Regulations & Policy: Page 39
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Viva Wallet CEO sues JPMorgan, claiming bank is limiting growth
Haris Karonis alleges JPMorgan, which owns 48.5% of Viva, is seizing on "perverse incentives" that allow the bank to take full control of the fintech if its value falls below €5 billion next year.
By Gabrielle Saulsbery • Feb. 15, 2024 -
Permission granted by SoLo Funds
SoLo Funds nears 2M users
The peer-to-peer lending platform has faced some regulatory backlash, but a study from London's Centre for Economics and Business Research shows it's cheaper than many other subprime options.
By Gabrielle Saulsbery • Feb. 14, 2024 -
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TrendlineBanking as a Service
The CEO of a leading BaaS provider began 2025 by saying the regulatory woes for the sector were just beginning. The year is ending on a note of opportunity.
By Banking Dive staff -
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Santander says no breaches of US sanctions found in internal review: reports
The Spanish bank conducted an internal review following a Financial Times report that money held there violated sanctions held by the U.S. against Iran, according to a memo seen by Bloomberg and Reuters.
By Gabrielle Saulsbery • Feb. 14, 2024 -
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IRS sues FDIC to get $1.45B in SVB back taxes
The amount covers corporate income and employment taxes due between 2020 and 2023, but is an estimate because a review of the tax returns is ongoing, the IRS said. The FDIC has denied SVB’s entire tax claim.
By Dan Ennis • Feb. 14, 2024 -
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Bank lobbyists ride a 15-year high
Thanks in part to a contentious capital requirements proposal, banks — especially midsize ones — have their highest lobbyist headcount since 2008, according to OpenSecrets.
By Dan Ennis • Feb. 13, 2024 -
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Citi faces rebukes, new orders from regulators: report
The Federal Reserve sent three notices late last year instructing the lender to improve its data and governance, Reuters reported.
By Rajashree Chakravarty • Feb. 12, 2024 -
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NY AG expands suit against DCG
Attorney General Letitia James initially alleged that Digital Currency Group and others defrauded investors of $1 billion. Now, after hearing from more investors, that number is up to $3 billion.
By Gabrielle Saulsbery • Feb. 12, 2024 -
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Barclays ceases direct funding of new fossil fuel projects
The London-based bank will also require all of its portfolio energy companies to report their scoped emissions reductions targets and any expansion plans by Jan. 1, 2025.
By Lamar Johnson • Feb. 12, 2024 -
Courtesy of U.S. Bank
U.S. Bank, KeyBank, Huntington tagged in $81M round of SEC penalties
KeyBank ($10 million) and U.S. Bank ($8 million) warned investors of the WhatsApp probes in November. Huntington ($1.5 million) self-reported and took the smallest penalty, the SEC said.
By Dan Ennis • Feb. 9, 2024 -
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Yellen backs legislation to avert AI threat to financial stability
Testimony by the Treasury secretary follows a pledge by the Biden administration to seize on the benefits of artificial intelligence while containing its risks.
By Jim Tyson • Feb. 8, 2024 -
Ex-Heartland Tri-State CEO charged with embezzling $47M in crypto
A Heartland customer told authorities he saw a red flag when Shan Hanes, the bank’s CEO until July, asked him for $12 million to help take his money out of a crypto investment, according to Bloomberg.
By Gabrielle Saulsbery • Feb. 8, 2024 -
Courtesy of https://press.bunq.com/media_kits/228411/
Dutch neobank Bunq withdraws application for US banking charter
Bunq is the latest in a line of European neobanks to back out of pursuing a U.S. banking charter, though it stated plans to reapply, American Banker reported.
By Rajashree Chakravarty • Feb. 8, 2024 -
Permission granted by Fiserv
Fiserv CEO details special bank charter pursuit
The processing and acquiring company, which seeks a “very specific” special bank charter, doesn’t intend to compete with its financial institution partners, Fiserv CEO Frank Bisignano said Tuesday.
By Caitlin Mullen • Feb. 7, 2024 -
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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 -
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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 -
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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 -
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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 -
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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 -
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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 -
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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
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