Regulations & Policy: Page 6
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JPMorgan Chase sued over bounced check fees
The lawsuit filed Tuesday claimed JPMorgan charged “unconscionable” and “predatory” fees for returned checks between November 2021 and October 2022.
By Rajashree Chakravarty • Feb. 22, 2024 -
Retrieved from Senate Banking Committee.
OCC’s Hsu calls for federal payments licensing
The acting comptroller called on Congress to replace the state-by-state money transmitter licensing system for payments companies with a federal regulatory framework.
By James Pothen • Feb. 22, 2024 -
Trendline
Fraud and AML in banking
It’s not just big banks like Citi and TD that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs.
By Banking Dive staff -
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Fraser’s pay is still on the bottom rung, but the floor has risen
The Citi CEO saw a 6.1% compensation boost to $26 million — on trend among bank chiefs — in a year when the lender launched its toughest reshuffle.
By Dan Ennis • Feb. 21, 2024 -
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Cross-border payments remain focus for Fed
Tools that “automate processes, reduce costs and promote effective safeguards across jurisdictions” may help improve cross-border payments, a Federal Reserve official said last week.
By Lynne Marek • Feb. 20, 2024 -
Kent Nishimura via Getty Images
Warren probes Zelle scam policy
Three senators, including Elizabeth Warren, asked Zelle owner Early Warning Services to provide detailed information about its fraud reimbursement policy.
By James Pothen • Feb. 20, 2024 -
Win McNamee / Staff via Getty Images
Capital One to acquire Discover in $35.3B deal
The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.
By Dan Ennis • Feb. 20, 2024 -
Spencer Platt / Staff via Getty Images
ColumnDive Deposits: Regulators, bankers talk about NYCB without saying its name
The Fed's vice chair for supervision pledged more scrutiny of CRE portfolios and a closer look when banks cross a certain asset threshold.
By Dan Ennis • Feb. 16, 2024 -
Anna Moneymaker via Getty Images
Fed unveils 2024 stress test scenarios
The results of the stress test, which will include 32 banks instead of 23 compared to last year, are expected to be out in June, the Federal Reserve said.
By Ken McCarthy • Feb. 16, 2024 -
Justin Sullivan via Getty Images
Wells Fargo fake-accounts consent order lifted by OCC
The Office of the Comptroller of the Currency said the bank’s “safety and soundness” and its compliance with regulations have prompted the agency to terminate the 2016 consent order.
By Rajashree Chakravarty • Feb. 16, 2024 -
Chris Hondros via Getty Images
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 -
Pablo Blazquez Dominguez via Getty Images
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 -
Justin Sullivan via Getty Images
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 -
Win McNamee via Getty Images
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 -
Oli Scarff via Getty Images
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 -
Just_Super via Getty Images
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 -
Oli Scarff via Getty Images
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 -
MF3d via Getty Images
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 -
Spencer Platt / Staff via Getty Images
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 -
robertcicchetti via Getty Images
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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