Wells Fargo unit to pay $7M to SEC over AML failures

Wells Fargo Advisors failed to properly implement and test a new version of its internal anti-money laundering transaction monitoring and alert system, which it adopted in January 2019, the regulator said.

By Anna Hrushka • May 23, 2022

Barr quizzed on fair lending, climate change during Fed confirmation hearing

Barr is Biden’s second pick for Federal Reserve vice chairman for bank supervision. Sarah Bloom Raskin, whom Biden nominated in January, took herself out of the running amid Republican pushback.

By Anna Hrushka • May 20, 2022

Explore the Trendline➔

Top 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

OCC, Fed announce hearings on proposed TD, BMO tie-ups

Federal regulators called for public meetings on two proposed deals involving Canadian lenders looking to grow their U.S. retail presence through acquisition.

By Robin Bradley • May 18, 2022

Women-owned de novo to open in Houston after pandemic-related delays

Agility Bank filed paperwork with the FDIC in April 2020, with initial plans to open by the end of that year, but the pandemic altered the bank’s opening timeline, CEO Lauren Sparks said.

By Anna Hrushka • May 18, 2022

JPMorgan shareholders reject special $52M payout to CEO Jamie Dimon

The measure received 31% support in a nonbinding vote — far below the 90% backing the bank's pay proposals have typically received. Bank executives are expected to address criticism over spending at a May 23 presentation.

By Dan Ennis • Updated May 17, 2022

SEC enforcement attorney predicts 'a lot more fraud' in crypto markets

The SEC will turn to litigation if needed to achieve “clarity” as it fights abuses in cryptocurrency markets, according to an attorney in the agency’s Enforcement Division.

By Jim Tyson • May 16, 2022

Goldman Sachs to give unlimited leave to partners, managing directors

Under another change, junior employees will get an extra two days off per year. Starting Jan. 1, the bank is requiring its employees to take off at least three weeks per year.

By Dan Ennis • May 16, 2022

24 hours at the Fed: 'Pain,' race and continuity

The Senate confirmed Jerome Powell to a second term as chair Thursday. Hours later, he discussed inflation. Meanwhile, the Fed revealed yearly data showing (minimal) added diversity among economists.

By Dan Ennis • May 13, 2022

Michigan credit union to buy Florida bank in 7th such deal of 2022

DFCU Financial's acquisition of First Citrus Bank, estimated at $105 million, would mark the second time since June 2021 that a credit union from the Wolverine State has bought a bank based in Tampa.

By Robin Bradley • May 13, 2022

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

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