Regulations & Policy: Page 80
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Biden orders Yellen to outline climate risks to financial stability
The assessment, due in 180 days, will incorporate financial regulators' plans to boost climate-risk disclosures. The order also asks officials to disclose, within 120 days, government programs' and assets' exposure to climate risks.
By Dan Ennis • May 21, 2021 -
Chris Hondros via Getty Images
JPMorgan Chase unveils solo healthcare venture
Morgan Health, a successor in spirit to the recently defunct Haven, will come armed with $250 million to invest in innovations in employer coverage and advancements in health equity.
By Dan Ennis • May 21, 2021 -
Explore the Trendlineâž”
Permission granted by Frost Bank
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 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo to offer crypto investment product for wealthy clients
The bank's decision to wade into crypto follows similar moves made by other large institutions, and comes as the nation's top bank regulator has indicated it plans to review past crypto-friendly actions.
By Anna Hrushka • May 20, 2021 -
Neilson Barnard/Getty via WireImages
Morgan Stanley names co-presidents, sets up Gorman succession race
The investment bank's CEO has told the board he intends to stay in the top role for at least three more years. "You make these changes when you can and from a position of strength," he said.
By Dan Ennis • May 20, 2021 -
Alex Wong via Getty Images
Post office, Fed checking accounts won't solve underbanking, trade groups say
Organizations such as The Clearing House urged officials to consider creating alternative identity verification methods for low- to middle-income consumers, as well as improved broadband internet, in a paper published Tuesday.
By Dan Ennis • May 19, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC reconsiders controversial revamp to anti-redlining law
Tuesday's move to halt the implementation of the CRA revamp comes as new Acting Comptroller Michael Hsu has signaled a change in direction for the agency.
By Anna Hrushka • May 19, 2021 -
Chris Hondros via Getty Images
JPMorgan management shuffle puts 2 women in line to succeed Dimon as CEO
CFO Jennifer Piepszak and consumer-lending chief Marianne Lake will co-lead the bank's consumer and community banking unit, effective immediately, in a shift that also sees Co-President Gordon Smith retiring at the end of this year.
By Dan Ennis • May 19, 2021 -
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Bank of America to increase minimum hourly wage to $25 by 2025
CEO Brian Moynihan said the increase will cost the bank "a few hundred million dollars a year" but called the move "an investment."
By Anna Hrushka • May 18, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo rolls out 10-year effort to boost options for underbanked
The bank is developing a task force with Black and Hispanic nonprofits and aims to redesign 100 of its branches in low- to moderate-income neighborhoods to emphasize one-on-one consultations.
By Dan Ennis • May 18, 2021 -
Bank trade groups take aim at VyStar-Heritage deal
In a letter to the FDIC, bank trade groups called out VyStar Credit Union's history of closing branches and said the $195.7 million deal would cut regulatory safeguards for low- and moderate-income consumers.
By Anna Hrushka • May 17, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America, TD to pay a combined $116.5M to settle overdraft fee suits
Plaintiffs accused each bank of charging customers for each time a transaction was "retried" after an initial failure.
By Dan Ennis • Updated May 19, 2021 -
Alex Wong via Getty Images
ColumnFigure's journey with the SEC proves itself the anti-Ripple
Citi's court battle and Diem's narrowed ambitions may lend credence to Ripple's argument that authorities pick winners and losers, but Diem could now be trying the Figure approach.
By Dan Ennis • May 14, 2021 -
Hannelore Foerster via Getty Images
N26 fined $5M over delayed AML-related suspicious activity reports
The challenger bank said it paid the penalty from German financial regulator BaFin in July.
By Dan Ennis • Updated Sept. 29, 2021 -
Permission granted by Diem Association
Facebook-backed Diem withdraws Finma application, shifts to US
Diem Networks U.S. will register as a money services business with the Financial Crimes Enforcement Network, and Silvergate Bank will become the exclusive issuer of Diem's dollar-backed stablecoin.
By Anna Hrushka • May 13, 2021 -
Brian Tucker/Banking Dive
House, Senate vote to repeal OCC's true lender rule
The resolution heads to President Joe Biden's desk, where he is expected to sign it. Opponents say the true lender rule would give nonbank lenders a route to avoid state interest rate caps.
By Dan Ennis • Updated June 25, 2021 -
Permission granted by Office of the Comptroller of the Currency
New OCC chief vows focus on climate change, disproportionate impact of pandemic
Acting Comptroller Michael Hsu also said he would review key regulatory standards but did not mention any by name, and warned that "complacency about risk-taking" is a growing supervisory concern.
By Dan Ennis • May 11, 2021 -
Alex Wong via Getty Images
FDIC fines Umpqua Bank $1.8M over subsidiary's debt, fee collection practices
The Oregon-based bank also paid more than $1.6 million in restitution to 16,902 customers in the settlement announced Monday.
By Dan Ennis • May 11, 2021 -
DOJ reportedly investigating Kabbage, fintech lenders, over PPP loans
Some fintechs' use of automated lending platforms with few manual checks caused errors to be replicated across thousands of loans, one source said.
By Anna Hrushka • May 10, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo, U.S. Bank disclose CFPB investigations
The former's acknowledgment relates to monthly service fees the bank has vowed since 2019 to refund to affected customers.
By Dan Ennis • May 7, 2021 -
California regulator orders Chime to stop calling itself a bank
The fintech has until May 15 to revise its website and advertising in accordance with the California regulator's order and has until June 15 to perform quality control and testing of the changes.
By Anna Hrushka • May 6, 2021 -
Anna Hrushka/Banking Dive
Fed strikes balance between openness, caution toward nonbanks
The central bank issues guidance for fintechs seeking a charter, while its chair advocates for expanding the CRA to encompass all lenders.
By Dan Ennis • May 6, 2021 -
Alex Wong via Getty Images
PPP runs out of funds for most lenders
About $8 billion remains available through MDIs and CDFIs, the Small Business Administration told banking trade groups Tuesday. But the portal has largely stopped accepting applications, the American Bankers Association said.
By Dan Ennis • May 5, 2021 -
Paul Morigi via Getty Images
Return to the officeGoldman Sachs, Wells Fargo ask US staff to report vaccination status
Goldman is requiring its employees to record the date they received their shots and the manufacturer of the vaccine, but they won't have to show proof. Wells stressed that response is voluntary.
By Dan Ennis • Updated June 11, 2021 -
Permission granted by Office of the Comptroller of the Currency
Yellen names Fed's Hsu as acting OCC chief
Michael Hsu is set to become acting comptroller Monday, the Treasury Department said in a release Friday. He'll be the OCC's third acting chief in the past year.
By Dan Ennis • Updated May 7, 2021 -
FDIC bans former Bank of the West banker over loan fraud
The regulator said Mark Wong made fraudulent loans in the names of bank customers without their authorization or knowledge while serving as a vice president and business banking officer at the BNP Paribas subsidiary.
By Anna Hrushka • May 3, 2021
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