Regulations & Policy: Page 3

PPP would get $284B under coronavirus aid bill

A $2.3 trillion bill the Senate and House passed Monday touches all three of 2020's most notable loan types. The Main Street program, set to wind down Dec. 31, has seen its lending power double in the past five weeks.

By Dan Ennis • Dec. 21, 2020

Robinhood agrees to pay $65M to settle SEC charges

Customers lost $34 million from 2016 to 2019 by trading on Robinhood instead of through other brokers, the SEC said. Massachusetts officials a day earlier accused the company of manipulating customers with "gamification" strategies.

By Dan Ennis • Dec. 17, 2020

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Trendline

The Banking Dive Outlook on 2021

There are three ways to keep the narratives surrounding cryptocurrency, fair lending and the fight for racial equality in finance from losing steam.

By Banking Dive staff

Citi to offer employees 12-week sabbaticals starting next year

The pandemic-inspired perk comes with a catch: Eligible workers would get only 25% of their base pay during their time away. The bank will also let employees buy up to five extra vacation days per year starting in 2021.

By Dan Ennis • Dec. 17, 2020

FDIC releases final rule on controversial ILC charters

The rule, which opponents argue eases the path for commercial companies to operate as banks without Federal Reserve oversight, comes as a growing number of nonbanks have recently applied for ILC charters.

By Anna Hrushka • Dec. 16, 2020

FDIC, OCC proposal would give banks 36 hours to report cyberattacks

Under the proposal, a bank's technology vendor would have to notify affected customers immediately of any incident that disrupted services for four hours or more.

By Dan Ennis • Dec. 16, 2020

Fed joins global climate-focused network of central banks

Fed membership in the Network for Greening the Financial System was one of 53 actions a CFTC panel suggested this year to manage climate-related risk and signals the central bank is taking the fight more seriously.

By Dan Ennis • Dec. 16, 2020

Crypto firms Paxos, BitPay apply for national bank charters

The OCC has taken a series of crypto-friendly actions under acting Comptroller Brian Brooks as lawmakers and trade groups continue to push back.

By Anna Hrushka • Dec. 14, 2020

Banks could face deadline for board diversity requirements

While most of Nasdaq's companies would have at least one woman director, many fail on the second tenet: to include an underrepresented minority.

By Anna Hrushka • Dec. 10, 2020

AML reform measure would shift burden from banks to clients

U.S. corporations would have to register the identity of their beneficial owners in a FinCEN database, taking the data-collection onus off banks. President Trump has threatened to veto the defense bill in which the measure is couched.

By Dan Ennis • UPDATED: Dec. 12, 2020 at 5:41 p.m.

Former banking regulators Bair, Curry join Wealthfront's new advisory group

The fintech said the advisory group will play a crucial role in navigating regulatory efforts as it moves deeper into the banking ecosystem.

By Anna Hrushka • Dec. 09, 2020

Dive Awards

The Banking Dive Awards for 2020

The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.

By Banking Dive Team • Dec. 09, 2020

Dive Awards

Executive of the Year: Jill Castilla, Citizens Bank of Edmond

"A little bank in Oklahoma with one location can have a seat at the table because we have a network," Castilla said.

By Anna Hrushka • Dec. 09, 2020

How Bank of America's small-business strategy laid groundwork for PPP efforts

A 'digital plus human' strategy, combined with ongoing tech investments, helped position the nation's second-largest bank to deliver more than 343,000 of the coronavirus aid loans.

By Suman Bhattacharyya • Dec. 08, 2020

CFPB sues LendUp for allegedly violating Military Lending Act

The bureau alleges the lender made over 4,000 single-payment or installment loans to more than 1,200 covered borrowers in violation of a federal law that caps interest rates at 36% for active-duty service members.

By Anna Hrushka • Dec. 07, 2020

Special IG probes Mnuchin's decision to claw back Fed funds

The watchdog is also looking into the role Sen. Ted Cruz, R-TX, played in persuading the Fed to expand the rules governing the Main Street Lending Program so oil and gas companies would be eligible.

By Anna Hrushka • UPDATED: Feb. 2, 2021 at 11:29 a.m.

Facebook-led digital currency, renamed Diem, could launch in January

"We like the connotation of it kind of being a new day for the project," said the group's CEO, Stuart Levey, referring to the moniker's use of the Latin word for "day."

By Anna Hrushka • UPDATED: Dec. 1, 2020 at 11:11 a.m.

OCC fines JPMorgan $250M over weak controls in its advisory business

Last week's fine from the OCC comes amid a surge of settlements some banks may be looking to secure before the Biden administration takes office.

By Anna Hrushka • Nov. 25, 2020

OCC proposes scoring framework for CRA exams

Banks that see a 10% or greater drop in lending or investment in low- and moderate-income areas, compared with their historical data, will receive a "downward adjustment." But first, the OCC requires four types of data.

By Dan Ennis • Nov. 25, 2020

LMI lender Oportun applies for national banking charter

Ten companies applied with the regulator in fiscal 2020 — the most in a decade. Oportun's filing is the second of fiscal 2021.

By Dan Ennis • Nov. 24, 2020

Banks whose assets grew amid PPP get temporary relief from regulators

The interim final rule will give banks more time to either reduce their balance sheets or prepare for the stricter regulatory and reporting standards associated with the higher asset thresholds, the agencies said.

By Anna Hrushka • Nov. 23, 2020

OCC proposal prohibits banks from denying lending to oil, gun companies

The 45-day comment period is uncommonly short, but may allow the agency a brief window to issue the rule before the Biden administration is expected to take office Jan. 20.

By Dan Ennis • Nov. 23, 2020

Fed capitulates on Mnuchin's request to return unused COVID funds

"We will work out arrangements with you" regarding the wrap-up of several lending facilities Dec. 31, Fed Chair Jerome Powell wrote Friday in a letter posted on the central bank's website.

By Dan Ennis • UPDATED: Nov. 23, 2020 at 5:34 a.m.

Montana banks prepare to navigate regulatory haze upon legalizing pot

"At this point, we're all just holding our breath, hoping we figure it out and the banks stay out of trouble," the president and CEO of the Montana Bankers Association said.

By Anna Hrushka • Nov. 18, 2020

Trump aims to nominate OCC's Brooks to 5-year term

A Senate panel — and then the full Senate — must approve the nomination before Jan. 20. But a Biden administration can also lean on untested legal authority to try to replace Brooks with its own nominee.

By Dan Ennis • Nov. 18, 2020

Court dismisses loan agents' case seeking cut of banks' PPP processing fees

Plaintiffs alleged the CARES Act entitles them to up to 1% of the processing fees. A judge on Monday said the complaint was "too generalized," but gave the agents 21 days to file a new claim.

By Dan Ennis • Nov. 18, 2020