Regulations & Policy: Page 75


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    Fed restricts officials' stock trading with new rules amid scandal

    Policymakers and senior staff would have to provide 45 days' notice before buying or selling any allowed securities and are barred from doing so during "periods of heightened financial market stress," the central bank said.

    By Oct. 22, 2021
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    Vast Bank's new platform aims for the 'crypto curious'

    "Banks for centuries have been safe keepers and custodians of what people value," said CEO Brad Scrivner. "And in today's world, that's now digital assets."

    By Oct. 21, 2021
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    Trendline

    Top 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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    Biden's OCC pick faces a delicate balance among moderates

    Sen. Jon Tester, D-MT, said he would "hold off" expressing support "until after I meet with her." One attorney said the OCC pick should "balance mitigating risk with encouraging innovation."

    By Oct. 20, 2021
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    Retrieved from Novi on May 27, 2020
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    Facebook's Novi launches digital currency wallet pilot

    The announcement was met nearly immediately with pushback from five senators urging that the project be discontinued.

    By Oct. 20, 2021
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    German regulator BaFin caps neobank N26’s European growth

    The limit — to no more than 70,000 new users a month — is "a temporary measure," the neobank's chief growth officer said, meant to allow N26 to focus on strengthening internal processes and frameworks.

    By Oct. 19, 2021
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    Column

    Celsius, Tether and the 'known known'

    Lender Celsius' admission that Tether accepts crypto tokens in exchange for stablecoins should be a bombshell. Rather, it confirms a suspicion regulators held so strongly that they've already penalized Tether for it. Twice.

    By Oct. 19, 2021
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    Coinbase sees single regulator, new framework for crypto supervision

    The approach would keep companies from having to comply with several agencies, which are adapting old laws to new tech, and help maintain the U.S.'s status as a "shaper" of oversight, Coinbase said.

    By Oct. 18, 2021
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    Megan Quinn/Banking Dive
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    Treasury goes into damage control on bank data reporting

    A blog post on the agency's website seeks to clarify what it calls "pernicious" misinformation disseminated by the measure's opponents.

    By Oct. 15, 2021
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    Quarles' term as Fed vice chair to end without replacement

    The central bank's panel on supervision and regulation will meet "as necessary," and rule-writing or policy changes would need "broad consensus" among Quarles and Fed Governors Lael Brainard and Michelle Bowman.

    By Oct. 13, 2021
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    JPMorgan Chase joins UN's Net-Zero Banking Alliance

    The pledge comes weeks ahead of a United Nations climate-focused conference in Glasgow, but the initiative has drawn blowback from advocates seeking stricter emissions standards.

    By Robin Bradley • Oct. 11, 2021
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    LMI lender Oportun withdraws OCC banking charter application

    The company plans "to amend elements" of the application "to reflect changes to our business." But advocacy groups wrote the OCC in August with concern over Oportun's debt-collection practices, which the CFPB is investigating.

    By Oct. 11, 2021
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    Fair-housing group sues Old National over alleged redlining ahead of merger

    Only 37 of the more than 2,250 mortgage loans the bank made in the Indianapolis area in 2019 and 2020 were to Black borrowers, said the Fair Housing Center of Central Indiana, which wants to get the Fed involved.

    By Oct. 8, 2021
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    Mark Wilson via Getty Images
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    SBA overpaid $4.5B in EIDL grants, IG report finds

    The agency's inspector general said it found instances where sole proprietors or independent contractors improperly claimed to have as many as 1 million employees.

    By Oct. 8, 2021
  • Capital One gives up predicting office-return timeline

    The bank said it will give employees 30 days' notice before deciding to reopen sometime next year. The indefinite delay marks the bank's second timeline rollback since August.

    By Oct. 8, 2021
  • NatWest faces $463M fine, pleads guilty in AML case

    The bank's cooperation could persuade a judge to reduce the penalty at sentencing in December. The case marks the Financial Conduct Authority's first criminal prosecution of a bank under 2007 anti-money laundering rules.

    By Oct. 7, 2021
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    Bank of America offers $200 award to vaccinated, in-office Merrill Lynch staff

    Eligible staff must come to the office at least eight times between early October and mid-November and be fully vaccinated by mid-November, publications reported.

    By Robin Bradley • Oct. 7, 2021
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    Green Dot
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    Republic Bank sues Green Dot for calling off $165M deal

    The prepaid card company said it was unable to get the Fed's approval or non-objection to the acquisition of Republic's tax refund processing unit. But it's not the only transaction held up by an unresponsive Fed.

    By Oct. 6, 2021
  • Fed inspector general's office to probe officials' trading

    The move came hours after Sen. Elizabeth Warren, D-MA, wrote a letter asking the SEC to look into whether activity by the central bank's vice chair, Richard Clarida, and others violated insider-trading rules.

    By Oct. 5, 2021
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    Chris Hondros via Getty Images
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    JPMorgan stiffens vaccination policy

    Unvaccinated staff must be tested for COVID-19 twice a week, and will receive heftier payroll deductions to cover the cost of testing beginning next year, according to an internal memo Monday.

    By Robin Bradley • Oct. 5, 2021
  • US Postal Service not equipped to handle banking, industry trade groups say

    "The USPS already has its hands full with its current mission and lacks the bandwidth needed to run such a large and complex operation," NAFCU President and CEO Dan Berger said.

    By Oct. 5, 2021
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    Emma Cosgrove/Banking Dive
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    Postal banking pilot brings check cashing, bill pay in 4 areas

    The program, launched in September, aims to bring financial services to low- to moderate-income people and is set to expand after the holiday season.

    By Robin Bradley • Oct. 4, 2021
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    Courtesy of Monzo press kit
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    UK challenger Monzo withdraws OCC application

    The company still aims to "build and scale [its] early-stage product offer in the U.S. through existing partners," it said. A debate reportedly rumbled for months within Monzo as to whether the licensing effort was the best use of resources.

    By Oct. 4, 2021
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    First Citizens, CIT extend timeline for $2.2B merger over Fed delay

    The FDIC and a North Carolina regulator have approved the deal, the banks said, adding that they're waiting on the central bank. If the deal is not completed by March 1, either bank may back out, American Banker reported.

    By Oct. 1, 2021
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    Overdraft alternatives

    Regions unveils overdraft alternative

    The Birmingham, Alabama-based bank's new checking account charges $5 monthly to provide overdraft protection without transfer fees.

    By Robin Bradley • Oct. 1, 2021
  • Rohit Chopra
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    Senate confirms Chopra to lead CFPB

    Analysts expect a tenure marked by stiffer penalties. But the bureau has been laying the groundwork for its shift in tone for months.

    By Oct. 1, 2021