Regulations & Policy: Page 74
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M&T Bank to buy People’s United in $7.6B all-stock deal
The transaction, expected to close in the fourth quarter, would create a bank with more than $205 billion in assets and provide an entryway for M&T into the Boston market.
By Dan Ennis • Feb. 22, 2021 -
Anna Hrushka/Banking Dive
Fed's Brainard pushes banks to undergo climate 'scenario analysis'
The exercise wouldn't be a stress test, she said, adding banks that can't measure, monitor and manage climate-related risks could face outsized losses from environmental shifts and/or a poor transition to a low-carbon economy.
By Dan Ennis • Feb. 19, 2021 -
Explore the Trendline➔
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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 -
Moriah Solomon. (2021). [Photograph]. Retrieved from Unsplash.
Prior business relationships influence PPP coronavirus lending, study finds
Three-quarters of "relationship-borrowers" got a PPP loan, compared with 18% of "non-relationship firms," a study by researchers at Washington University in St. Louis, Boston College and the University of Geneva found.
By Jim Tyson • Feb. 18, 2021 -
Wells Fargo asset cap closer to ending as Fed reportedly OKs overhaul plan
The nation's fourth-largest bank has operated for three years under a $1.95 trillion asset cap set by the Federal Reserve in response to a 2016 fake-accounts scandal that has cost the bank billions of dollars in fines.
By Anna Hrushka • Feb. 18, 2021 -
Yes? No? Investment platform Kalshi will let users bet on event outcomes
Co-founder Tarek Mansour imagined the concept while interning at Goldman Sachs ahead of the Brexit vote. The company completed a $30 million funding round, aims to launch in March and has earned CFTC approval.
By Dan Ennis • Feb. 18, 2021 -
David McNew via Getty Images
Citi, Bank of America cut CEOs' compensation
Citi slashed outgoing CEO Michael Corbat's pay — and that of other executive management team members — over the risk management woes that led regulators to fine the bank $400 million in October.
By Dan Ennis • Feb. 16, 2021 -
CFPB calls out companies that lag on complaint response
The bureau's efforts to repair relations with consumers and strengthen enforcement follow a move by the SEC to expand the authority to launch formal investigations.
By Dan Ennis • Feb. 11, 2021 -
NYDFS pushes CRA credit for banks investing in climate projects
The state regulator laid out examples of energy-saving and flood mitigation projects its chief says could address environmental and social justice — and give financial institutions a perk.
By Dan Ennis • Feb. 10, 2021 -
Robinhood faces wrongful-death lawsuit over 20-year-old trader's suicide
Since Alex Kearns's death in June, the company said it has added live voice support for some customers, revised some requirements for options traders and updated how it displays buying power.
By Dan Ennis • Feb. 9, 2021 -
House lawmaker continues push to include cannabis banking in COVID relief bill
With Democrats now in control of the House and Senate, and a Democrat chairing the Senate Banking Committee, some industry observers said 2021 will be the year for SAFE Banking, in addition to broader pot legislation.
By Anna Hrushka • Feb. 5, 2021 -
FDIC fines Apple Bank $12.5M over AML violations
The bank failed to timely comply with a 2015 consent order requiring that it hire qualified compliance staff, conduct an AML risk assessment and develop internal controls for Bank Secrecy Act compliance, the regulator said.
By Dan Ennis • Feb. 2, 2021 -
4 largest US banks join BMO to offer paid time off for COVID-19 vaccine
Wells Fargo is also offering free COVID-19 testing for employees at its 25 largest locations.
By Dan Ennis • Updated March 5, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC halts controversial fair access rule
Pausing publication of the rule will allow the next confirmed comptroller to review it — along with the more than 35,000 public comments the OCC received, the regulator said Thursday.
By Anna Hrushka • Jan. 28, 2021 -
SBA outlines steps to improve PPP, reports $35B in approved loans
The agency said a review of first-draw loans identified data mismatches and eligibility concerns in about 4.7% of the lender-submitted data.
By Anna Hrushka • Jan. 27, 2021 -
Biggest banks pledge to boost diverse hiring, or make it more transparent
Citi said it will require, effective this year, that at least two diverse candidates be interviewed for assistant vice president roles and above, up from one in previous years.
By Dan Ennis • Jan. 27, 2021 -
PPP portal glitch bungles second-draw loans, advocacy group says
The portal does not appear to allow lenders to upload a borrower's application for a second-draw loan if the forgiveness application for that borrower's first-draw loan is still pending, ABA President Rob Nichols wrote.
By Dan Ennis • Jan. 26, 2021 -
Raises at top 6 US banks average fraction of a percentage point
JPMorgan CEO Jamie Dimon's pay is standing pat, too. Meanwhile, Bank of America is offering $750 bonuses for employees making $100,000 or less, and Citi continues narrowing the wage gap.
By Dan Ennis • Jan. 22, 2021 -
Photo illustration by Kendall Davis/Industry Dive; photographs by Gage Skidmore and Getty Images
Alternative credit data, fair lending may take focus under Biden
Among his first actions as president, Joe Biden signed an executive order to extend the pause on student loan payments through Sept. 30.
By Anna Hrushka • Jan. 21, 2021 -
Kraninger resigns from CFPB post at Biden's request
The bureau, under Kraninger's oversight, saw an enforcement downturn. President Joe Biden appointed nine-year CFPB veteran Dave Uejio to serve as the agency's acting chief.
By Dan Ennis • Jan. 21, 2021 -
Deep Dive
4 banking trends to watch in 2021
Banking Dive expects M&A to pivot toward niches, race to be a continuing focus of ESG, and crypto to have a make-or-break year in 2021.
By Dan Ennis , Anna Hrushka • Jan. 20, 2021 -
Plaid sees 'opportunity' after $5.3B Visa deal ends
The data aggregator's biggest priority now is getting 75% of its traffic dedicated to application programming interfaces by the end of 2021 — a prospect John Pitts, Plaid's head of policy, calls an "immense challenge."
By Anna Hrushka • Jan. 19, 2021 -
Ex-Wells Fargo general counsel fined $3.5M by OCC
James Strother is the seventh former Wells exec to settle with the regulator in the past year over the fake accounts scandal. He must show the OCC's cease-and-desist order to leaders of any bank with which he is or will be affiliated.
By Dan Ennis • Jan. 19, 2021 -
Capital One to pay an extra $290M over anti-money laundering lapse
The bank admitted to FinCEN that it failed to file suspicious activity reports even after it learned in 2013 of potential criminal charges against a client whose check-cashing businesses were served by a unit Capital One acquired.
By Dan Ennis • Jan. 19, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC finalizes controversial fair access rule
Bank trade groups and some Democratic lawmakers said the regulator is overstepping, while some Republicans in Congress said the rule prevents unpopular sectors of the economy from being blackballed.
By Anna Hrushka • Jan. 14, 2021 -
PPP portal access to expand to small banks Friday, all lenders Tuesday
About 5,000 more lenders with $1 billion or less in assets can submit applications Friday, the SBA said. That gives those institutions one business day — and an overtime-filled weekend — to file paperwork before big banks.
By Dan Ennis • Jan. 14, 2021
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