Senators push for cannabis banking legislation in competition bill

Nineteen Senate Democrats and five Republicans wrote the majority and minority leaders as both chambers of Congress prepare to discuss the final bill over the coming weeks.

By Anna Hrushka • May 13, 2022

Dallas Fed picks NY Fed insider as its next president

The bank "chose to perpetuate a legacy that has largely excluded Latino voices at all levels," Sen. Bob Menendez, D-NJ, and Rep. Raul Ruiz, D-CA, said Wednesday, a week after urging the Dallas Fed to select a Latino leader.

By Dan Ennis • May 12, 2022

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

Connecticut issues cease-and-desist order over fintech’s ‘tip’ structure

Including tips, the annual percentage rates on loans made to SoLo Funds borrowers in Connecticut ranged from 43% to 4,280% between June 2018 and August 2021, the state's banking commissioner said.

By Robin Bradley • May 12, 2022

Senate confirms Jefferson to Fed board in 91-7 vote

A vote on Jerome Powell's renomination to lead the central bank is expected Thursday. The Senate Banking Committee is set to hold a hearing May 19 for Michael Barr, a nominee for the last open Fed board seat.

By Dan Ennis • May 12, 2022

Yellen urges stricter stablecoin regulation this year, amid TerraUSD crash

The coin, which relies on an algorithm rather than being backed by dollar reserves, plummeted to 23 cents Wednesday, according to CoinDesk.

By Robin Bradley • May 11, 2022

Senate confirms 1st Black woman Fed governor

Democrats needed a tie-breaking vote from Vice President Kamala Harris to put Michigan State University economist Lisa Cook on the seven-seat board. Votes for nominees Philip Jefferson and Jerome Powell are expected this week.

By Dan Ennis • May 11, 2022

U.S. Bank lays out $100B community benefits plan tied to merger

U.S. Bank agreed to increase mortgage lending by 20% nationally and by 30% to nonwhite and LMI borrowers in California. The bank also must analyze demographics and consider community input before closing LMI-area branches.

By Robin Bradley • May 10, 2022

OCC reviews bank merger framework alongside DOJ, other regulators

The OCC is weighing how it can incorporate public input and is leaning toward holding public meetings on tie-ups involving large banks, Acting Comptroller Michael Hsu said Monday.

By Anna Hrushka • May 10, 2022

Judge dismisses Wells Fargo commercial lending class-action suit

Investors led by a retirement fund for Hawaii state employees failed to prove the bank unjustifiably inflated loans, understated loss reserves or misstated its practices, a judge ruled Friday.

By Robin Bradley • May 9, 2022

Lawmakers push Dallas Fed to name Latino as next leader

The vacancy presents a "key opportunity" because the bank's district serves a population that is 40% Latino, wrote four Democratic senators and 18 House members.

By Dan Ennis • May 6, 2022

Bank of America, JPMorgan, Goldman consider abortion travel policies

"With all things like this, we look at what our team needs from us," Bank of America CEO Brian Moynihan told CBS. A leaked Supreme Court draft opinion ignited a political firestorm tied to the possible overturn of Roe v. Wade.

By Anna Hrushka • May 6, 2022

Fed, OCC, FDIC issue revamped CRA proposal

The measure would require large banks to consider areas with concentrations of mortgage and small-business lending. The proposal also clarifies which activities constitute community development.

By Dan Ennis • May 5, 2022

Democratic senators zero in on overdraft fees at hearing

Sen. Elizabeth Warren, D-MA, and two other lawmakers urged the CEOs of JPMorgan Chase, Bank of America and Wells Fargo to reconsider the practice, in letters published Wednesday.

By Robin Bradley • May 5, 2022

CFPB fines Bank of America $10M over illegal garnishments

The bank "unlawfully froze customer accounts, charged garnishment fees, garnished funds, and sent payments to creditors based on out-of-state garnishment court orders," the bureau said.

By Anna Hrushka • May 4, 2022

PPP 2 years later: Analyzing the legacy and impact of the $800B government relief program

Lenders and banking industry experts reflect on the lessons learned from the government's small-business rescue program, and what lies ahead for its participants.

By Anna Hrushka • May 4, 2022

SEC to nearly double crypto enforcement unit

The agency is adding 20 supervisors, investigative staff attorneys, trial counsels and fraud analysts to an already 30-strong team. 

By Robin Bradley • May 3, 2022

Citi's role in 'flash crash' reinforces perils of manual transactions

Nasdaq said it won't cancel any trades from Monday that pushed European indexes down as much as 8% in five minutes. Unlike in 2020, the damage from a Citi employee's hands wasn't contained to the bank.

By Dan Ennis • May 3, 2022

GOP senators follow House Republicans in seeking Citi contract's end

The bank's decision to cover travel costs for abortion is not a political statement, but a long-standing company policy, CEO Jane Fraser said last week at Citi's annual general meeting.

By Anna Hrushka • May 2, 2022

OCC lifts 2012 consent order against Citi

The regulator did not comment on the action, but Citi CEO Jane Fraser, in a memo, said it gives the bank "confidence that we can address long-standing issues in our risk and control environment" as it continues its tech revamp.

By Dan Ennis • April 29, 2022

NYCB, Flagstar extend merger timeline, propose charter change

A national bank charter would put the combined entity under the purview of the OCC and require Fed sign-off — a prospect that allegedly killed a proposed NYCB deal in 2016.

By Dan Ennis • April 28, 2022

Senate Democrats grill Zelle for data, responsibility in alleged fraud

The immediacy of transfers through the platform leaves consumers with "no option to cancel a transaction even moments after authorizing it," leading banks to argue they don't have to return money, lawmakers said.

By Robin Bradley • April 27, 2022

Drama over Fed nominee Cook overshadows Brainard confirmation

The Senate confirmed Lael Brainard as the central bank's No. 2, but a key Republican forced a vote on another nominee who had no GOP support at a time when three Democrats were absent with COVID-19.

By Dan Ennis • April 27, 2022

Shareholder proposals on climate fail to gain traction at 3 major banks

A move to limit Citi from lending and underwriting new oil and gas projects garnered 12.8% support. Similar proposals at Wells Fargo and Bank of America each received 11% backing.

By Anna Hrushka • April 27, 2022

CFPB keys into 'dormant authority' in new exams for nonbanks

The move gives the bureau "critical agility" to "stop harm before its spreads," CFPB Director Rohit Chopra said in a statement Monday.

By Jonathan Berr • April 26, 2022

Bank trade groups want more clarity on Fed master accounts

The groups want further detail on how the central bank will review and scrutinize applications. The authors also want the Fed to explain how the country's reserve banks will monitor institutions in the proposed tiered system.

By Anna Hrushka • April 25, 2022