NJ, Texas order BlockFi to stop offering interest accounts

A third state, Alabama, gave the crypto exchange 28 days to show why it should be allowed to keep selling the product to state residents. At issue is whether the offering is a security.

By Dan Ennis • Updated July 23, 2021

OCC to rescind Trump-era revamp to anti-redlining rule

"While the OCC deserves credit for taking action to modernize the CRA through adoption of the 2020 rule, upon review I believe it was a false start," Acting Comptroller Michael Hsu said in a statement.

By Anna Hrushka • July 20, 2021

Explore the Trendline➔

The 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

Yellen urges regulators to 'act quickly' on stablecoins

Regulators have expressed concern that a lack of transparency with regard to tokens pegged to fiat currencies may mean the companies issuing them don't have adequate reserves.

By Dan Ennis • July 20, 2021

Wells Fargo lays out two-wave strategy for office return

Operations and call center workers will return to the office Sept. 7. Technology, corporate and back-office workers will return in October. And some New York- and North Carolina-based bankers will be invited back Aug. 2.

By Dan Ennis • Updated July 27, 2021

LendingClub to pay $18M to settle 3-year FTC dispute

The settlement requires the online lender to "clearly and conspicuously" disclose origination fees. But a recent Supreme Court ruling may alter the way the regulator seeks restitution.

By Dan Ennis • July 19, 2021

SAFE Banking secondary to comprehensive pot reform, Senate Democrats say

The new bill, unveiled Wednesday, could become a setback for the future of the SAFE Banking Act, after lawmakers said the comprehensive reform would take priority over the more narrow banking bill.

By Anna Hrushka • July 16, 2021

Powell clarifies timeline on Fed CBDC paper

In two congressional hearings, lawmakers grilled the central bank chair on digital dollar development and pressed for his second term — or a change in leadership.

By Dan Ennis • July 16, 2021

CFPB fines home improvement fintech GreenSky $2.5M, orders $9M in refunds

GreenSky received more than 6,000 complaints between 2014 and 2019 from customers who said they had not authorized submitting a loan application, the bureau found.

By Dan Ennis • July 13, 2021

Rethinking overdraft

While many stakeholders would agree banks need to revamp the fee-based model, it remains to be seen whether change will come through legislation or the market.

By Anna Hrushka • July 12, 2021

U.S. Bank boosts unit to advise local governments on asset management

The deal to acquire PFM Asset Management for an undisclosed sum is at least the second move in the past seven months aimed at bolstering the Minneapolis-based bank's noninterest income.

By Dan Ennis • July 12, 2021

Biden executive orders target bank mergers, financial data sharing

One measure requires the Justice Department and bank regulators to update guidelines to boost merger scrutiny, while another encourages the CFPB to issue rules giving customers greater access to their financial data.

By Anna Hrushka • July 9, 2021

Junior banker narrative centered on Goldman, but bank hasn't bumped pay

Goldman Sachs CEO David Solomon told analysts during the bank's second-quarter earnings call to "expect to see us pay appropriately during our normal cycle." The bank's fiscal year ends July 31.

By Dan Ennis • Updated July 14, 2021

Chime customers file hundreds of CFPB complaints over locked accounts: report

In an attempt to root out fraud related to government-backed pandemic aid, the fintech may have inadvertently closed hundreds of legitimate customer accounts, ProPublica reported Tuesday.

By Anna Hrushka • July 7, 2021

Robinhood agrees to pay nearly $70M in FINRA settlement

The penalty clears the deck for Robinhood to file for an IPO. That prospectus debuted Thursday, but the filing also revealed several investigations against the company and a search warrant to obtain the CEO's phone.

By Dan Ennis • Updated July 2, 2021

Fintechs' letter, panel hearing put CFPB's lending, credit stances in spotlight

Varo, Square and others seek clarity from the bureau on "disparate impact," while lawmakers debate putting the agency in charge of credit reporting.

By Dan Ennis • June 30, 2021

Quarles: Fed-backed digital currency poses 'significant' risks, 'unclear' benefits

His comments Monday, in which he compares cryptocurrencies to parachute pants, show the central bank is far from unified on digital dollar development.

By Dan Ennis • June 29, 2021

TD Bank introduces no overdraft-fee account, revises overdraft policy

The account comes with a $4.95 monthly fee. The bank, effective in August, will increase its overdraft threshold to $10 and reduce the number of times a customer can be charged an overdraft fee from five per day to three.

By Anna Hrushka • June 28, 2021

5 of the 6 largest US banks boost dividends after stress tests

Morgan Stanley and Wells Fargo doubled their payouts to shareholders, while Citi abstained. The move came as the Federal Reserve lifted temporary restrictions on dividends and stock buybacks amid positive stress test results.

By Dan Ennis • Updated June 29, 2021

Timing is right for overdraft legislation, lawmaker says

Rep. Carolyn Maloney, D-NY, who has introduced the Overdraft Protection Act every Congress since 2009, said the COVID-19 pandemic has highlighted the need for more transparency in banks' overdraft practices.

By Anna Hrushka • June 24, 2021

Morgan Stanley, JPMorgan Chase roll out vaccination policies

Morgan Stanley began restricting unvaccinated people from entering its New York-area offices in July, but took people at their word on their status. Now it's requiring office-based staff to prove it, beginning Oct. 1.

By Dan Ennis • Updated Aug. 18, 2021

California businessman gets 2½ years for bank fraud in $150M pot processing scheme

The case highlights the challenges cannabis industry-serving companies face as banks remain reluctant to associate with a drug that's still illegal on a federal level.

By Anna Hrushka • June 21, 2021

Bank of America, JPMorgan, Wells Fargo make Juneteenth a bank holiday

That practice will begin next year. Meanwhile, JPMorgan and Wells are adding a floating paid holiday this year. Morgan Stanley said it is encouraging its employees to step away at midday Friday.

By Dan Ennis • June 18, 2021

CFPB to resume Military Lending Act exams, reversing Trump-era policy

Without exams since 2018, the bureau has been relegated to using formal investigations to monitor compliance with the law, which the agency said Wednesday leads to "wasteful inefficiencies."

By Dan Ennis • June 17, 2021

Goldman's Marcus finds its next CFO within

Liz Ewing, who most recently served as chief of staff for Goldman CFO Stephen Scherr, joined the bank in 2011 and has co-managed its regulatory policy team.

By Dan Ennis • June 16, 2021

Morgan Stanley, Bank of America CEOs break relative silence on office returns

"[By] Labor Day, I'll be very disappointed if people haven't found their way into the office and then we'll have a different kind of conversation," James Gorman said at a conference.

By Dan Ennis • Updated July 26, 2021