Regulations & Policy: Page 22
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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 -
Anna Moneymaker via Getty Images
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 -
Trendline
Fraud and AML in banking
The past year has been one of reckoning with regard to fraud — from TD’s $3 billion AML penalty to the continuing punitive phase connected to PPP misdeeds, crypto bankruptcies and pig butchering.
By Banking Dive staff -
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 -
Drew Angerer / Staff via Getty Images
Wells Fargo’s Scharf calls for capital requirements clarity
The bank’s CEO on Wednesday called uncertainty around how much extra capital banks will be required to hold “a crazy way to run a system.”
By Caitlin Mullen • Dec. 11, 2024 -
Daniel Berehulak via Getty Images
UBS, Barclays diverge on whether to chase US wealth
Barclays indicated the U.S. is “not a priority” in its plan to expand in wealth management. For UBS, which detailed its own realignment Tuesday, stateside mass-affluent wealth is a great white whale.
By Dan Ennis • Dec. 11, 2024 -
Drew Angerer/Getty Images via Getty Images
PNC’s Demchak: De-regulation clamor is overblown
“I think people are a little bit too excited … that they’re just going to let everybody run free here,” the Pittsburgh bank's CEO said. “I don’t see that at all.”
By Caitlin Mullen • Dec. 11, 2024 -
Chris Hondros via Getty Images
Goldman Sachs exits Net-Zero Banking Alliance
The bank said it would remain “focused on the increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world.”
By Zoya Mirza • Dec. 10, 2024 -
Getty Images
Citi CFO: Evolving data standards make upgrade more complex
Mark Mason, the bank’s finance chief, also said the focus on the need to improve data tied to regulatory reporting isn’t unique to Citi.
By Caitlin Mullen • Dec. 10, 2024 -
Stephen Chernin via Getty Images
Morgan Stanley to pay $15M over theft by now-former employees
The bank failed to detect “hundreds” of instances when brokers misappropriated client funds through unauthorized Automated Clearing House transfers, the SEC said.
By Dan Ennis • Dec. 10, 2024 -
Courtesy of Comerica
CFPB sues Comerica for ‘systematically failing’ federal benefits recipients
The watchdog, which Comerica sued last month over its “costly” investigation, alleged the bank intentionally dropped 24 million customer service calls and charged illegal ATM fees.
By Gabrielle Saulsbery • Dec. 9, 2024 -
Anna Moneymaker via Getty Images
OIG finds CFPB lacks consistency in oversight transition
The watchdog’s office of the inspector general found that regional CFPB offices were inconsistent, and often slow, in the time they took to onboard banks coming under its oversight.
By Gabrielle Saulsbery • Dec. 6, 2024 -
Drew Angerer / Staff via Getty Images
TD shelves growth targets in wake of AML settlement
The embattled Canadian lender is undergoing a strategic review of its priorities and opportunities. “Everything is on the table,” said Raymond Chun, the bank’s current COO who will take the CEO reins in April.
By Caitlin Mullen • Dec. 5, 2024 -
Permission granted by Thread Bank
Thread Bank CEO anticipates more ‘reasonable’ regulatory environment under Trump
The lender – hit with an FDIC consent order this year – has tried to ensure its house “can withstand the storm,” rather than simply “being mad at the weather,” CEO Chris Black said.
By Caitlin Mullen • Dec. 4, 2024 -
hapabapa via Getty Images
Trump taps crypto lobbyist to lead SEC
Trump’s nominee, Paul Atkins, served as a commissioner at the SEC under former President George W. Bush.
By Alexei Alexis • Dec. 4, 2024 -
Chip Somodevilla via Getty Images
FedNow racks up nearly $246M in annual expenses
The Federal Reserve projects the real-time payment system’s costs will climb slightly next year, from the $245.5 million it expects to spend this year.
By Lynne Marek • Dec. 4, 2024 -
Permission granted by Office of the Comptroller of the Currency
OCC ends Lake Shore’s breach-related consent order
The regulator in March 2023 found the bank in “substantial noncompliance” with an agreement to fix IT and risk governance flaws. Lake Shore’s then-CEO resigned.
By Dan Ennis • Dec. 4, 2024 -
Getty Images
Metropolitan Commercial Bank ‘aided and abetted’ Voyager fraud: lawsuit
MCB is accused of defrauding customers of crypto exchange Voyager Digital, many of whom have been unable to access their funds since Voyager’s 2022 bankruptcy.
By Gabrielle Saulsbery • Dec. 3, 2024 -
Tasos Katopodis / Stringer via Getty Images
GAO report flags Fed, FDIC supervisory ‘weaknesses’
The government office offered recommendations meant to improve both bank regulators. The OCC, meanwhile, “generally adheres” to its procedures for escalating supervisory concerns, the GAO said.
By Caitlin Mullen • Dec. 2, 2024 -
George Frey via Getty Images
BlackRock, State Street, Vanguard sued by Texas, red states
The three firms are accused of forming “a cartel to rig the coal market,” but State Street and BlackRock called the lawsuit “baseless” in separate statements.
By Lamar Johnson • Dec. 2, 2024 -
Getty Images
BPM spurns UniCredit’s takeover bid
The bank blasted what it sees as a weak premium. Its CEO warned a deal would cost BPM 6,000 jobs. And Italian officials expressed concern that a UniCredit tie-up would stall efforts to grow BPM.
By Dan Ennis • Nov. 27, 2024 -
Leon Neal via Getty Images
Musk calls for end to CFPB
The presumed Trump Cabinet appointee said there “are too many duplicative regulatory agencies,” calling out the consumer watchdog specifically Wednesday.
By Gabrielle Saulsbery • Nov. 27, 2024 -
Anna Hrushka/Banking Dive
Q&AFDIC: New tool highlights opportunities for minority banks
Wearing its “preserve and promote” hat, the banking agency launched a tool this month that reveals neighborhoods that may present opportunities for minority-focused banks.
By Caitlin Mullen • Nov. 27, 2024 -
Mario Tama / Staff via Getty Images
Trump 2.0 expected to open the ‘regulatory gates’ for chartering
“Fintech had really just become kind of a dirty word during the Biden administration, and that’s going to change,” said Michele Alt, an OCC veteran and co-founder of financial services advisory firm Klaros Group.
By Caitlin Mullen • Nov. 27, 2024
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