Crypto firm Anchorage receives trust bank charter from OCC

The company must maintain $7 million in Tier 1 capital and must set aside at least $3 million in liquidity, or the equivalent of 180 days’ worth of operating expenses, under its agreement with the regulator.

By Dan Ennis • Jan. 14, 2021

Visa terminates $5.3B acquisition of Plaid after DOJ antitrust suit

The abandonment of the deal won't keep Visa from pursuing partnerships with Plaid or other fintechs, CEO Al Kelly said Tuesday during a call with analysts.

By Anna Hrushka • Jan. 13, 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

OCC acting chief Brian Brooks steps down

The former Coinbase executive joined the agency as chief operating officer in March and was nominated in November by President Donald Trump to serve a five-year term as comptroller.

By Anna Hrushka • Updated Jan. 14, 2021

Walmart to launch fintech startup with partner Ribbit Capital

Ribbit Capital's past investments include fintechs such as Affirm, Credit Karma and Robinhood.

By Anna Hrushka • Jan. 12, 2021

Major banks suspend political donations after US Capitol siege

"The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now," JPMorgan's Peter Scher said. 

By Anna Hrushka • Jan. 11, 2021

Deutsche Bank to pay more than $130M to settle anti-bribery, spoofing cases

Prosecutors accused the German lender of falsifying records of payments it made between 2009 and 2016 to middlemen in Saudi Arabia, the UAE, Italy and China to help the bank win clients.

By Dan Ennis • Jan. 11, 2021

State Street doubles down on ESG pledge, while HSBC’s comes under scrutiny

Europe's largest lender staved off a shareholder revolt when it announced it would phase out by 2030 its financing of companies that deal in coal-fired power and thermal coal mining in developed countries, and by 2040 elsewhere.

By Dan Ennis • Updated March 11, 2021

Community-based lenders to get first 2 days of PPP 2.0 to themselves

CDFIs and minority depository institutions get exclusive access to the portal for at least the first two days once it reopens Monday, according to Small Business Administration guidance.

By Dan Ennis • Jan. 7, 2021

It's complaint season, and the OCC is a common target

State attorneys general, bank advocacy groups and even fellow regulators are weighing in on the agency's perceived shortcomings.

By Dan Ennis • Jan. 6, 2021

Banks can use stablecoins, blockchains for payments, OCC says

The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.

By Anna Hrushka • Jan. 5, 2021

Silicon Valley Bank to buy Boston Private for $900M in wealth-management push

The deal, expected to close mid-2021, would vault the bank's assets under management to $17.7 billion, from $1.4 billion. SVB said it planned $200 million in restructuring charges tied to the deal.

By Dan Ennis • Jan. 5, 2021

Main Street Lending Program ended at 3% capacity, data shows

Businesses availed themselves of $17.5 billion of the $600 billion the facility made available, the Federal Reserve indicated Tuesday. The program launched in June but saw two-thirds of its activity in November and December.

By Anna Hrushka • Updated Feb. 10, 2021

CFPB gives Synchrony, Payactiv sandbox protection, fines Omni $2.2M

Synchrony has a three-year safe harbor to develop a secured credit card the issuer plans to offer borrowers with limited or damaged credit. The product would let the cardholder opt to transition to unsecured credit after 12 months.

By Dan Ennis • Jan. 4, 2021

CFPB dings Discover, Santander in year-end enforcement actions

Data migration issues will cost Discover $35 million, while Santander will pay $4.75 million for errors in reporting loans' date of first delinquency.

By Dan Ennis • Dec. 23, 2020

PPP reboot promises some relief for borrowers, lenders

Certain provisions indicate lawmakers took the challenges and criticism of the first version to heart and made "PPP 2.0" more targeted, a consultant said.

By Anna Hrushka • Dec. 23, 2020

SEC sues Ripple, top execs over sale of XRP cryptocurrency

Ripple executives accused the regulator of "picking virtual currency winners and losers." XRP lost 60% of its value in the week after the suit, which one Twitter user called a "kill shot."

By Anna Hrushka • Updated March 5, 2021

Gender breakdown of Citi promotions shows incremental pace of change

About 29% of the people the bank promoted to managing director in 2020 are women — a company record, but far off the 40% proportion it intends to achieve by 2021.

By Dan Ennis • Dec. 22, 2020

Fed allows banks to resume stock buybacks with limitations

Just minutes after the Fed released stress test results Friday, JPMorgan Chase said its board approved a new share repurchase program of $30 billion. The central bank said it would continue to cap dividend payments through March.

By Anna Hrushka • Dec. 21, 2020

PPP would get $284B under coronavirus aid bill

A $2.3 trillion bill the Senate and House passed Monday touches all three of 2020's most notable loan types. The Main Street program, set to wind down Dec. 31, has seen its lending power double in the past five weeks.

By Dan Ennis • Dec. 21, 2020

Robinhood agrees to pay $65M to settle SEC charges

Customers lost $34 million from 2016 to 2019 by trading on Robinhood instead of through other brokers, the SEC said. Massachusetts officials a day earlier accused the company of manipulating customers with "gamification" strategies.

By Dan Ennis • Dec. 17, 2020

Citi to offer employees 12-week sabbaticals starting next year

The pandemic-inspired perk comes with a catch: Eligible workers would get only 25% of their base pay during their time away. The bank will also let employees buy up to five extra vacation days per year starting in 2021.

By Dan Ennis • Dec. 17, 2020

FDIC releases final rule on controversial ILC charters

The rule, which opponents argue eases the path for commercial companies to operate as banks without Federal Reserve oversight, comes as a growing number of nonbanks have recently applied for ILC charters.

By Anna Hrushka • Dec. 16, 2020

Fed, FDIC, OCC approve 36-hour window for reporting cyberattacks

Under the rule, which takes effect May 1, banks must notify their primary federal regulator within 36 hours of determining whether a "significant computer-security incident" could disrupt business.

By Dan Ennis • Updated Nov. 19, 2021

Fed joins global climate-focused network of central banks

Fed membership in the Network for Greening the Financial System was one of 53 actions a CFTC panel suggested this year to manage climate-related risk and signals the central bank is taking the fight more seriously.

By Dan Ennis • Dec. 16, 2020

Crypto firm Paxos gets OCC's conditional approval for trust charter

In contrast to Anchorage and Protego Trust Co., which are converting their state trust charters to national ones, Paxos will maintain its New York state charter and additionally seek a federal one.

By Anna Hrushka • Updated April 27, 2021