Regulations & Policy: Page 34
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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 -
Explore the Trendline➔
Permission granted by Frost Bank
TrendlineTop 5 stories from Banking Dive
Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.
By Banking Dive staff -
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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 -
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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 -
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Deep DiveBarr 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 -
Justin Sullivan via Getty Images
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 -
Michael M. Santiago via Getty Images
Wells Fargo branch votes to join a union
A second location withdrew its petition. Votes at branches in Florida and California are expected next month. The next step, a collective bargaining agreement, may take more than a year.
By Dan Ennis • Dec. 21, 2023 -
Anna Moneymaker / Staff via Getty Images
Many Americans surprised by overdraft fees, CFPB says
Only 22% of households that were charged an overdraft fee or nonsufficient fund fee within the past year expected their most recent overdraft, the consumer watchdog said in a report Tuesday.
By Anna Hrushka • Dec. 20, 2023 -
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U.S. Bank fined $36M over freezes of COVID-era unemployment benefits
The Minneapolis-based lender flagged a CFPB probe into prepaid card use last year. The OCC added a separate penalty Tuesday.
By Dan Ennis • Dec. 20, 2023 -
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Finma calls for more powers after Credit Suisse’s collapse
Between 2018 and 2022, the Swiss regulator conducted 108 on-site supervisory reviews at Credit Suisse. It found 382 points that required action — 113 of which were classified as high or critical.
By Rajashree Chakravarty • Dec. 19, 2023 -
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Tennessee sues BlackRock over ‘misleading’ ESG strategy
The lawsuit claims the $9.1T firm misled consumers about the scope and effects of its ESG activity, as well as released conflicting statements regarding ESG’s influence over its business decisions.
By Anna Hrushka • Dec. 19, 2023 -
Mario Tama via Getty Images
ColumnCiti’s remote-work memo carries with it an air of mercy
The bank's hybrid workers won't have to return to the office in 2023. That could give them more time to update their resumes, refresh their portfolios and DM some contacts.
By Dan Ennis • Dec. 18, 2023 -
Leon Neal via Getty Images
SEC won’t budge on crypto regulation
In denying a petition submitted by Coinbase, the agency has concluded rulemaking isn’t needed for issuers and intermediaries to know which – and how – crypto assets fit within securities law.
By Robert Freedman • Dec. 18, 2023
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