Chicago Fed president to retire in early 2023

The move was expected, as Charles Evans faces mandatory retirement when he turns 65 in January. But leadership at the central bank and its outposts has come under more scrutiny in recent months.

By Dan Ennis • April 22, 2022

JPMorgan Chase is tracking employees through office-entry card swipes: report

"We are treated like children who don't want to do their homework," one commenter said in a post. Business Insider published screenshots, accessible only by JPMorgan execs, describing the tracking dashboard.

By Dan Ennis • April 21, 2022

Explore the Trendline➔

M&A

President Donald Trump’s reelection was predicted to yield loosened regulation. But tariff volatility and economic uncertainty has thrown a wrench into an expected boom in mergers and acquisitions.

By Banking Dive staff

Banks face 'tight deadline' under new cyber notification rule

The May 1 cutoff to comply with the rule comes as the Biden administration has warned U.S. businesses about the increasing risk of Russian cyberattacks.

By Anna Hrushka • April 21, 2022

CFPB focuses on rural banking access

Rural Americans visit bank branches nearly twice as often as urban and suburban customers, yet are more likely to be in a banking desert, generally have less internet access and submit fewer complaints on the agency's portal.

By Anna Hrushka • April 20, 2022

Biden to nominate Treasury vet Barr for Fed supervisory role

Barr helped craft the Dodd-Frank Act and was floated as a candidate to lead the OCC early in Biden's term. Some progressives, however, have said his regulations could have been tougher on banks.

By Dan Ennis • April 18, 2022

Proxy adviser bemoans Goldman's 'excessive' compensation

Stock awards the bank gave many executives could "undermine the integrity" of regular incentives and spark brief but unsustainable "spikes" of growth, Glass Lewis said. Wells Fargo's pay packages are also facing proxy pushback.

By Dan Ennis • April 12, 2022

Needham Bank sees ‘cross sell’ opportunity in cast-off cannabis unit

After learning that Eastern Bank was looking to offload the cannabis business it inherited from Century Bank in November, Needham found its market opening.

By Anna Hrushka • April 11, 2022

NYC halts new account openings with Wells Fargo, citing mortgage race gap

The city removed Wells from its designated banking list in 2017 over concerns about the bank's lending practices but re-added it last year after its CRA rating improved.

By Robin Bradley • April 11, 2022

CBDC will take years, not months, to develop, Yellen says

Transactions need to be faster but responsible, and regulation should be "tech-neutral," the treasury secretary said in her first remarks on digital assets since a March executive order.

By Dan Ennis • April 8, 2022

FDIC: Banks should alert agency of their crypto-related pursuits

The regulator said it supports safe and sound innovations, but is concerned that the risks associated with crypto assets and crypto-related activities are not well understood.

By Anna Hrushka • April 8, 2022

Toomey bill would let OCC give charters to stablecoin issuers

The Republican senator's draft bill would preserve state-registered money transmitter status for most existing issuers and would clarify that insured depository institutions are permitted to issue the digital currency.

By Anna Hrushka • April 7, 2022

AGs: Why can't you be more like Citi (on overdrafts)?

Top lawyers in 17 states and D.C. urged JPMorgan Chase, Bank of America, Wells Fargo and U.S. Bank in letters this week to adopt the same timeline as Citi to eliminate the fees.

By Dan Ennis • April 7, 2022

Fed bans ex-Goldman banker over document leak, 6 others in EIDL fraud

Thursday's penalty, resolving a 2014 matter, comes two days after the central bank barred former employees of Regions Bank and Merrill Lynch for allegedly pocketing between $9,000 to $21,600 each in COVID-19 aid.

By Dan Ennis • Updated April 7, 2022

Citi abortion policy spurs lawmakers to want bank's contract terminated

Dozens of House Republicans said in a letter that by covering travel expenses for employees seeking abortions, the bank has "forfeited its privilege of doing business" with the chamber of Congress.

By Anna Hrushka • April 6, 2022

TD joins Bank of America in setting large-scale office returns for June

"After more than two years, it's time to come together again," TD's human resources chief wrote in a memo. "While [COVID-19] will be with us for the long term ... public health units are much better equipped to handle new waves."

By Dan Ennis • Updated April 7, 2022

Dimon: Russia exposure could cost JPMorgan $1B

Despite the conflict's impact on the bank's bottom line, the CEO called for tougher sanctions against the invading country — and added that because of a confluence of factors, mergers in banking are inevitable this decade.

By Anna Hrushka • April 5, 2022

OCC's Hsu pushes for stricter safeguards for big regional banks

The acting comptroller proposed banks make lines of business more easily separable and that their parent companies hold more long-term debt in an effort to expand their options during stress.

By Dan Ennis • April 4, 2022

Spring means Goldman employees have a culture gripe

Roughly a year after 13 junior analysts detailed "inhumane" workweeks, two publications have unearthed rumblings of frustration over the bank's in-office policy and attendance checks.

By Dan Ennis • April 1, 2022

House panel's overdraft hearing shows partisan divide

House Financial Services Committee Chair Maxine Waters, D-CA, unveiled a draft bill Thursday requiring banks with $10 billion or more in assets to offer accounts without overdraft or declined-transaction charges.

By Robin Bradley • April 1, 2022

FDIC unveils guidance for banks to navigate climate-related risks

The agency asked banks with $100 billion or more in assets to measure and mitigate climate change's financial risks, echoing a December move by the Office of the Comptroller of the Currency (OCC).

By Robin Bradley • March 31, 2022

CFPB chief pushes harsher penalties for repeat offenders

The bureau will establish a unit devoted to recidivism, Director Rohit Chopra said, adding that regulators should work in concert to penalize larger institutions at a proper scale.

By Robin Bradley • March 29, 2022

BNPL critics, backers join last-minute surge in feedback to CFPB

The Bank Policy Institute, the Consumer Bankers Association and a litany of state attorneys general and nonprofits submitted their views to the bureau just before the comment period's Friday deadline.

By Jonathan Berr • March 29, 2022

Cannabis firm's CFO works to bring industry's financing out of the 'gray'

Item 9 Labs' net revenues more than doubled last fiscal year. But pot's federal status can still make financial partners skittish, CFO Bobby Mikkelsen finds.

By Maura Webber Sadovi • March 29, 2022

FDIC seeks comments on bank merger policy

Among concerns it highlighted, the RFI inquires whether the agency should consult the CFPB in bank merger review, and asks if the existing regulatory framework requires an appropriate burden of proof.

By Robin Bradley • March 28, 2022

Wells Fargo narrows its racial gap in mortgage refinancing

The bank approved 58% of applications from Black homeowners in 2021, an 11-percentage-point jump over the previous year. But its acceptance rate for white borrowers also saw a boost.

By Dan Ennis • March 28, 2022