CFPB warns card issuers on credit reports

The agency has threatened action over card issuers not reporting full consumer payment data for tracking credit histories.

By Lynne Marek • Feb. 21, 2023

SEC sues Terra founder Do Kwon in alleged securities fraud

Kwon repeatedly touted Terra as “yield-bearing” and told investors it would pay as much as 20% interest, the SEC said. Terra depegged from the U.S. dollar in May, destabilizing the crypto market.

By Gabrielle Saulsbery • Feb. 17, 2023

Explore the Trendline➔

The 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

TD lays out 5-year, $50B community benefits plan tied to merger

The bank pledged to open at least 25 new branches and 25 ATMs in low- to moderate-income or majority-nonwhite markets, and to boost residential mortgage loans by 65% for LMI and nonwhite borrowers.

By Dan Ennis • Feb. 16, 2023

Pinwheel pushes for payroll data inclusion in open banking rule

“How could you possibly argue that how much you make isn’t your data?” Pinwheel CEO Kurtis Lin said. “From where we sit, it feels like a no-brainer.”

By Anna Hrushka • Feb. 15, 2023

10 possible replacements for the Fed’s Lael Brainard

The central bank's vice chair resigned Tuesday to work for the White House. The challenge is finding a nominee with institutional knowledge, the respect of the Fed and acceptance from Capitol Hill.

By Dan Ennis • Feb. 15, 2023

Delays in merger review should not become the norm: Fed’s Bowman

The 11 merger applications that received adverse public comments in the first half of 2022 were approved in 197 days, on average, compared with 65 days for those with no public comments, Bowman said.

By Rajashree Chakravarty • Feb. 14, 2023

TD launches credit program for Black entrepreneurs

The Canadian bank’s latest effort to expand credit access to an underserved group will likely be touted to regulators and community groups as it looks to gain support ahead of its planned acquisition of First Horizon.

By Anna Hrushka • Feb. 14, 2023

Key merger metric doesn’t account for online banking, nonbanks: OCC

The Herfindahl-Hirschman Index, which measures a bank’s market presence based on deposit share, is becoming a less effective predictor of competition across product lines, the agency’s chief counsel said.

By Anna Hrushka • Feb. 13, 2023

Kraken ends its crypto staking program, will pay SEC $30M

SEC Commissioner Hester Peirce dissented on the agency's enforcement, calling it something a “paternalistic and lazy regulator” would do.

By Gabrielle Saulsbery • Feb. 10, 2023

Cloud providers pose potential risk to banking sector: Treasury report

The report cautions against letting a growing number of financial institutions rely on a relative handful of cloud providers to support remote work and promote innovation.

By Rajashree Chakravarty • Feb. 9, 2023

54 nonprofits oppose WaFd, Luther Burbank merger

A group led by the California Reinvestment Coalition wrote the FDIC with concerns that the deal poses fair-housing and systemic-risk concerns.

By Gabrielle Saulsbery • Feb. 9, 2023

Fed’s Barr urges banks to ‘eradicate’ discrimination

Barr encouraged banks to analyze their own lending decisions, focus on diversity within their organizations and recognize the "long shadow" of inequality.

By Rajashree Chakravarty • Feb. 8, 2023

Biden unfairly lumps overdraft with ‘junk fees,’ trade groups say

“Instead of mischaracterizing an entire industry, policymakers ... should work in tandem with banks” to expand consumers’ access to financial tools that will help them weather economic challenges, CBA CEO Lindsey Johnson said.

By Anna Hrushka • Feb. 8, 2023

Fed’s Powell sees ‘significant road ahead’ to curb inflation

The central bank’s policymakers will probably push up borrowing costs at coming meetings even though some measures of inflation have eased somewhat, Powell said.

By Jim Tyson • Feb. 7, 2023

House Republicans target SEC climate risk rule

The Financial Services Committee chair announced Friday the creation of a Republican group focused on vetting Biden administration proposals promoting environmental, social and governance best practices.

By Jim Tyson • Feb. 6, 2023

Small banks, fintechs ask CFPB for more time to phase out screen scraping

A CFPB proposal aims to eliminate screen scraping by requiring banks to establish APIs, standardized software widely regarded as a more secure way to connect consumers’ accounts to financial apps.

By Anna Hrushka • Feb. 1, 2023

NYCB to close 69% of Flagstar’s mortgage offices

The move lends credence to reports of hundreds of layoffs last week and presumably means the bank will no longer offer new mortgage lending outside its nine-state branch footprint.

By Dan Ennis • Feb. 1, 2023

PPP, EIDL borrowers with ‘questionable’ Social Security numbers got $5.4B: panel

The SBA disbursed loans to 69,323 applicants with SSNs that either didn’t exist or didn’t match name or birth date information, the Pandemic Response Accountability Committee found.

By Gabrielle Saulsbery • Jan. 31, 2023

Crypto bank Anchorage Digital names execs to compliance, BSA posts

The eight-move revamp of C-suite and other leading posts comes nine months after the OCC ordered the digital bank to fix BSA and anti-money laundering shortcomings.

By Dan Ennis • Jan. 31, 2023

Citizens Bank continues auto-loan pullback

The Providence, Rhode Island-based lender aims to scale back its portfolio in that segment to between $5 billion and $6 billion by 2024, CEO Bruce Van Saun told Reuters. That’s down from $14.5 billion in December 2021.

By Dan Ennis • Jan. 31, 2023

Custodia Bank denied Fed membership, master account

The Fed said Custodia’s crypto-focused business model "presented significant safety and soundness risks.” The bank said it would continue pursuing its claims in court.

By Anna Hrushka • Jan. 30, 2023

2023: Same regulatory challenges—different (and better) approaches to furnishing

Consumers and regulatory agencies are demanding tougher and higher standards from lenders. See trends in credit furnishing and disputes to help you face this year’s challenges.

By Dianna Cooper • Jan. 30, 2023

Goldman Sachs cuts CEO Solomon’s pay by 28.6%

The drop to $25 million for 2022 means JPMorgan Chase's Jamie Dimon will most likely retain the title of top-paid U.S. Wall Street bank chief.

By Dan Ennis • Jan. 27, 2023

Wells Fargo holds CEO Scharf’s pay steady at $24.5M

The bank targeted a 10.2% pay increase — and Scharf's performance warranted more, Wells said. But the CEO said a raise would be inappropriate given the work that remains in transforming the bank, according to a filing.

By Dan Ennis • Jan. 27, 2023

Warren asks Congress to help SEC fight crypto fraud

The Democratic senator called SEC Chair Gary Gensler “the right leader to get the job done,” but said regulators need to do more to bolster their scrutiny of the industry.

By Anna Hrushka • Jan. 26, 2023