Regulations & Policy: Page 31
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OCC’s Hsu calls for ‘better brakes’ to stave off bank runs
The acting comptroller wants regulators to implement a "targeted liquidity requirement" by which banks would be required to hold sufficient liquidity to cover stress outflows over a five-day period.
By Anna Hrushka • Jan. 19, 2024 -
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Deep Dive9 capital-requirements comments to watch
Fed governors, trade groups, housing advocates, academics, bank CEOs and even Basel itself have had choice words for the most contentious proposal in decades.
By Dan Ennis • Jan. 19, 2024 -
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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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Coinbase, SEC face off in court
Coinbase is seeking the dismissal of an SEC lawsuit which accused the crypto exchange of trading more than a dozen tokens that should have been registered as securities.
By Gabrielle Saulsbery • Jan. 18, 2024 -
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Patriot Bank to pay $1.9M to settle DOJ redlining probe
From 2015 through at least 2020, other banks received nearly 3.5 times as many loan applications as Patriot in majority-Black and Hispanic neighborhoods in Memphis, the agency said.
By Rajashree Chakravarty • Jan. 18, 2024 -
Courtesy of The Consumer Financial Protection Board.
CFPB proposal would cut overdraft fees as low as $3
Overdraft fees would be reclassified as extensions of credit, forcing banks to disclose an APR. Banks would also choose whether to charge customers a "break-even" fee or an amount set by the CFPB.
By Dan Ennis • Jan. 17, 2024 -
Anna Hrushka/Banking Dive
Top 6 banks dole out $9.4B toward FDIC special fee in Q4
JPMorgan Chase paid the largest share, at $2.9 billion, to replenish the agency’s deposit insurance fund following last year's bank failures. The bank reported $49.6 billion in annual net income.
By Anna Hrushka • Jan. 16, 2024 -
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Fed bans ex-banker, fines 3 others over data handling
A Wyoming bank’s former CFO received more than 280,000 electronic documents — some containing confidential supervisory information — shortly after he was terminated from the bank in 2019, the Fed said.
By Dan Ennis • Jan. 16, 2024 -
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Genesis Global Trading to pay $8M fine, surrender BitLicense
The Digital Currency Group subsidiary has been winding down since September. New York's crypto czar penalized it Friday for failing to comply with regulations while in operation.
By Gabrielle Saulsbery • Jan. 16, 2024 -
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Morgan Stanley to pay $249M to resolve block-trading probe
The bank signed a three-year nonprosecution agreement with the Justice Department. Former bank executive Pawan Passi agreed to a one-year ban from the securities industry and will pay a $250,000 fine.
By Dan Ennis • Jan. 12, 2024 -
Permission granted by Circle
Stablecoin issuer Circle files for IPO
Circle, which issues the USDC stablecoin, said Thursday it filed confidential paperwork with the Securities and Exchange Commission — one day after the SEC's approval of 11 spot bitcoin ETFs.
By Gabrielle Saulsbery • Jan. 11, 2024 -
Permission granted by TD Bank
TD execs knew in November 2022 about DOJ’s probe into AML: report
Regulatory scrutiny of TD's AML practices has long been rumored as the catalyst for the May 2023 collapse of the bank's proposed $13.4 billion acquisition of First Horizon.
By Dan Ennis • Jan. 11, 2024 -
Courtesy of Revolut Press Kit
Revolut hit with biometric ID class action in Illinois
Several tech companies have been hit with lawsuits under Illinois' Biometric Information Privacy Act in recent years.
By Gabrielle Saulsbery • Jan. 10, 2024 -
Win McNamee via Getty Images
Deep Dive
Barr hints at looming changes for emergency fund, capital requirements
A post-SVB lending facility may end in March as scheduled, the Fed supervisory czar indicated. Meanwhile, the public looks to get a louder say on the impact of new capital rules.
By Dan Ennis • Jan. 10, 2024 -
Anna Hrushka/Banking Dive
Biden taps new FDIC IG amid sexual misconduct probe
Jennifer Fain has served more than 22 years at various offices of inspector general and was nominated by the president in September to lead the FDIC OIG, before the misconduct allegations emerged.
By Rajashree Chakravarty • Jan. 9, 2024 -
5 banking trends to watch in 2024
Banking observers will watch this month’s earnings for clues as to whether 2023’s crisis can return. The capital-requirements debate and a CFPB-focused Supreme Court case also warrant attention.
By Gabrielle Saulsbery , Rajashree Chakravarty , Anna Hrushka , Dan Ennis • Jan. 9, 2024 -
Anna Hrushka/Banking Dive
3 takeaways: FDIC’s McKernan puts asset managers, wait times in focus
The FDIC should take a closer look at interactions between Vanguard, BlackRock or State Street and publicly traded banking organizations, agency board member Jonathan McKernan said.
By Gabrielle Saulsbery • Jan. 8, 2024 -
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Binance.US taps chief compliance officer
Lesley O’Neill joins Binance.US after two years holding a similar position at digital identity verification fintech Prove Identity.
By Gabrielle Saulsbery • Jan. 5, 2024 -
Kevin Dietsch via Getty Images
House Financial Services stalwart Luetkemeyer to leave Congress
Blaine Luetkemeyer’s exit brings uncertainty as to who might replace Rep. Patrick McHenry, R-NC, as chair of the House Financial Services Committee.
By Anna Hrushka • Jan. 5, 2024 -
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St. Louis Fed hires ex-NY Fed exec as next president
Alberto Musalem’s hire marks the second high-profile Fed role taken by a Hispanic economist in the past year. He’ll start April 2 and succeed James Bullard, who stepped down in August.
By Rajashree Chakravarty • Jan. 5, 2024 -
Michael M. Santiago via Getty Images
New Hampshire bill would make use of ESG in investments a felony
The bill would punish “knowingly” using ESG factors in investment decisions with up to 20 years in prison. The state’s House of Representatives will hold a public hearing Feb. 1 to receive feedback.
By Lamar Johnson • Jan. 4, 2024 -
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Wells Fargo workers in Delaware file for union election
Wells employees at several branches nationally have made clear their intent to unionize. Late last month, a branch in New Mexico became the first to vote to do so.
By Gabrielle Saulsbery • Jan. 4, 2024 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
Bank groups flag concerns with CFPB’s open banking proposal
The Bank Policy Institute and The Clearing House want the consumer watchdog to take a tougher stance on screen scraping, and allow banks to charge fees to cover the cost of enabling data sharing.
By Anna Hrushka • Jan. 3, 2024 -
Anna Hrushka/Banking Dive
Fed’s 12 regional banks adopt records transparency policy
The policy, released by the New York Fed, will be effective Jan. 1 and “seeks to simplify and standardize the Federal Reserve Banks’ public information request process,” the central bank said.
By Rajashree Chakravarty • Dec. 22, 2023 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
Canada approves RBC’s $10B deal for HSBC unit
The largest domestic deal in Canadian history comes with strings. Notably, RBC must establish a global banking hub in Vancouver and boost staffing by 10% at its client operations center in Winnipeg.
By Dan Ennis • Dec. 22, 2023 -
Chip Somodevilla via Getty Images
Biden vetoes lawmakers’ efforts to roll back CFPB data collection rule
“If enacted, this resolution would harm all those that stand to benefit from expanded transparency and accountability,” the president said Tuesday.
By Rajashree Chakravarty • Dec. 21, 2023
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