Regulations & Policy: Page 76
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Overdraft alternativesRegions 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 -
Chopra screen grab/Banking Dive, data from Screen grab
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 Dan Ennis • Oct. 1, 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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Warren cites ‘grave concern’ in opposing Powell on new Fed term
The Democrat characterized Powell as "dangerous," taking the chair to task on Capitol Hill on Tuesday over three deregulatory actions.
By Dan Ennis • Sept. 29, 2021 -
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ColumnDeutsche's office siren runs counter to its December plan
The two lines of thinking can co-exist. Deutsche could eye a return for its 5,000 New York-area employees in the next six months only to see them scatter later, when the sheen of the bank's new U.S. headquarters has worn off.
By Dan Ennis • Sept. 29, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo fined $37.3M to settle DOJ foreign-exchange case
The penalty comes in addition to $35.3 million in restitution the bank has paid 771 harmed commercial customers.
By Robin Bradley • Sept. 28, 2021 -
SC National Guard. (2018). "180925-Z-XH297-1108" [Photograph]. Retrieved from Flickr.
New York Fed researchers design climate stress test for banks
The paper defines what it calls CRISK — the expected capital shortfall of a financial institution in a climate stress scenario — a measure that rose significantly in 2020.
By Robin Bradley • Sept. 27, 2021 -
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Boston, Dallas Fed chiefs resign amid stock-trading blowback
Boston's Eric Rosengren cited a worsening kidney condition in his departure. Dallas' Robert Kaplan, however, addressed the controversy head-on. "The recent focus on my financial disclosure risks becoming a distraction," he said.
By Dan Ennis • Updated Sept. 28, 2021 -
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Bank of Marin CEO calls it a career after 2 extra years
The bank on Friday named 14-year veteran Tim Myers as its next CEO. It hired a firm in 2019 to find Russ Colombo's successor. Then COVID-19 hit, and Colombo said he'd stay "as long as the bank needs."
By Dan Ennis • Sept. 27, 2021 -
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Cannabis banking measure couched in House-passed defense bill
The NDAA goes to the Senate, a perennial foil for the SAFE Banking Act. While some Republicans would rather the pot bill get a stand-alone vote, a number of Democrats are eyeing larger reform.
By Dan Ennis • Sept. 22, 2021 -
Permission granted by U.S. Bank
U.S. Bank to buy MUFG Union Bank in $8B deal
The transaction would add $133 billion in assets, $58 billion in loans and $90 billion in deposits to U.S. Bank's balance sheet, vaulting the Minneapolis-based lender back into fifth place among largest retail banks in the U.S.
By Robin Bradley • Sept. 21, 2021 -
Courtesy of https://www.varomoney.com/press/
Varo's latest $510M funding round validates bank charter decision, exec says
The bank, now reportedly valued at $2.5 billion, plans to use the new funding on account growth, brand building, its product roadmap and operational and risk management infrastructure.
By Anna Hrushka • Sept. 17, 2021 -
Truist, Microsoft back FDIC fund to invest in minority-owned banks
"I like to joke that this isn't your grandmother's FDIC, and this fund certainly proves that we like to think out of the box," the agency's chair, Jelena McWilliams, said Thursday.
By Anna Hrushka • Sept. 16, 2021 -
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Yellen, IRS chief push House panel for bank data reporting boost
Democrats consider boosting to $10,000 the amount held in accounts whose inflows and outflows would be reported to the IRS. Trade groups say the compliance costs and privacy risks of the measure outweigh the windfall.
By Dan Ennis • Updated Sept. 24, 2021 -
Courtesy of Wells Fargo multimedia resources
ColumnWells Fargo penalties, trial, call for breakup are part of a door-window continuum
In acknowledging the OCC had handed it a fresh $250 million fine, Wells noted that the CFPB had let a separate penalty expire. The unexpected blow, though, may have come from Sen. Elizabeth Warren.
By Dan Ennis • Sept. 15, 2021 -
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SBA quadruples EIDL cap to $2M
The agency said it also instituted a two-year deferred payment period and has greatly increased the rate at which loans ar reviewed, clearing a backlog of more than 600,000 cases.
By Anna Hrushka • Sept. 13, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC's proposed rule would rescind Trump-era CRA rewrite
The agency moved to revert to 1995 guidance while it coordinates with the Federal Reserve and FDIC on an interagency rule to discourage redlining. The OCC would issue the final rule in December.
By Dan Ennis • Updated Dec. 14, 2021 -
Justin Sullivan / Staff via Getty Images
Overdraft alternativesBank of America debuts overdraft alternative
If a customer overdraws on one Bank of America account, Balance Connect ferries money from another of the user's accounts with the bank for a $12-per-transaction fee.
By Robin Bradley • Sept. 8, 2021 -
CFPB proposes rule to boost data collection on small-business loans
The bureau laid out a list of 23 data points, including the race and gender of borrowers and reasons for loan denial. But some trade groups are taking issue with the proposal's scope.
By Robin Bradley • Sept. 7, 2021 -
FTC fines Capital One CEO $638K in stock award disclosure violation
The agency did not penalize the executive over Hart-Scott-Rodino violations in 1999 and 2004. The fine represents a significant reduction from a maximum penalty of around $29.7 million.
By Robin Bradley • Sept. 3, 2021 -
ICBA calls for 'exit fee' on credit union-bank deals
The trade group's proposed fee would be equal to 10% of the gross value of the acquired bank's assets or liabilities from its most recent balance sheet — whichever are greater — and would be payable by the acquiring credit union.
By Anna Hrushka • Sept. 3, 2021 -
SBA 'threat' draws ire of PPP lenders, Republican lawmakers
Lenders that have not opted in to the agency's forgiveness portal could face audits, the SBA said in a letter.
By Anna Hrushka • Sept. 2, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo seeks more time to comply with scandal consent orders: report
The bank could face additional sanctions from regulators over the pace at which it is compensating victims of its consumer abuse violations, Bloomberg reported Tuesday.
By Anna Hrushka • Sept. 1, 2021 -
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NY governor taps ex-Obama staffer to lead state regulator
Adrienne Harris served from 2015 to 2017 as a special assistant to the president for economic policy. She still must be confirmed by the New York state Senate before taking office.
By Dan Ennis • Sept. 1, 2021 -
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Morgan Stanley bumps first-year pay to $110K to match Goldman Sachs
Tuesday's move marks the second time in a month the bank lifted salaries for first-year investment banking and global capital markets analysts.
By Robin Bradley • Sept. 1, 2021 -
Mark Wilson via Getty Images
SBA's second-largest loan program may run out of funds this week
The pandemic and low interest rates have caused demand for SBA 504 loans to soar to record levels.
By Robin Bradley • Aug. 31, 2021
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