Banks' pandemic-era flexibility reaches its pivot point

JPMorgan's call for employees to save texts, Goldman and Wells' vaccination status policies, and the boundaries of State Street's digital unit reinforce commitment to baseline legality.

By Dan Ennis • June 14, 2021

MoneyLion discloses CFPB, SEC, state probes ahead of $2.4B merger

The CFPB has sent the fintech three civil investigative demands in as many years concerning its membership model and the company's compliance with the Military Lending Act. MoneyLion said it intends to cooperate fully.

By Dan Ennis • June 11, 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

Basel suggests clamping down on crypto as State Street rolls out digital-asset unit

The panel recommended the highest possible risk weighting — 1,250% — be applied to a bank's exposure to Bitcoin and some other digital tokens.

By Dan Ennis • June 10, 2021

ABA warns lawmakers of CBDC 'trade-offs' ahead of hearing

Policymakers should not be swayed by international peer pressure and should proceed with "extreme caution" when it comes to the digital coin, the trade group said.

By Anna Hrushka • June 9, 2021

JPMorgan Chase, Citi to resume political donations

The two firms, which were among the first to halt donations following the Jan. 6 insurrection, differ on whether they will give to any of the 147 Republican lawmakers who voted to challenge the results of the 2020 election.

By Anna Hrushka • June 7, 2021

What federal legalization would mean for Cannabis lending

Here's why banks are limited in cannabis lending now, and what federal policy can do to encourage more lenders to get involved. 

June 7, 2021

Goldman reverses stance on arbitration proposal

The bank in April narrowly rejected shareholders' push for a report on how mandatory arbitration affects staff. A 2010 lawsuit claims Goldman denied women equal pay and promotions they had earned.

By Dan Ennis • June 7, 2021

Second Circuit overturns challenge to OCC fintech charter

The three-judge panel said the New York Department of Financial Services, which successfully challenged the charter in 2019, failed to show how it had suffered "actual or imminent injury" from the charter.

By Anna Hrushka • June 4, 2021

OCC will revisit crypto charters, interpretive letters, acting chief says

Michael Hsu has said he will review the regulator's past actions regarding cryptocurrency activities and crypto firm charters, adding, "everything's on the table."

By Anna Hrushka • June 3, 2021

Black-owned businesses leaned harder into fintechs on PPP, Fed data shows

The data highlights fintechs' efforts to serve marginalized communities but comes amid reported scrutiny from the Justice Department and lawmakers over nonbank lenders' fraud controls and compliance systems.

By Anna Hrushka • May 28, 2021

Overdrafts take a second bow as bank CEOs testify in muted House 'sequel'

Citi said it would reconsider a racial audit, Bank of America confirmed a June 1 office return, and Goldman Sachs's David Solomon pushed back on a slavery question.

By Dan Ennis • May 28, 2021

Senators, bank CEOs spar on Capitol Hill over compensation, voting rights

Wednesday's hearing showcased how the country's banking sector has become a battleground for lawmakers to debate politically charged issues dividing Republicans and Democrats.

By Anna Hrushka • May 27, 2021

Warren: Financial system would be 'safer' with Quarles out at Fed

A testy exchange between the senator and the central bank's vice chair of supervision hinged on the Fed's reclassification of Credit Suisse before the Archegos collapse.

By Dan Ennis • May 26, 2021

Morgan Stanley, ex-chief diversity officer end discrimination case

The bank, which called Marilyn Booker's allegations "sweeping, sensationalized and conclusory," had sought in March to have the case dismissed. Oral arguments had been set for November.

By Dan Ennis • May 25, 2021

Toomey questions regional Fed banks' race-related work

The Senate Banking Committee's ranking member requested briefings with the banks on their racial equality work no later than June 7, and demanded documents and financial information about the work.

By Anna Hrushka • May 24, 2021

Wells Fargo’s marketing chief is leaving as bank retires that position

The San Francisco-based lender is also losing its regulatory relations chief, a Wells Fargo spokesman confirmed this week.

By Dan Ennis • Updated May 28, 2021

8 changes the SAFE Banking Act actually makes for Cannabis banking

The SAFE Banking Act is being watched closely by the banking world and the cannabis industry alike. What will this legislation realistically do to help this rapidly growing industry access the financial system?

May 24, 2021

Biden orders Yellen to outline climate risks to financial stability

The assessment, due in 180 days, will incorporate financial regulators' plans to boost climate-risk disclosures. The order also asks officials to disclose, within 120 days, government programs' and assets' exposure to climate risks.

By Dan Ennis • May 21, 2021

JPMorgan Chase unveils solo healthcare venture

Morgan Health, a successor in spirit to the recently defunct Haven, will come armed with $250 million to invest in innovations in employer coverage and advancements in health equity.

By Dan Ennis • May 21, 2021

Wells Fargo to offer crypto investment product for wealthy clients

The bank's decision to wade into crypto follows similar moves made by other large institutions, and comes as the nation's top bank regulator has indicated it plans to review past crypto-friendly actions.

By Anna Hrushka • May 20, 2021

Morgan Stanley names co-presidents, sets up Gorman succession race

The investment bank's CEO has told the board he intends to stay in the top role for at least three more years. "You make these changes when you can and from a position of strength," he said.

By Dan Ennis • May 20, 2021

Post office, Fed checking accounts won't solve underbanking, trade groups say

Organizations such as The Clearing House urged officials to consider creating alternative identity verification methods for low- to middle-income consumers, as well as improved broadband internet, in a paper published Tuesday.

By Dan Ennis • May 19, 2021

OCC reconsiders controversial revamp to anti-redlining law

Tuesday's move to halt the implementation of the CRA revamp comes as new Acting Comptroller Michael Hsu has signaled a change in direction for the agency.

By Anna Hrushka • May 19, 2021

JPMorgan management shuffle puts 2 women in line to succeed Dimon as CEO

CFO Jennifer Piepszak and consumer-lending chief Marianne Lake will co-lead the bank's consumer and community banking unit, effective immediately, in a shift that also sees Co-President Gordon Smith retiring at the end of this year.

By Dan Ennis • May 19, 2021

Bank of America to increase minimum hourly wage to $25 by 2025

CEO Brian Moynihan said the increase will cost the bank "a few hundred million dollars a year" but called the move "an investment."

By Anna Hrushka • May 18, 2021