Regulations & Policy: Page 30
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Spencer Platt / Staff via Getty Images
NYCB enlists ex-Flagstar CEO after Moody’s downgrade
The bank named Alessandro DiNello as executive chair Wednesday and issued updated deposit and liquidity statistics to reassure investors. But some have still filed suit.
By Dan Ennis • Feb. 7, 2024 -
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FNB to pay $13.5M to settle DOJ redlining probe
The bank, between 2017 and 2021, failed to provide mortgage services to predominantly Black and Hispanic neighborhoods in Charlotte and Winston-Salem, North Carolina, the agency said.
By Ken McCarthy • Feb. 6, 2024 -
Explore the Trendlineâž”
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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 -
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Bank groups sue regulators over CRA updates
"[T]he new and unnecessarily complex evaluation could result in banks being forced to close branches or reduce product offerings," according to ICBA CEO Rebeca Romero Rainey.
By Gabrielle Saulsbery • Feb. 6, 2024 -
Spencer Platt / Staff via Getty Images
NYCB’s risk chief left bank ahead of Q4 loss report, stock dip
The bank’s announcement that it would set aside $552 million in loan-loss reserves and cut its dividend came amid pressure from the Office of the Comptroller of the Currency, Bloomberg reported.
By Dan Ennis • Feb. 6, 2024 -
Anna Hrushka/Banking Dive
Republican lawmakers raise concerns over FDITech
“[D]uring your tenure, the FDIC has moved innovation backwards,” the GOP lawmakers noted in the letter to the Federal Deposit Insurance Corp. Chair Martin Gruenberg.
By Rajashree Chakravarty • Feb. 5, 2024 -
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Bank of America trims CEO Brian Moynihan’s pay package to $29M
It marks the third time in four years the U.S.'s second-largest bank has cut its chief executive's compensation. Moynihan now draws even with Wells Fargo CEO Charlie Scharf.
By Dan Ennis • Feb. 5, 2024 -
Just_Super via Getty Images
Genesis Global settles SEC suit for $21M
The settlement will, among other things, "eliminate the risks, expenses, and uncertainty associated with protracted litigation against the SEC."
By Gabrielle Saulsbery • Feb. 2, 2024 -
Mario Tama / Staff via Getty Images
Bank of America expects employee sabbaticals to pay dividends
The Charlotte, North Carolina-based lender’s head of global benefits breaks down this offering — and how it helped her feel refreshed and ready to work.
By Caroline Colvin • Feb. 2, 2024 -
George Dodd via Getty Images
WaFd, Luther Burbank deal gets regulatory nods
The deal is now expected to close by Feb. 29 and the systems and brand integration is to be completed by the first week of March, according to the banks.
By Rajashree Chakravarty • Feb. 1, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC subsidiary City National hit with $65M OCC penalty
The regulator issued a cease-and-desist order mandating the bank improve its strategic plan, as well as its compliance risk management related to BSA/anti-money laundering and fair lending.
By Gabrielle Saulsbery • Feb. 1, 2024 -
ultramarine5 via Getty Images
The banking industry outlook on 2024: The year of wait-and-see
A capital requirements proposal, fintech regulation and the CFPB itself hang in the balance as opinions (from the public and a court) and an ever-ticking clock loom large.
By Dan Ennis • Jan. 30, 2024 -
Retrieved from Senate Banking Committee.
OCC proposes end to expedited merger review
Acting Comptroller of the Currency Michael Hsu also proposed more transparency in the review process for bank deals.
By Gabrielle Saulsbery • Jan. 30, 2024 -
Anna Hrushka/Banking Dive
Column
Dive Deposits: It’s simply the FDIC’s turn to be the black sheep
A onetime FDIC attorney's guilty plea on child-porn charges amps up the outcry from the Senate's most vocal advocate for regime change at the agency.
By Dan Ennis • Jan. 30, 2024 -
The image by Gareth Milner is licensed under CC BY-SA 2.0
Texas AG bans Barclays from state municipal bonds over ESG
The Lone Star state said the ban stems from the bank’s association with the Net Zero Banking Alliance and refusal to provide additional information about its carbon emissions commitments.
By Lamar Johnson • Jan. 29, 2024 -
Retrieved from OCC.
‘Troubled’ Blue Ridge Bank enters consent order with OCC
The OCC alleged that Blue Ridge’s BSA/AML program experienced “systemic internal controls breakdowns,” among other issues, in its second regulatory action against the bank in 18 months.
By Gabrielle Saulsbery • Jan. 29, 2024 -
Drew Angerer via Getty Images
Bank of America, Wells Fargo announce bonuses to rank and file
About 97% of BofA’s workforce will get restricted stock bonuses worth a collective $800 million, while Wells Fargo employees who make less than $75,000 are eligible for cash awards of $1,000.
By Rajashree Chakravarty • Jan. 26, 2024 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo gives CEO Charlie Scharf an 18.4% raise, to $29M
The bank said Thursday it would have paid its top executive $30.3 million for 2023, but Scharf requested the compensation panel "exercise negative discretion" because "more work remains ahead."
By Dan Ennis • Jan. 26, 2024 -
4 BMO bankers fired, 2 resign after bullying probe: report
An investment banker in the Toronto office of BMO’s mining group was subjected to homophobic slurs and targeted in person and virtually on Microsoft Teams, four sources told The Globe and Mail.
By Dan Ennis • Jan. 25, 2024 -
Chip Somodevilla via Getty Images
CFPB eyes NSF fee ban for transactions declined in real time
It’s an uncommon penalty, but the watchdog asserts that as technology advances, financial institutions may be able to block more transactions at the time of a swipe, tap or click.
By Gabrielle Saulsbery • Jan. 25, 2024 -
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Bank of America’s latest office attendance tool: the ‘letter of education’
The bank began sending notices last fall threatening disciplinary action against employees who repeatedly flout the in-office work policy, according to a report.
By Dan Ennis • Jan. 24, 2024 -
Michael M. Santiago / Staff via Getty Images
Binance, SEC face off in court
For the second time in one week, the Securities and Exchange Commission sought to convince a judge that crypto is a security, and a crypto company sought to convince her of the opposite.
By Gabrielle Saulsbery • Jan. 23, 2024 -
Anna Hrushka/Banking Dive
Ex-Boston, Dallas Fed chiefs cleared in OIG stock-trading report
The officials did not violate the law, but their trades created an “appearance of a conflict of interest” that undermined public confidence in the central bank, the Fed watchdog found.
By Anna Hrushka • Jan. 23, 2024 -
Bet_Noire via Getty Images
Fed, NYDFS fine Chinese bank ICBC $32.4M
“Regulated institutions must be held accountable for failing to adhere to New York’s rigorous legal and regulatory standards,” NYDFS Superintendent Adrienne Harris said Friday.
By Rajashree Chakravarty • Jan. 22, 2024 -
Sukanya Sonlila via Getty Images
BaaS to require strong commitment, investment in 2024, experts say
While demand for embedded banking services will continue to propel the BaaS space, experts say regulatory scrutiny will likely separate committed banks from those with a casual interest in the model.
By Anna Hrushka • Jan. 22, 2024 -
Sean Gallup via Getty Images
BlackRock eases ESG messaging amid increased scrutiny
The asset manager’s investment stewardship and Q4 earnings report signal a pivot on BlackRock’s language on climate change and corporate sustainability initiatives.
By Zoya Mirza • Jan. 19, 2024
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