Regulations & Policy: Page 74
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PPP loans through fintechs much more likely to be suspicious, study finds
Fintech and traditional lenders both started the program with suspicious loan rates of around 10%, but fintechs' suspicious loan rates grew to 40% when PPP ended, University of Texas, Austin, researchers found.
By Anna Hrushka • Aug. 17, 2021 -
Drew Angerer via Getty Images
State Street to vacate NYC offices amid shift to hybrid work
The bank's pivot comes as firms across the country are reevaluating office-return timelines or adopting permanent hybrid solutions.
By Anna Hrushka • Aug. 16, 2021 -
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TrendlineTop 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 -
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Bank of America to bump pay for junior bankers for the second time in a year
The raises, which take effect in February, boost compensation from $95,000 to $100,000 to match competitors such as Wells Fargo, Citi, Morgan Stanley and JPMorgan Chase.
By Robin Bradley • Aug. 16, 2021 -
2 regulators see change at the top
The superintendent of New York's Department of Financial Services is resigning amid the Cuomo scandal. Meanwhile, President Biden is said to tap the CFTC's interim chief to lead the agency permanently.
By Dan Ennis • Aug. 16, 2021 -
Bipartisan bill would expand SBA loan program to include fintech lenders
"You shouldn’t need a big bank to get an SBA loan," said Sen. John Hickenlooper, D-CO, who introduced the legislation alongside Sen. Tim Scott, R-SC, on Wednesday.
By Anna Hrushka • Aug. 13, 2021 -
Memphis-based Orion Federal Credit Union to buy Financial Federal Bank
The deal, which would nearly double the $1 billion-asset Orion Federal’s size, is the seventh such deal involving a credit union purchasing a bank to be announced this year.
By Anna Hrushka • Aug. 12, 2021 -
Chip Somodevilla via Getty Images
Big bank, merchant groups weigh in on Fed rule clarification
Bank and merchant trade groups weighed in on the Fed's debit rule clarification at the 11th hour, digging in their heels in a long-time battle over whether to ease merchant access to increased debit transaction networks.
By Lynne Marek • Aug. 12, 2021 -
Capital One delays office return, requires vaccines for on-campus employees
CEO Richard Fairbank said the bank is allowing employees who are unvaccinated to work remotely throughout its reopening period, which it said will extend through at least the first quarter of 2022.
By Anna Hrushka • Aug. 12, 2021 -
Permission granted by Revolut
Revolut readies for US growth with marketing push, product expansions
Since launching quietly stateside last year, the fintech has rolled out a small-business banking product, applied for a bank charter, and has begun offering remittances between the U.S. and Mexico.
By Anna Hrushka • Aug. 11, 2021 -
Justin Sullivan via Getty Images
Citi requires vaccines for employees returning to offices
The bank is not extending the vaccine mandate to branch workers, according to the bank's head of HR, but will "strongly encourage them to get vaccinated and will require rapid testing and wearing of masks for all colleagues."
By Robin Bradley • Aug. 11, 2021 -
Permission granted by Office of the Comptroller of the Currency
Circle seeks national charter to start digital currency bank
Circle co-founder and CEO Jeremy Allaire said the company intends to operate under the supervision and risk management requirements of the Fed, Treasury, the OCC and the FDIC.
By Anna Hrushka • Aug. 9, 2021 -
Jack Taylor / Stringer via Getty Images
Ex-OCC chief Brooks resigns as Binance.US CEO
The former regulator, who had led the company just three months, cited "differences in strategic direction" in a Twitter post. Binance faces scrutiny from several U.S. bodies, including the CFTC, Justice Department and IRS.
By Robin Bradley • Aug. 9, 2021 -
Steve Jennings via Getty Images
Brex withdraws ILC, deposit insurance applications
The San Francisco-based fintech, which filed the applications in February, said it will "modify and strengthen" its applications and plans to resubmit at a later date.
By Anna Hrushka • Aug. 9, 2021 -
Banks delay return to office as delta variant surges
Wells Fargo, Truist and U.S. Bank pushed back their timelines for large-scale in-office work as a rising form of COVID-19 proliferates. Goldman Sachs, JPMorgan Chase and others, meanwhile, are sticking to their plans.
By Robin Bradley • Updated Sept. 29, 2021 -
Permission granted by Alliant
Overdraft alternativesDigital-only credit union latest institution to scrap overdraft fees
Alliant’s move follows a similar one made by Ally Bank in June, and comes as a growing number of financial institutions are revamping their overdraft policies amid pushback from Democratic lawmakers.
By Anna Hrushka • Aug. 5, 2021 -
Retrieved from Senate Banking Committee.
Overdraft alternativesOCC conducting review of overdraft policies, acting comptroller says
Acting Comptroller Michael Hsu's remarks come as more banks are revamping their overdraft policies and as Democrats are calling for legislation that would rein in the practice.
By Anna Hrushka • Aug. 4, 2021 -
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Goldman Sachs boosts first-year analyst pay to $110K
The increase puts the bank ahead of several rivals that instituted raises to $100,000 over the past months. Wells Fargo also brought its own starting pay up to six figures, and JPMorgan included additional positions in its pay-increase plan.
By Robin Bradley • Updated Aug. 10, 2021 -
Permission granted by Dave
Neobank Dave shifts to virtual-first model, implements national pay scale
"I think the silver lining of the pandemic is that it really forced companies to listen to what their team members want, maybe more so than they have in the past," said Dave executive Shannon Sullivan.
By Anna Hrushka • Aug. 3, 2021 -
Kena Betancur via Getty Images
NY regulator asks financial institutions to share diversity data
Superintendent Linda Lacewell cited the impacts of the COVID-19 pandemic, racial injustice and climate change as primary reasons entities should boost diversity.
By Anna Hrushka • July 30, 2021 -
Neilson Barnard/Getty via WireImages
Morgan Stanley bumps first-year analyst base pay to $100K
The move leaves Goldman Sachs among the last holdouts whose starting salary is under the six-figure threshold. However, the bank's fiscal year ends Saturday, and compensation tweaks typically follow shortly thereafter.
By Dan Ennis • July 29, 2021 -
SBA launches streamlined PPP forgiveness portal
The agency said more than 600 banks have opted in to the program, representing 30% of loans $150,000 or less that have not yet applied for forgiveness.
By Anna Hrushka • July 28, 2021 -
Chip Somodevilla via Getty Images
ColumnStablecoin meeting's focus finally comes to light
Tether and Diem were reportedly the focus of last week's "act-quickly" directive. The Justice Department is allegedly probing whether executives behind Tether hid from banks that transactions were linked to cryptocurrency.
By Dan Ennis • July 28, 2021 -
Sen. Cory Booker clarifies SAFE Banking Act support
"For me, a good bipartisan bill like the [SAFE] banking bill is a necessary sweetener to get people to move along on the equitable justice elements that are really critical," he said.
By Anna Hrushka • July 27, 2021 -
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Crypto firm hires ex-CFPB chief Kraninger
She'll serve as vice president of regulatory affairs at Solidus Labs. The digital asset space has become a frequent landing spot for former regulators, including ex-Acting Comptroller Brian Brooks.
By Dan Ennis • July 23, 2021 -
Eduardo Munoz Alvarez via Getty Images
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
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