Regulations & Policy: Page 65
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Virginia banks delay merger over OCC 'concerns'
Neither Blue Ridge Bank nor the regulator detailed what the issue is. The deal to form a $5 billion-asset bank is now slated to close in the second or third quarter of 2022.
By Dan Ennis • Nov. 5, 2021 -
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Toomey cautions against proposal to regulate stablecoin issuers as banks
"I think we have to really think long and hard before we put some onerous regulatory regime on a new technology," the Republican senator from Pennsylvania said.
By Anna Hrushka • Nov. 5, 2021 -
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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 -
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Longtime CBA chief Richard Hunt to step down
Hunt, whose 13-year tenure was book-ended by the Dodd-Frank rollout and the COVID-19 pandemic, plans to leave the banking lobby next summer.
By Robin Bradley • Nov. 4, 2021 -
Climate, race propel flurry of pledges, findings from regulators
The OCC set a timeline by which it wants to lay out its expectations for banks to manage climate risk. Meanwhile, the CFPB and FDIC focused efforts on racial disparities.
By Dan Ennis , Robin Bradley • Nov. 4, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
ColumnGoldman, Biden and the art of 'not-that-but-this'
The bank's list of new managing directors — and the president's formal nod to Saule Omarova to lead the OCC — serve as reminders of what isn't being announced.
By Dan Ennis • Nov. 3, 2021 -
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Regulators eye bank-like oversight for stablecoin issuers
Stablecoins can support beneficial payments options, Treasury Secretary Janet Yellen said, "but the absence of appropriate oversight presents risks to users and the broader system."
By Anna Hrushka • Nov. 2, 2021 -
New York extends CRA requirements to nonbank mortgage companies
The move comes months after the state's Department of Financial Services found borrowers of color and low- and moderate-income communities in Buffalo were underserved by anti-redlining legislation.
By Robin Bradley • Nov. 2, 2021 -
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JPMorgan Chase, Bank of America, TD reign in small-business satisfaction: J.D. Power
The nation's largest bank stood atop the West region for the ninth straight year — albeit in a tie with Bank of the West — the researcher found.
By Robin Bradley • Nov. 1, 2021 -
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Barclays CEO Staley steps down amid Epstein probe
British regulators are questioning how Jes Staley characterized his ties with the late disgraced financier while working at JPMorgan Chase. Barclays named C.S. Venkatakrishnan its next chief executive.
By Dan Ennis • Nov. 1, 2021 -
TD Bank will give a bonus of 5 shares to non-executive employees
The incentive, worth around $363 based on the bank's Oct. 27 closing price, references TD's tenet that employees should "act like an owner." Employees outside the U.S., Canada and the U.K. will receive cash instead.
By Robin Bradley • Oct. 28, 2021 -
Anna Hrushka/Banking Dive
Senate bill would fine Fed officials for stock-trading breaches
Under legislation introduced Tuesday, central bank officials would face penalties of at least 10% of the value of the investment bought or sold, according to The Wall Street Journal.
By Robin Bradley • Oct. 27, 2021 -
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Valley Bank unveils payments app for cannabis businesses
Valley Bank is partnering with a large processor to offer the service, which is similar to using a reloadable Starbucks wallet gift card, Chief Digital Product Officer Stuart Cook said.
By Anna Hrushka • Oct. 27, 2021 -
Regulators to issue policy on crypto, stablecoins, FDIC chair says
Jelena McWilliams shared details about the interagency "crypto sprint" involving the FDIC, the OCC and the Fed, and said the agencies plan to issue a series of policy statements in the coming months.
By Anna Hrushka • Oct. 26, 2021 -
Goldman sweetens the pot for Solomon, COO with stock incentive
Under the deal offered Friday, the CEO — whose pay was cut by 36% last year in connection with the 1MDB scandal — could reap $50 million if the bank's stock jumps another 75% over the next five years.
By Dan Ennis • Oct. 25, 2021 -
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DOJ, CFPB and OCC link up to crack down on redlining
Jackson, Mississippi-based Trustmark Bank told the agencies it would pay $5 million to settle allegations it engaged in discriminatory lending practices from 2014 to 2018.
By Anna Hrushka • Oct. 22, 2021 -
Chip Somodevilla via Getty Images
Fed restricts officials' stock trading with new rules amid scandal
Policymakers and senior staff would have to provide 45 days' notice before buying or selling any allowed securities and are barred from doing so during "periods of heightened financial market stress," the central bank said.
By Dan Ennis • Oct. 22, 2021 -
Permission granted by Vast Bank
Vast Bank's new platform aims for the 'crypto curious'
"Banks for centuries have been safe keepers and custodians of what people value," said CEO Brad Scrivner. "And in today's world, that's now digital assets."
By Anna Hrushka • Oct. 21, 2021 -
Permission granted by Office of the Comptroller of the Currency
Biden's OCC pick faces a delicate balance among moderates
Sen. Jon Tester, D-MT, said he would "hold off" expressing support "until after I meet with her." One attorney said the OCC pick should "balance mitigating risk with encouraging innovation."
By Anna Hrushka • Oct. 20, 2021 -
Retrieved from Novi on May 27, 2020
Facebook's Novi launches digital currency wallet pilot
The announcement was met nearly immediately with pushback from five senators urging that the project be discontinued.
By Dan Ennis • Oct. 20, 2021 -
German regulator BaFin caps neobank N26's European growth
The limit — to no more than 70,000 new users a month — is "a temporary measure," the neobank's chief growth officer said, meant to allow N26 to focus on strengthening internal processes and frameworks.
By Anna Hrushka • Oct. 19, 2021 -
Dan Kitwood/Getty Images News via Getty Images
ColumnCelsius, Tether and the 'known known'
Lender Celsius' admission that Tether accepts crypto tokens in exchange for stablecoins should be a bombshell. Rather, it confirms a suspicion regulators held so strongly that they've already penalized Tether for it. Twice.
By Dan Ennis • Oct. 19, 2021 -
Courtesy of Coinbase
Coinbase sees single regulator, new framework for crypto supervision
The approach would keep companies from having to comply with several agencies, which are adapting old laws to new tech, and help maintain the U.S.'s status as a "shaper" of oversight, Coinbase said.
By Dan Ennis • Oct. 18, 2021 -
Megan Quinn/Banking Dive
Treasury goes into damage control on bank data reporting
A blog post on the agency's website seeks to clarify what it calls "pernicious" misinformation disseminated by the measure's opponents.
By Dan Ennis • Oct. 15, 2021 -
Lintao Zhang via Getty Images
Quarles' term as Fed vice chair to end without replacement
The central bank's panel on supervision and regulation will meet "as necessary," and rule-writing or policy changes would need "broad consensus" among Quarles and Fed Governors Lael Brainard and Michelle Bowman.
By Dan Ennis • Oct. 13, 2021 -
Chris Hondros via Getty Images
JPMorgan Chase joins UN's Net-Zero Banking Alliance
The pledge comes weeks ahead of a United Nations climate-focused conference in Glasgow, but the initiative has drawn blowback from advocates seeking stricter emissions standards.
By Robin Bradley • Oct. 11, 2021
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