Regulations & Policy: Page 2


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    The image by Lisa Chamberlain is licensed under CC BY-SA 2.0
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    Goldman alum Beth Hammack named Cleveland Fed’s next president

    Hammack, once considered a CFO contender at Goldman, left the bank in February after 30 years. She replaces Loretta Mester, whose term ends June 30.

    By May 29, 2024
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    lucadp via Getty Images
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    Trades shift to one-day settlement

    The shift to T+1, a settlement cycle in which transactions settle one business day after they're made, has been in the works since the SEC approved it in February 2023. Trades haven’t settled that quickly since the 1920s.

    By May 28, 2024
  • Trendline

    Fraud and AML in banking

    It’s not just big banks like Citi and TD that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs.

    By Banking Dive staff
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    Anna Hrushka/Banking Dive
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    FDIC failed to timely report misconduct allegations, IG says

    The White House could tap a nominee to lead the agency this week — and reportedly has a front-runner. Meanwhile, outgoing agency Chair Martin Gruenberg is set to testify on Capitol Hill again June 12.

    By May 28, 2024
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    Oli Scarff via Getty Images
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    Column

    Dive Deposits: Return-to-office bank edicts may cancel summer before it even starts

    FINRA’s COVID-era policies easing banks’ requirement to monitor workplaces are ending. That’s prompting Citi, HSBC, Barclays and others to prod thousands back to the office.

    By May 24, 2024
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    Spencer Platt via Getty Images
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    JPMorgan fined by CFTC over surveillance gap probe

    JPMorgan will pay $200 million in a civil monetary penalty, with up to $100 million credited for amounts paid to the OCC and the Fed in March in parallel actions.

    By May 24, 2024
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    Courtesy of Comerica
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    Comerica slapped with OCC enforcement action

    The regulator discovered unsafe or unsound practices at the Dallas-based bank, including those related to its risk governance framework and internal controls.

    By May 24, 2024
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    Douglas Rissing via Getty Images
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    Small bank receives rare conditional Fed master account approval

    Numisma Bank, a tier 3 uninsured bank co-founded by a former Fed official, is on track to receive the benefits of a master account. Caitlin Long, CEO of tier 3 Custodia Bank, has questions.

    By May 24, 2024
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    Mario Tama via Getty Images
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    Ex-Citi employee was fired for refusing to fudge data to OCC, she says

    Kathleen Martin said the pressure came from Anand Selva "almost as soon as he got promoted" to chief operating officer last year. The bank denies the allegations.

    By May 23, 2024
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    Bank of America vet hired to lead diversity efforts at Apple

    Cynthia Bowman, a 17-year alum of the U.S.'s second-largest bank, will replace Barbara Whye, who is retiring this fall, Apple said.

    By May 23, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    Win McNamee via Getty Images
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    CFPB sues SoLo Funds, alleging it concealed costs from borrowers

    The fintech's tip structure inflates the APR on loans, but most loans aren't funded unless a tip is included. And the option not to donate was hidden, the regulator argued.

    By May 22, 2024
  • A closeup of JPMorgan Chase's headquarters in New York.
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    Michael M. Santiago via Getty Images
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    JPMorgan shareholders veto proposal to split CEO, chair duties

    Still, the measure garnered support from 42.7% of voters — notably more than the 33% and 31% of Goldman Sachs and Bank of America shareholders, respectively, that backed similar proposals this year.

    By May 22, 2024
  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    Citi fined $78.4M over 2022 flash crash error

    A Citi trader had meant to sell a basket of equities at $58 million but mistakenly created a $444 billion basket, regulators said. About $189 billion of the trade went on the market.

    By May 22, 2024
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    Dimon lays out ‘dark ruminations,’ swipes at regulators at investor day

    The JPMorgan CEO's retirement timeline swirled at the event, as did the bank's stance on AI, employees' well-being and cyber risk.

    By May 21, 2024
  • CFPB Director Rohit Chopra participates in a meeting of the Financial Stability Oversight Council at the U.S. Treasury
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    Kevin Dietsch via Getty Images
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    CFPB to treat BNPL loans like credit cards

    “Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

    By James Pothen • May 21, 2024
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    FDIC’s Gruenberg offers to resign

    The regulator's chief pledged to lead the agency until a successor is confirmed, "including the transformation of the FDIC’s workplace culture."

    By May 20, 2024
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    (2024). [Photo]. Retrieved from Federal Reserve.
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    Fed’s Bowman questions regulators’ reform prioritization

    During a Friday speech, Federal Reserve Governor Michelle Bowman also took aim at regulators’ proposed changes to merger reviews, which are likely to make the M&A application process “slower and less efficient.”

    By May 20, 2024
  • Sen. Elizabeth Warren (D-MA) speaks during a Senate Banking, Housing, and Urban Affairs committee hearing on January 11, 2024 in Washington, DC.
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    Kent Nishimura via Getty Images
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    Senators prod Fed’s Barr on executive bonus rule

    “Your statutory deadline passed 13 years ago,” Sen. Elizabeth Warren told Michael Barr, the Fed’s vice chair for supervision, on Thursday. “I hope you do not allow Chair Powell to stop you from following the law.”

    By May 17, 2024
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    Kevin Dietsch via Getty Images
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    Supreme Court upholds CFPB’s funding structure

    The 7-2 ruling puts an end to a case that threatened the bureau's existence and pushed at least one district judge to pause a CFPB rule pending the high court's opinion.

    By May 16, 2024
  • Michael Barr, Federal Reserve Board official, speaks during a Congressional hearing as other people sit behind him.
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    Alex Wong / Staff via Getty Images
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    GOP lawmakers urge withdrawal, reissue of capital requirements proposal

    Michael Barr, the Federal Reserve’s vice chair for supervision, said bank regulators are still focused on substantive changes to the proposal, and haven’t yet given thought to “the procedural question.”

    By May 16, 2024
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    Elevated scrutiny begets clarity, better business: Unit Finance CEO

    Regulatory scrutiny of third-party partnerships has had banks and fintechs on edge. But with scrutiny comes recognition that such tie-ups are important, Itai Damti explained.

    By May 15, 2024
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    Joe Raedle / Staff via Getty Images
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    Fed, OCC to hold meeting July 19 on Capital One-Discover deal

    At $35.3 billion, the acquisition is well above the size that typically sees a public hearing by regulators. Agencies are eyeing tougher merger scrutiny, but that idea has received partisan backlash.

    By Lynne Marek • May 15, 2024
  • Martin Gruenberg, who leads the Federal Deposit Insurance Corp., talks to legislators during a Congressional hearing.
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    Alex Wong / Staff via Getty Images
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    Lawmakers castigate Gruenberg over FDIC’s toxic culture

    The FDIC chairman faced multiple calls for his resignation Wednesday at a House panel hearing where he said four agency employees have been let go this year over misconduct.

    By May 15, 2024
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    Spencer Platt via Getty Images
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    JPMorgan objects to proxy adviser’s push for CEO, chair split

    The bank said ISS’s recommendation “fails to match the empirical evidence of the last 18 years of leadership” by Jamie Dimon, who occupies both roles at JPMorgan.

    By May 14, 2024
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    Creative via Getty Images
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    Kabbage to pay $120M in PPP fraud settlements with DOJ

    The second-largest PPP lender in the nation by application volume “knowingly submitted thousands of false claims” and employed lax fraud controls, the Justice Department said.

    By May 14, 2024
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    Pot banking bill advocates push for action this year

    Proponents hope the SAFER Banking bill can be attached to a larger legislative vehicle, as stand-alone passage in the Senate seems increasingly unlikely.

    By May 13, 2024