Regulations & Policy: Page 3


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    Dan Kitwood/Getty Images News via Getty Images
    Column

    Celsius, Tether and the 'known known'

    Lender Celsius' admission that Tether accepts crypto tokens in exchange for stablecoins should be a bombshell. Rather, it confirms a suspicion regulators held so strongly that they've already penalized Tether for it. Twice.

    By Oct. 19, 2021
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    Courtesy of Coinbase

    Coinbase sees single regulator, new framework for crypto supervision

    The approach would keep companies from having to comply with several agencies, which are adapting old laws to new tech, and help maintain the U.S.'s status as a "shaper" of oversight, Coinbase said.

    By Oct. 18, 2021
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    Trendline

    Fintech disruption in the banking industry

    There are as many schools of thought on how to disrupt the banking space as there are disruptors.

    By Banking Dive staff
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    Megan Quinn/Banking Dive

    Treasury goes into damage control on bank data reporting

    A blog post on the agency's website seeks to clarify what it calls "pernicious" misinformation disseminated by the measure's opponents.

    By Oct. 15, 2021
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    Lintao Zhang via Getty Images

    Quarles' term as Fed vice chair to end without replacement

    The central bank's panel on supervision and regulation will meet "as necessary," and rule-writing or policy changes would need "broad consensus" among Quarles and Fed Governors Lael Brainard and Michelle Bowman.

    By Oct. 13, 2021
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    Chris Hondros via Getty Images

    JPMorgan Chase joins UN's Net-Zero Banking Alliance

    The pledge comes weeks ahead of a United Nations climate-focused conference in Glasgow, but the initiative has drawn blowback from advocates seeking stricter emissions standards.

    By Oct. 11, 2021
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    Permission granted by Office of the Comptroller of the Currency

    LMI lender Oportun withdraws OCC banking charter application

    The company plans "to amend elements" of the application "to reflect changes to our business." But advocacy groups wrote the OCC in August with concern over Oportun's debt-collection practices, which the CFPB is investigating.

    By Oct. 11, 2021
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    Joe Raedle via Getty Images

    Fair-housing group sues Old National over alleged redlining ahead of merger

    Only 37 of the more than 2,250 mortgage loans the bank made in the Indianapolis area in 2019 and 2020 were to Black borrowers, said the Fair Housing Center of Central Indiana, which wants to get the Fed involved.

    By Oct. 8, 2021
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    Mark Wilson via Getty Images

    SBA overpaid $4.5B in EIDL grants, IG report finds

    The agency's inspector general said it found instances where sole proprietors or independent contractors improperly claimed to have as many as 1 million employees.

    By Oct. 8, 2021
  • Capital One gives up predicting office-return timeline

    The bank said it will give employees 30 days' notice before deciding to reopen sometime next year. The indefinite delay marks the bank's second timeline rollback since August.

    By Oct. 8, 2021
  • NatWest faces $463M fine, pleads guilty in AML case

    The bank's cooperation could persuade a judge to reduce the penalty at sentencing in December. The case marks the Financial Conduct Authority's first criminal prosecution of a bank under 2007 anti-money laundering rules.

    By Oct. 7, 2021
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    Bank of America offers $200 award to vaccinated, in-office Merrill Lynch staff

    Eligible staff must come to the office at least eight times between early October and mid-November and be fully vaccinated by mid-November, publications reported.

    By Oct. 7, 2021
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    Green Dot

    Republic Bank sues Green Dot for calling off $165M deal

    The prepaid card company said it was unable to get the Fed's approval or non-objection to the acquisition of Republic's tax refund processing unit. But it's not the only transaction held up by an unresponsive Fed.

    By Oct. 6, 2021
  • Fed inspector general's office to probe officials' trading

    The move came hours after Sen. Elizabeth Warren, D-MA, wrote a letter asking the SEC to look into whether activity by the central bank's vice chair, Richard Clarida, and others violated insider-trading rules.

    By Oct. 5, 2021
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    Chris Hondros via Getty Images

    JPMorgan stiffens vaccination policy

    Unvaccinated staff must be tested for COVID-19 twice a week, and will receive heftier payroll deductions to cover the cost of testing beginning next year, according to an internal memo Monday.

    By Oct. 5, 2021
  • US Postal Service not equipped to handle banking, industry trade groups say

    "The USPS already has its hands full with its current mission and lacks the bandwidth needed to run such a large and complex operation," NAFCU President and CEO Dan Berger said.

    By Oct. 5, 2021
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    Emma Cosgrove/Banking Dive

    Postal banking pilot brings check cashing, bill pay in 4 areas

    The program, launched last month, aims to bring financial services to low- to moderate-income people and is set to expand after the holiday season.

    By Oct. 4, 2021
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    Courtesy of Monzo press kit

    UK challenger Monzo withdraws OCC application

    The company still aims to "build and scale [its] early-stage product offer in the U.S. through existing partners," it said. A debate reportedly rumbled for months within Monzo as to whether the licensing effort was the best use of resources.

    By Oct. 4, 2021
  • First Citizens, CIT extend timeline for $2.2B merger over Fed delay

    The FDIC and a North Carolina regulator have approved the deal, the banks said, adding that they're waiting on the central bank. If the deal is not completed by March 1, either bank may back out, American Banker reported.

    By Oct. 1, 2021
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    Mark Wilson via Getty Images
    Overdraft alternatives

    Regions unveils overdraft alternative

    The Birmingham, Alabama-based bank's new checking account charges $5 monthly to provide overdraft protection without transfer fees.

    By Oct. 1, 2021
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    Chopra screen grab/Banking Dive, data from Screen grab

    Senate confirms Chopra to lead CFPB

    Analysts expect a tenure marked by stiffer penalties. But the bureau has been laying the groundwork for its shift in tone for months.

    By Oct. 1, 2021
  • Warren cites 'grave concern' in opposing Powell on new Fed term

    The Democrat characterized Powell as "dangerous," taking the chair to task on Capitol Hill on Tuesday over three deregulatory actions.

    By Sept. 29, 2021
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    Column

    Deutsche's office siren runs counter to its December plan

    The two lines of thinking can co-exist. Deutsche could eye a return for its 5,000 New York-area employees in the next six months only to see them scatter later, when the sheen of the bank's new U.S. headquarters has worn off.

    By Sept. 29, 2021
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    Courtesy of Wells Fargo multimedia resources

    Wells Fargo fined $37.3M to settle DOJ foreign-exchange case

    The penalty comes in addition to $35.3 million in restitution the bank has paid 771 harmed commercial customers.

    By Sept. 28, 2021
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    SC National Guard. (2018). "180925-Z-XH297-1108" [Photograph]. Retrieved from Flickr.

    New York Fed researchers design climate stress test for banks

    The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.

    By Sept. 27, 2021
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    Chip Somodevilla via Getty Images

    Boston, Dallas Fed chiefs resign amid stock-trading blowback

    Boston's Eric Rosengren cited a worsening kidney condition in his departure. Dallas' Robert Kaplan, however, addressed the controversy head-on. "The recent focus on my financial disclosure risks becoming a distraction," he said.

    By Updated Sept. 28, 2021