Regulations & Policy: Page 51
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14 Republican AGs probe 6 big banks’ climate pledges
The banks’ involvement in the Net-Zero Banking Alliance will prevent farmers from getting loans, Missouri Attorney General Eric Schmitt said.
By Gabrielle Saulsbery • Oct. 20, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
Appeals court rules CFPB funding structure unconstitutional
Because the CFPB receives funds from the Federal Reserve and not Congress, the bureau’s funding apparatus violates the separation-of-powers principles in the U.S. Constitution, the court ruled.
By Anna Hrushka • Oct. 20, 2022 -
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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 of America issues revamped office-return policy
Employees with job profiles that support a split schedule will work in the office at least three days a week, the bank said.
By Dan Ennis • Oct. 19, 2022 -
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Texas securities regulators investigate FTX, Sam Bankman-Fried
FTX shouldn't be allowed to buy Voyager's digital assets while the regulator is looking into whether the company is illegally offering interest-bearing accounts, an enforcement official asserted.
By Gabrielle Saulsbery • Oct. 18, 2022 -
Anna Hrushka/Banking Dive
Atlanta Fed chief discloses violations, reigniting ethics scandal
Paperwork filed Friday included previously unreported sales or purchases of mutual funds, some of which were settled on dates within blackout periods.
By Dan Ennis • Oct. 17, 2022 -
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Sponsored by Bridgeforce LLCIn this era of increased regulatory scrutiny, this is where credit furnishers are most vulnerable
A perfect storm is brewing for credit reporting and disputes management. See why and how to minimize risk.
By Michael Orefice • Oct. 17, 2022 -
Courtesy of U.S. Bank
Regulators approve U.S. Bank-MUFG Union merger
The green light came as the Fed proposed requiring banks with $250 billion to $700 billion in assets to carry long-term debt that could be converted into equity in the event of failure.
By Dan Ennis • Oct. 14, 2022 -
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Warren roasts Wells Fargo’s ‘severely bad performance’ on Zelle fraud
Four of the seven banks that own Zelle reported specific data to the senator, but she focused on Wells CEO Charlie Scharf specifically in a letter Thursday.
By Gabrielle Saulsbery • Oct. 14, 2022 -
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Wells Fargo takes $2B in Q3 operating losses
“As we have said several times, we remain at risk of setbacks as we … put these issues behind us,” CEO Charlie Scharf said of the bank’s litigation charges, customer remediation and “historical” regulatory matters.
By Dan Ennis • Oct. 14, 2022 -
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Fed bans 5 ex-bankers over EIDL, PPP fraud
The employees — from Ally, Regions, First Horizon and Bank of America's Merrill Lynch — obtained loans or grants of up to $112,500 and used the funds for unauthorized personal expenses, the Fed said.
By Dan Ennis • Oct. 14, 2022 -
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Custodia Bank accuses Fed of favoritism toward BNY Mellon
The Wyoming-based bank said the Fed’s warning last week on crypto is counter to allowing BNY Mellon to hold and transfer digital assets.
By Anna Hrushka • Oct. 13, 2022 -
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Column4 takeaways from Michael Barr’s DC Fintech Week speech
The Federal Reserve’s vice chair for supervision stressed caution with banks’ ties to crypto and spotlighted what sets stablecoins apart from other digital assets.
By Dan Ennis • Oct. 13, 2022 -
Permission granted by Edward Jones
Edward Jones withdraws ILC charter application
The investment firm cited “the current environment” and “recent conversations” with the FDIC as its reasons for dropping the effort. The charter has drawn pushback from trade groups, lawmakers and the man who now leads the FDIC.
By Dan Ennis • Oct. 12, 2022 -
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Crypto exchange Bittrex to pay $29M to settle AML, sanctions charges
The exchange failed to file any suspicious activity reports for more than three years and allowed customers in Syria, Sudan, Iran, Cuba and the Crimea to make tens of thousands of transactions, two Treasury offices said Tuesday.
By Dan Ennis • Oct. 12, 2022 -
Retrieved from Senate Banking Committee.
OCC wants more data on banks’ crypto-related activities
Banks are already required to seek the OCC’s non-objection before engaging in crypto activity. But further enhancements may be needed “to track the risk of cross-contagion,” Acting Comptroller Michael Hsu said.
By Anna Hrushka • Oct. 11, 2022 -
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Goldman Sachs to pare back consumer ambitions: report
The investment bank’s pivot could usher in a potential reorganization of Goldman’s business lines, its third in four years, and comes amid regulator scrutiny of the bank’s consumer-focused products.
By Anna Hrushka • Oct. 10, 2022 -
Permission granted by Fibre Box Association
3 big US banks reportedly consider leaving climate alliance
Alleged differences between coal-related guidance from a U.N.-tied group and U.S. antitrust law highlights an uphill battle ahead of an annual climate summit.
By Dan Ennis • Oct. 10, 2022 -
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Bank of America to pay $1.84B to settle last Countrywide case
The bank will incur a $354 million third-quarter pretax expense from the settlement, to be reported at earnings Oct. 17.
By Gabrielle Saulsbery • Oct. 7, 2022 -
Drew Angerer/Getty Images via Getty Images
What decriminalization could mean for cannabis banking
De-scheduling the drug may take away the fear of prosecution, but some analysts argue the compliance burden may actually increase.
By Anna Hrushka • Oct. 7, 2022 -
Permission granted by Walden Mutual Bank
FDIC approves first new US mutual bank in 50 years
New Hampshire-based Walden Mutual aims to provide loans along the entire farm ecosystem to build a more inclusive, sustainable and local food system, the bank’s CEO said.
By Anna Hrushka • Oct. 6, 2022 -
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Fed approves FNB’s $117M deal to expand in NC
The $117 million acquisition of Greenville, North Carolina-based UB Bancorp marks the rare instance, of late, in which a bank deal may close within the time frame executives initially expected.
By Dan Ennis • Oct. 6, 2022 -
PPP loan servicer KServicing files for bankruptcy amid fraud probes
The firm, formerly known as Kabbage, is using the bankruptcy process to obtain a reprieve from having to defend against several federal and state investigations, the company’s restructuring adviser said.
By Anna Hrushka • Oct. 5, 2022 -
Anna Hrushka/Banking Dive
5 takeaways from the FDIC acting chief’s climate comments
Among other warnings, the regulator asserted community banks face greater risk than large ones.
By Gabrielle Saulsbery • Oct. 4, 2022 -
Banks reimburse less than half of Zelle-related fraud claims, Warren says
The senator pushed to bolster a key CFPB rule after releasing a report tallying claims of fraud and scams on the P2P platform submitted by Truist, PNC, U.S. Bank and Bank of America.
By Dan Ennis • Oct. 4, 2022 -
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FSOC wants legislation to fill crypto sector oversight gaps
The panel wants regulators to work in tandem to issue rules that would help prevent regulatory arbitrage in the sector.
By Anna Hrushka • Oct. 4, 2022
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