Regulations & Policy: Page 61
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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 -
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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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TrendlineTop 5 stories from Banking Dive
Since the approval of Capital One’s acquisition of Discover, banks have increasingly waded into new deals. Beyond that, they’ve doubled down on strategy, from organic growth to branch placement to app design.
By Banking Dive staff -
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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 -
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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 -
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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 -
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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 -
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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 -
(2024). [Photo]. Retrieved from Federal Reserve.
Column3 times Michelle Bowman stood out as the Fed’s anti-Barr
The central bank governors diverged on stress tests, mergers and digital assets in recent speeches but appear to agree on capital requirements.
By Dan Ennis • Oct. 3, 2022 -
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CFPB sues MoneyLion, alleging Military Lending Act violations
The fintech required customers to join a membership program to access its low-APR installment loan product, but wouldn’t let members cancel their memberships until their loans were paid, the bureau said.
By Anna Hrushka • Sept. 30, 2022 -
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Barclays takes $361M penalty in debt-product oversale error
The bank failed to establish internal controls related to tracking its securities sales in real time, the SEC said. Bank employees may face disciplinary action or pay cuts in connection with the findings, Barclays said.
By Dan Ennis • Sept. 30, 2022 -
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6 largest US banks to join Fed’s first-ever climate scenario exercise
The “exploratory” analysis will launch in early 2023 and be separate from bank stress tests, the Fed said, adding it will not have capital or supervisory implications.
By Anna Hrushka • Sept. 29, 2022 -
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Lakeland Bank to pay $13M in DOJ redlining settlement
The settlement comes one day after Provident Bank said it would acquire Lakeland in a $1.3 billion all-stock transaction. Provident disclosed Tuesday it was aware of the pending settlement when agreeing to the deal.
By Gabrielle Saulsbery • Sept. 29, 2022 -
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Trade groups sue CFPB over new anti-discrimination policy
The bureau should have requested comment on a proposed rule aimed at combating discrimination in banking before implementing such a change, groups such as the ABA, CBA and U.S. Chamber of Commerce said.
By Anna Hrushka • Sept. 29, 2022 -
(2024). [Photo]. Retrieved from Federal Reserve.
Digital banks, credit unions should factor into merger reviews: Fed’s Bowman
Potential combinations should hinge on risk analysis, not deposit market share, in an update to 1995 guidelines, the central bank governor said Wednesday.
By Dan Ennis • Sept. 29, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB fines Regions $191M on overdraft practices
The bureau demanded Regions pay $141 million in redress to customers and a $50 million penalty over “authorized-positive” fees the bank charged related to the order in which it posted transactions.
By Dan Ennis • Sept. 28, 2022 -
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SEC, CFTC fine 11 banks $1.8B in record-keeping probe
Bank of America took the heaviest combined penalty, at $225 million, over the use of unapproved platforms for business communications. Citi, Goldman Sachs, Morgan Stanley and four others were fined $200 million.
By Dan Ennis • Sept. 28, 2022 -
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Deutsche Bank settles for $26.3M over Epstein, oligarch ties
Bank executives and management routinely overruled compliance staff to continue working with high-risk and ultra-rich clients, the 2020 suit claims.
By Gabrielle Saulsbery • Sept. 26, 2022 -
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Bank CEOs defend Zelle in Senate hearing
Sen. Elizabeth Warren, D-MA, called the peer-to-peer payments network “unsafe,” claiming Zelle users were defrauded out of $500 million last year.
By Anna Hrushka • Sept. 23, 2022
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