Regulations & Policy: Page 78
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House panel blasts banks over gap in PPP loan processing times
JPMorgan's larger borrowers waited an average of 3.7 days from application to funding, while others waited 14. But U.S. Bank applicants, regardless of size, saw little to no difference, a report found.
By Dan Ennis • Oct. 19, 2020 -
Permission granted by Varo Money
Varo Bank launches small-dollar loan product
Varo's new product follows Bank of America's rollout this month of Balance Assist, and comes as regulators have encouraged banks to issue small-dollar loans amid the ongoing coronavirus pandemic.
By Anna Hrushka • Oct. 16, 2020 -
Explore the Trendline➔
wildpixel via Getty Images
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 -
Permission granted by Office of the Comptroller of the Currency
OCC fines USAA $85M over compliance, IT failures
"[W]e did not sufficiently invest in the capabilities and expertise necessary to meet regulatory requirements and evolving business needs," USAA CEO Wayne Peacock said.
By Anna Hrushka • Oct. 15, 2020 -
PNC sees bump in Q3 revenue as bank reaches 'stable reserve levels'
After padding its loan-loss reserves over the past two quarters, the Pittsburgh-based lender set aside $2.4 billion less than it did in the previous three months.
By Anna Hrushka • Oct. 14, 2020 -
Simplified PPP forgiveness doesn't go far enough, bank trade groups say
The Independent Community Bankers of America, Bank Policy Institute and Consumer Bankers Association welcomed the two-page form covering loans of $50,000 or less, but continue to push for congressional action.
By Anna Hrushka • Oct. 12, 2020 -
New bank CEOs come of age amid coronavirus trial by fire
Net interest margin is so 2019. Bankers taking top roles during the pandemic have found branch cleanliness and small-business lending just as crucial.
By Ken McCarthy • Oct. 12, 2020 -
Morgan Stanley fined $60M for data center oversight failures
The bank hired a third-party vendor to wipe data from servers and other hardware, but some customer information remained on the equipment after it was sold to a recycler.
By Dan Ennis • Oct. 9, 2020 -
Citi fined $400M over risk management, data governance issues
The OCC demands approval of any "significant new" acquisition the bank wants to make and reserves the right to make changes to senior management and Citi's board if the regulator deems the bank is moving too slowly.
By Dan Ennis • Oct. 8, 2020 -
Wells Fargo diversity pledge inquiry closes
The bank "responded to the inquiries with in-depth descriptions, materials, and data," a Labor Department spokesman said, according to The Wall Street Journal. "OFCCP was satisfied with the response."
By Dan Ennis • Updated March 8, 2021 -
Sen. Warren asks Fed to weigh Wells Fargo's mortgage missteps in asset cap evaluation
Of the 904 accounts for which forbearance was not requested, 344 told the bank they did not want the help, Warren indicated to the central bank.
By Dan Ennis • Oct. 5, 2020 -
Varo turns focus to new products after national charter milestone
The launch of the Varo Bank app, which the company says is imminent, will free up resources and energy to "pivot on to the customer," Chief Risk Officer Philippa Girling said.
By Anna Hrushka • Oct. 2, 2020 -
As Goldman, JPMorgan resume cuts, Bank of America reiterates no-layoff vow
Brian Moynihan, the CEO of the nation's second-largest bank, touted the Charlotte, N.C.-based lender's progress on diversity Thursday in perhaps a direct counter to comments that put Wells Fargo chief Charlie Scharf in hot water.
By Dan Ennis • Updated Oct. 2, 2020 -
With stimulus in legislative limbo, market may see boost in small-dollar loans
Four regulators issued guidance on the products in May, but banks have been slow to roll out offerings. Higher demand may provide the catalyst they need.
By Suman Bhattacharyya • Oct. 1, 2020 -
Fed extends freeze on share buybacks, cap on dividends
The capital positions of large banks "have remained strong" while the restrictions have been in place, the central bank said. Those limits, imposed in June, were set to expire Wednesday if the Fed hadn't intervened.
By Anna Hrushka • Oct. 1, 2020 -
Treasury says it could start forgiving PPP loans this week
Meanwhile, 10 trade groups urged Senate and House leaders Tuesday to pass a measure reauthorizing the program — and banks gave the Fed insight into why the Main Street Lending Program is flailing.
By Dan Ennis • Sept. 30, 2020 -
Permission granted by Office of the Comptroller of the Currency
OCC's Brooks defends special-purpose charters amid growing 'unbundling'
"Unbundling is not going away," the acting comptroller said Tuesday at a LendIt Fintech conference. "Customers want what they want. The question is, is our platform flexible enough to accommodate that? And I think it has to be."
By Anna Hrushka • Sept. 30, 2020 -
Citi fined for failing to fix 'ticking time bomb,' CFTC says
A bank employee warned Citi in 2014 of a flaw in its audio preservation system. Four years later, the system deleted millions of recordings, including some the CFTC subpoenaed — and the bank promised to preserve.
By Dan Ennis • Sept. 29, 2020 -
Column
With race, as with office returns, banks follow the herd or react to it
Citi's billion-dollar pledge and Deutsche's stay-home policy show when one bank misfires, another redirects the narrative.
By Dan Ennis • Sept. 25, 2020 -
Permission granted by Citigroup
Citi pledges more than $1B toward closing racial wealth gap
Much of the funding is aimed at boosting Black homeownership and entrepreneurship, but the bank also wants to root out biases in its software and eliminate out-of-network ATM fees for minority depository institution customers.
By Dan Ennis • Sept. 24, 2020 -
JPMorgan to pay more than $920M in record CFTC spoofing penalty
The punishment over metals market manipulation allegations that span eight years breaks down to a $436.4 million fine, $311.7 million in restitution and more than $172 million in disgorgement.
By Dan Ennis • Updated Sept. 29, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo CEO Scharf comes under fire over diversity comments
The bank's pledge to double Black leadership created a domino effect in the industry, but the executive's assertion that the talent pool is "very limited" got under some people's skin. He has since apologized.
By Dan Ennis • Sept. 23, 2020 -
Anna Hrushka/Banking Dive
Fed pushes its own plan for CRA overhaul
The central bank would test banks' retail lending and community development separately and expand the activities for which banks could receive CRA credit.
By Dan Ennis • Sept. 22, 2020 -
3 more ex-Wells Fargo execs face OCC bans or fines
The regulator banned a former finance officer and fined him $925,000 for his role in the 2016 fake accounts scandal. Two other managers face personal cease-and-desist orders and penalties of $400,000 and $350,000.
By Dan Ennis • Sept. 22, 2020 -
Banks on pace to cut more than 80K jobs this year, highest since 2015
The actual number is likely higher, Bloomberg reported, because many banks reduce headcount without announcing they are doing so. But many that do are cutting costs, like Wells Fargo, or investing in technology, like Citi.
By Dan Ennis • Sept. 21, 2020 -
Anna Hrushka/Banking Dive
Column
4 Federal Reserve storylines to follow this month
The central bank published two scenarios Thursday under which it will test lenders' resilience. But dividend caps, share buybacks, the CRA and Main Street lending are also top of mind.
By Dan Ennis • Sept. 18, 2020
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