 bank crisis: OIG
The inspector general laid out 11 recommendations to improve the agency's response, in a report Wednesday.
By Gabrielle Saulsbery • Dec. 13, 2024 -
Win McNamee / Staff via Getty Images
French Hill named next House Financial Services panel chair
The Arkansas Republican will lead the committee after current chair Patrick McHenry, R-NC, retires at the end of his term.
By Rajashree Chakravarty • Dec. 13, 2024 -
Drew Angerer / Staff via Getty Images
U.S. Bank CEO talks payments split, a rising DOGE
Dividing its payments unit into two segments under different leaders points to the significance of the business at the bank, said Andy Cecere, the lender’s chief executive.
By Caitlin Mullen • Dec. 13, 2024 -
Spencer Platt / Staff via Getty Images
Scotiabank gets Fed’s approval to take bigger KeyBank stake
The earlier-than-expected green light will let the Canadian lender proceed to Phase 2 of its investment — a $2 billion infusion and the right to name two directors to the Cleveland bank’s board.
By Dan Ennis • Dec. 13, 2024 -
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CFPB’s Chopra sidesteps resignation question
When asked by lawmakers whether he would resign Jan. 20, CFPB Director Rohit Chopra said he serves a five-year term but that the president “can remove us at any time.”
By Rajashree Chakravarty • Dec. 12, 2024 -
Michael M. Santiago via Getty Images
Nonbranch Wells Fargo workers vote to unionize
A group of conduct management investigators spread across the country voted to join Wells Fargo Workers United. The National Labor Relations Board certified the vote Tuesday.
By Gabrielle Saulsbery • Dec. 12, 2024 -
Drew Angerer / Staff via Getty Images
CFPB final rule would pin overdraft fee at $5
Banks and credit unions with $10 billion or more in assets could alternately choose a break-even overdraft protection cost or make credit card-like disclosures to consumers, the CFPB said.
By Dan Ennis • Dec. 12, 2024 -
Courtesy of Coinbase
FDIC letters give credence to ‘Choke Point 2.0’ claims: Coinbase CLO
The agency asked nearly two dozen banks to pause crypto-related activity in 2022, according to letters unveiled via Coinbase’s FOIA requests.
By Gabrielle Saulsbery • Dec. 11, 2024
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