Regulations & Policy: Page 69
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Capital One gives up predicting office-return timeline
The bank said it will give employees 30 days' notice before deciding to reopen sometime next year. The indefinite delay marks the bank's second timeline rollback since August.
By Dan Ennis • Oct. 8, 2021 -
NatWest faces $463M fine, pleads guilty in AML case
The bank's cooperation could persuade a judge to reduce the penalty at sentencing in December. The case marks the Financial Conduct Authority's first criminal prosecution of a bank under 2007 anti-money laundering rules.
By Dan Ennis • Oct. 7, 2021 -
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TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
Justin Sullivan / Staff via Getty Images
Bank of America offers $200 award to vaccinated, in-office Merrill Lynch staff
Eligible staff must come to the office at least eight times between early October and mid-November and be fully vaccinated by mid-November, publications reported.
By Robin Bradley • Oct. 7, 2021 -
Republic Bank sues Green Dot for calling off $165M deal
The prepaid card company said it was unable to get the Fed's approval or non-objection to the acquisition of Republic's tax refund processing unit. But it's not the only transaction held up by an unresponsive Fed.
By Dan Ennis • Oct. 6, 2021 -
Fed inspector general's office to probe officials' trading
The move came hours after Sen. Elizabeth Warren, D-MA, wrote a letter asking the SEC to look into whether activity by the central bank's vice chair, Richard Clarida, and others violated insider-trading rules.
By Dan Ennis • Oct. 5, 2021 -
Chris Hondros via Getty Images
JPMorgan stiffens vaccination policy
Unvaccinated staff must be tested for COVID-19 twice a week, and will receive heftier payroll deductions to cover the cost of testing beginning next year, according to an internal memo Monday.
By Robin Bradley • Oct. 5, 2021 -
US Postal Service not equipped to handle banking, industry trade groups say
"The USPS already has its hands full with its current mission and lacks the bandwidth needed to run such a large and complex operation," NAFCU President and CEO Dan Berger said.
By Anna Hrushka • Oct. 5, 2021 -
Emma Cosgrove/Banking Dive
Postal banking pilot brings check cashing, bill pay in 4 areas
The program, launched in September, aims to bring financial services to low- to moderate-income people and is set to expand after the holiday season.
By Robin Bradley • Oct. 4, 2021 -
Courtesy of Monzo press kit
UK challenger Monzo withdraws OCC application
The company still aims to "build and scale [its] early-stage product offer in the U.S. through existing partners," it said. A debate reportedly rumbled for months within Monzo as to whether the licensing effort was the best use of resources.
By Dan Ennis • Oct. 4, 2021 -
Justin Sullivan via Getty Images
First Citizens, CIT extend timeline for $2.2B merger over Fed delay
The FDIC and a North Carolina regulator have approved the deal, the banks said, adding that they're waiting on the central bank. If the deal is not completed by March 1, either bank may back out, American Banker reported.
By Dan Ennis • Oct. 1, 2021 -
Mark Wilson via Getty Images
Overdraft alternativesRegions unveils overdraft alternative
The Birmingham, Alabama-based bank's new checking account charges $5 monthly to provide overdraft protection without transfer fees.
By Robin Bradley • Oct. 1, 2021 -
Chopra screen grab/Banking Dive, data from Screen grab
Senate confirms Chopra to lead CFPB
Analysts expect a tenure marked by stiffer penalties. But the bureau has been laying the groundwork for its shift in tone for months.
By Dan Ennis • Oct. 1, 2021 -
Warren cites 'grave concern' in opposing Powell on new Fed term
The Democrat characterized Powell as "dangerous," taking the chair to task on Capitol Hill on Tuesday over three deregulatory actions.
By Dan Ennis • Sept. 29, 2021 -
Thomas Lohnes via Getty Images
ColumnDeutsche's office siren runs counter to its December plan
The two lines of thinking can co-exist. Deutsche could eye a return for its 5,000 New York-area employees in the next six months only to see them scatter later, when the sheen of the bank's new U.S. headquarters has worn off.
By Dan Ennis • Sept. 29, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo fined $37.3M to settle DOJ foreign-exchange case
The penalty comes in addition to $35.3 million in restitution the bank has paid 771 harmed commercial customers.
By Robin Bradley • Sept. 28, 2021 -
SC National Guard. (2018). "180925-Z-XH297-1108" [Photograph]. Retrieved from Flickr.
New York Fed researchers design climate stress test for banks
The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.
By Robin Bradley • Sept. 27, 2021 -
Chip Somodevilla via Getty Images
Boston, Dallas Fed chiefs resign amid stock-trading blowback
Boston's Eric Rosengren cited a worsening kidney condition in his departure. Dallas' Robert Kaplan, however, addressed the controversy head-on. "The recent focus on my financial disclosure risks becoming a distraction," he said.
By Dan Ennis • Updated Sept. 28, 2021 -
Permission granted by Bank of Marin
Bank of Marin CEO calls it a career after 2 extra years
The bank on Friday named 14-year veteran Tim Myers as its next CEO. It hired a firm in 2019 to find Russ Colombo's successor. Then COVID-19 hit, and Colombo said he'd stay "as long as the bank needs."
By Dan Ennis • Sept. 27, 2021 -
Justin Sullivan via Getty Images
Cannabis banking measure couched in House-passed defense bill
The NDAA goes to the Senate, a perennial foil for the SAFE Banking Act. While some Republicans would rather the pot bill get a stand-alone vote, a number of Democrats are eyeing larger reform.
By Dan Ennis • Sept. 22, 2021 -
Permission granted by U.S. Bank
U.S. Bank to buy MUFG Union Bank in $8B deal
The transaction would add $133 billion in assets, $58 billion in loans and $90 billion in deposits to U.S. Bank's balance sheet, vaulting the Minneapolis-based lender back into fifth place among largest retail banks in the U.S.
By Robin Bradley • Sept. 21, 2021 -
Courtesy of https://www.varomoney.com/press/
Varo's latest $510M funding round validates bank charter decision, exec says
The bank, now reportedly valued at $2.5 billion, plans to use the new funding on account growth, brand building, its product roadmap and operational and risk management infrastructure.
By Anna Hrushka • Sept. 17, 2021 -
Truist, Microsoft back FDIC fund to invest in minority-owned banks
"I like to joke that this isn't your grandmother's FDIC, and this fund certainly proves that we like to think out of the box," the agency's chair, Jelena McWilliams, said Thursday.
By Anna Hrushka • Sept. 16, 2021 -
Chip Somodevilla via Getty Images
Yellen, IRS chief push House panel for bank data reporting boost
Democrats consider boosting to $10,000 the amount held in accounts whose inflows and outflows would be reported to the IRS. Trade groups say the compliance costs and privacy risks of the measure outweigh the windfall.
By Dan Ennis • Updated Sept. 24, 2021 -
Courtesy of Wells Fargo multimedia resources
ColumnWells Fargo penalties, trial, call for breakup are part of a door-window continuum
In acknowledging the OCC had handed it a fresh $250 million fine, Wells noted that the CFPB had let a separate penalty expire. The unexpected blow, though, may have come from Sen. Elizabeth Warren.
By Dan Ennis • Sept. 15, 2021 -
Tasos Katopodis via Getty Images
SBA quadruples EIDL cap to $2M
The agency said it also instituted a two-year deferred payment period and has greatly increased the rate at which loans ar reviewed, clearing a backlog of more than 600,000 cases.
By Anna Hrushka • Sept. 13, 2021
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