Regulations & Policy: Page 21
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Anna Hrushka/Banking Dive
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 Dan Ennis • May 28, 2024 -
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ColumnDive 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 Dan Ennis • May 24, 2024 -
Explore the Trendline➔
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TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
Spencer Platt via Getty Images
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 Rajashree Chakravarty • May 24, 2024 -
Courtesy of Comerica
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 Caitlin Mullen • May 24, 2024 -
Douglas Rissing via Getty Images
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 Gabrielle Saulsbery • May 24, 2024 -
Mario Tama via Getty Images
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 Gabrielle Saulsbery • May 23, 2024 -
Eric Thayer via Getty Images
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 Dan Ennis • May 23, 2024 -
Permission granted by SoLo Funds
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 Dan Ennis • May 22, 2024 -
Michael M. Santiago via Getty Images
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 Caitlin Mullen • May 22, 2024 -
Mario Tama via Getty Images
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 Dan Ennis • May 22, 2024 -
Win McNamee / Staff via Getty Images
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 Caitlin Mullen • May 21, 2024 -
Kevin Dietsch via Getty Images
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 -
Win McNamee via Getty Images
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 Dan Ennis • May 20, 2024 -
(2024). [Photo]. Retrieved from Federal Reserve.
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 Caitlin Mullen • May 20, 2024 -
Kent Nishimura via Getty Images
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 Caitlin Mullen • May 17, 2024 -
Kevin Dietsch via Getty Images
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 Dan Ennis • May 16, 2024 -
Alex Wong / Staff via Getty Images
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 Caitlin Mullen • 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 Gabrielle Saulsbery • May 15, 2024 -
Joe Raedle / Staff via Getty Images
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 -
Alex Wong / Staff via Getty Images
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 Caitlin Mullen • May 15, 2024 -
Spencer Platt via Getty Images
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 Rajashree Chakravarty • May 14, 2024 -
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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 Caitlin Mullen • May 14, 2024 -
Justin Sullivan / Staff via Getty Images
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 Caitlin Mullen • May 13, 2024 -
Oli Scarff via Getty Images
Barclays pressed on climate commitments, Gaza
Activist shareholders asked the bank to pull back its financing of North American fracking. Barclays, meanwhile, reportedly cut eight bankers on its energy transition and sustainable finance teams.
By Zoya Mirza • May 13, 2024 -
Chip Somodevilla via Getty Images
Climate risks ‘highly uncertain,’ ‘challenging,’ banks tell Fed
In the climate scenario exercise, the nation’s six biggest banks found data gaps in real estate exposure, insurance, debtors’ transition risk management and infrastructure.
By Caitlin Mullen • May 10, 2024
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