Regulations & Policy: Page 26
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Harris tries to court Black men voters with forgivable loans, crypto
Vice President Kamala Harris’ plans are part of her Opportunity Economy pledge, “an economy where people don't just get by, but get ahead,” and come as polls show she could stand to gain more support from Black men voters.
By Gabrielle Saulsbery • Oct. 14, 2024 -
Adobe Stock/Monkey Business
Sponsored by Shield ComplianceFrom stigma to strategy: Bridging the gap between bankers and cannabis operators
Move past stereotypes. Understanding today’s cannabis businesses allows financial institutions to boost their balance sheets while contributing to the sustained growth of the market.
By Tony Repanich • Oct. 14, 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 -
Samuel Corum/Getty Images via Getty Images
Philly-area credit union to pay $6.5M in DOJ redlining settlement
Citadel Federal Credit Union failed to provide mortgage lending services to residents of predominantly nonwhite neighborhoods between 2017 and 2021, the agency said.
By Rajashree Chakravarty • Oct. 11, 2024 -
Tasos Katopodis / Stringer via Getty Images
Dimon won’t rule out government role
The JPMorgan CEO largely dismissed the idea of serving in the next presidential administration, but he said, “I don’t make promises.” Wells Fargo’s CEO, meanwhile, said work on the bank’s AML issues is well underway.
By Caitlin Mullen • Oct. 11, 2024 -
Drew Angerer via Getty Images
TD hit with asset cap, $3B in penalties over AML woes
The bank will pay $1.8 billion to the Justice Department, $1.3 billion to FinCEN, and growth will be restricted in the bank’s U.S. retail unit.
By Gabrielle Saulsbery • Oct. 10, 2024 -
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Crypto.com sues SEC
The exchange is now one of several sparring with the Securities and Exchange Commission.
By Gabrielle Saulsbery • Oct. 9, 2024 -
Mario Tama via Getty Images
Citi urges judge again to dump NY AG’s fraud suit
Lawyers for the bank argue the state is trying to rewrite the Electronic Fund Transfer Act through “litigation” and that when consumers are deceived into sending money to criminals, it’s “not a Citi issue.”
By Dan Ennis • Oct. 9, 2024 -
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Tech costs, regulatory demands among community bankers’ top worries
A recent survey of community bankers also cited cost of funds as a top risk, amid the higher rate environment. “Right now, our motto is ‘Survive until 2025,’” a Pennsylvania community bank CEO said.
By Caitlin Mullen • Oct. 8, 2024 -
Chip Somodevilla via Getty Images
Fed faults Wyoming bank IT exec over document sharing
While IT manager at Bank of Jackson Hole, Lindsay Graves shared 50,000 documents — some of which contained confidential supervisory information — with a former employee, the Federal Reserve said.
By Caitlin Mullen • Oct. 7, 2024 -
Cristian Lourenço / Getty Images via Getty Images
Broker-dealer LPL fires CEO for breaking firm’s code of conduct
Dan Arnold violated LPL’s “commitment to a respectful workplace,” the company said without further details. He’s ineligible for severance and will forfeit much of his equity awards.
By Dan Ennis • Oct. 4, 2024 -
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Fiserv nets special banking charter in Georgia
The payments processor is only the second company to win the charter since the state made it available.
By Patrick Cooley • Oct. 4, 2024 -
Retrieved from OCC.
OCC seeks to halt Illinois card interchange fee law
The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.
By Lynne Marek • Oct. 3, 2024 -
Michael A. McCoy / Stringer via Getty Images
OCC should restrict Citi’s growth, Warren says
The senator cited a four-step framework the OCC's Michael Hsu floated last year, with growth restriction as a follow-up to penalties. Citi’s July penalties merely repeat Step 2, the senator said.
By Dan Ennis • Oct. 3, 2024 -
Michael M. Santiago via Getty Images
SEC enforcement director Grewal to depart
The division’s deputy director Sanjay Wadhwa will become acting director, and chief counsel Sam Waldon will serve as acting deputy director.
By Gabrielle Saulsbery • Oct. 3, 2024 -
Courtesy of Starling Bank
Starling Bank slapped with $38M fine
The U.K.’s financial watchdog called Starling’s financial sanction screening controls “shockingly lax,” and said the challenger bank’s efforts to thwart financial crime failed to keep up with its quick growth.
By Caitlin Mullen • Oct. 2, 2024 -
Oli Scarff via Getty Images
Barclays fined $4M over swap reporting violations
The CFTC noted the bank's “substantial cooperation” led to a reduced penalty in comparison to others levied on Goldman Sachs, JPMorgan and Bank of America.
By Gabrielle Saulsbery • Oct. 2, 2024 -
Mario Tama via Getty Images
Fed lifts 2013 Citi enforcement action
The bank, which had been directed to address anti-money laundering and Bank Secrecy Act deficiencies, is still under Fed and OCC orders related to data and internal controls.
By Caitlin Mullen • Oct. 2, 2024 -
Permission granted by TD Bank
TD to pay regulators $28.5M over spoofing scheme
The broker-dealer arm of the Canadian bank will pay penalties to the DOJ, SEC and FINRA over a former trader’s scheme to place hundreds of fraudulent spoof orders amounting to billions of dollars.
By Caitlin Mullen • Oct. 1, 2024 -
Europe’s other players are watching Commerzbank, UniCredit, too
Executives from BNP Paribas and BBVA weighed in on the state of M&A and offered differing theories about why the continent is falling short globally against Wall Street.
By Dan Ennis • Sept. 27, 2024 -
Alex Wong / Staff via Getty Images
Banks’ use of discount window can be part of the norm: Fed’s Barr
The central bank is exploring targeted adjustments to the current liquidity framework based on the lessons learned from spring 2023 bank failures, the vice chair for supervision said.
By Rajashree Chakravarty • Sept. 27, 2024 -
Chip Somodevilla / Staff via Getty Images
Warren wants regulators to boost NYCB’s capital ratio
The Massachusetts Democrat slammed the Fed and OCC for “lax oversight” of the embattled lender, and called on the agencies to impose stronger controls on the bank.
By Caitlin Mullen • Sept. 26, 2024 -
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Coinbase urges court to force SEC to draft digital asset rules
A lawyer for the crypto exchange said the agency still hasn’t explained its reasoning for denying a request for guidelines as to how it determines what is a security.
By Caitlin Mullen • Sept. 25, 2024 -
Chip Somodevilla / Staff via Getty Images
Lawmakers fret over capital requirements uncertainty
One House Democrat called a subcommittee hearing “premature,” given that a reproposal is not yet concrete. A witness, meanwhile, called the U.S.'s Basel work more “Infinity War” than endgame.
By Caitlin Mullen • Sept. 25, 2024 -
Commerzbank names next CEO amid UniCredit advances
Executives met to discuss strategy after Italy’s UniCredit rapidly amassed a sizable stake in the German bank, in what may be a hostile push to create a European counterbalance to Wall Street.
By Dan Ennis • Sept. 24, 2024 -
Spencer Platt via Getty Images
Most global banks unprepared for climate change risks: report
U.S. banks ranked lowest, by region, in climate adaptation maturity, a Climate X survey of 50 commercial banks found. Bank of America, Citi and PNC scored highest among U.S. banks.
By Suman Bhattacharyya • Sept. 24, 2024
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