Regulations & Policy: Page 81
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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 -
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Since President Donald Trump retook office, bank mergers and acquisitions have jumped considerably. But two of 2025’s biggest acquirers – PNC and Huntington– are choosing markedly diverging paths.
By Banking Dive staff -
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 -
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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 -
CFPB won't recommend OppFi enforcement action, lender says
OppFi disclosed the bureau's investigation into its Military Lending Act practices in March, ahead of a planned merger with a blank-check company.
By Dan Ennis • Aug. 31, 2021 -
Bank regulators issue guidance on partnering with fintechs
Banks should evaluate fintechs' business experience and qualifications, financial condition, legal and regulatory compliance, risk management and controls, information security and operational resilience, regulators said Friday.
By Anna Hrushka • Aug. 30, 2021 -
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SEC seeks public feedback on brokers' digital practices
At issue is whether in-app prompts or gamification strategies constitute investment advice. In a tweet, the agency's chairman compares such practices to streaming service recommendations that shape viewer algorithms.
By Dan Ennis • Aug. 30, 2021 -
Jeff Swensen via Getty Images
PNC increasing minimum hourly pay to $18
The $3-per-hour boost represents a 20% increase for legacy PNC employees, but is a bigger jump for BBVA USA staff joining PNC in October. Minimum hourly pay there is $11, according to The Associated Press.
By Robin Bradley • Aug. 30, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America execs Finucane, Montag to retire this year
The bank will roll out succession plans in the coming weeks to replace its chief ESG architect and COO. The moves may cement a new generation of leadership at the Charlotte, North Carolina-based lender.
By Dan Ennis • Aug. 27, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman Sachs mandates vaccine for office-based employees by Sept. 7
Occupants of the banks' offices will also be required to wear masks, regardless of their vaccination status, beginning this week. The move comes a day after the FDA approved the Pfizer vaccine against COVID-19.
By Dan Ennis • Aug. 25, 2021 -
SBA forgiveness portal accepts more than 340K submissions, but many lenders opt out
More than 1,230 lenders, representing over half of outstanding loan forgiveness applications, have opted in to the SBA's direct borrower forgiveness portal. But 4,237 have opted to use their own internal portals.
By Anna Hrushka • Aug. 23, 2021 -
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Outgoing NY governor signs bill to limit overdraft practices at state-chartered banks
The new law, which takes effect Jan. 1, comes as lawmakers and regulators are paying more attention to overdraft fees and the revenue they generated for banks amid the pandemic.
By Anna Hrushka • Aug. 20, 2021 -
Permission granted by Piermont Bank
Piermont Bank leans on its flexibility amid COVID-19 resurgence
The 2-year-old bank enacted a hybrid work schedule, and CEO Wendy Cai-Lee says Piermont's smaller size is a big plus for enforcing its vaccine and mask policy.
By Robin Bradley • Aug. 18, 2021 -
PPP loans through fintechs much more likely to be suspicious, study finds
Fintech and traditional lenders both started the program with suspicious loan rates of around 10%, but fintechs' suspicious loan rates grew to 40% when PPP ended, University of Texas, Austin, researchers found.
By Anna Hrushka • Aug. 17, 2021 -
Drew Angerer via Getty Images
State Street to vacate NYC offices amid shift to hybrid work
The bank's pivot comes as firms across the country are reevaluating office-return timelines or adopting permanent hybrid solutions.
By Anna Hrushka • Aug. 16, 2021 -
Justin Sullivan / Staff via Getty Images
Bank of America to bump pay for junior bankers for the second time in a year
The raises, which take effect in February, boost compensation from $95,000 to $100,000 to match competitors such as Wells Fargo, Citi, Morgan Stanley and JPMorgan Chase.
By Robin Bradley • Aug. 16, 2021 -
2 regulators see change at the top
The superintendent of New York's Department of Financial Services is resigning amid the Cuomo scandal. Meanwhile, President Biden is said to tap the CFTC's interim chief to lead the agency permanently.
By Dan Ennis • Aug. 16, 2021 -
Bipartisan bill would expand SBA loan program to include fintech lenders
"You shouldn’t need a big bank to get an SBA loan," said Sen. John Hickenlooper, D-CO, who introduced the legislation alongside Sen. Tim Scott, R-SC, on Wednesday.
By Anna Hrushka • Aug. 13, 2021 -
Memphis-based Orion Federal Credit Union to buy Financial Federal Bank
The deal, which would nearly double the $1 billion-asset Orion Federal’s size, is the seventh such deal involving a credit union purchasing a bank to be announced this year.
By Anna Hrushka • Aug. 12, 2021 -
Chip Somodevilla via Getty Images
Big bank, merchant groups weigh in on Fed rule clarification
Bank and merchant trade groups weighed in on the Fed's debit rule clarification at the 11th hour, digging in their heels in a long-time battle over whether to ease merchant access to increased debit transaction networks.
By Lynne Marek • Aug. 12, 2021 -
Capital One delays office return, requires vaccines for on-campus employees
CEO Richard Fairbank said the bank is allowing employees who are unvaccinated to work remotely throughout its reopening period, which it said will extend through at least the first quarter of 2022.
By Anna Hrushka • Aug. 12, 2021 -
Permission granted by Revolut
Revolut readies for US growth with marketing push, product expansions
Since launching quietly stateside last year, the fintech has rolled out a small-business banking product, applied for a bank charter, and has begun offering remittances between the U.S. and Mexico.
By Anna Hrushka • Aug. 11, 2021 -
Justin Sullivan via Getty Images
Citi requires vaccines for employees returning to offices
The bank is not extending the vaccine mandate to branch workers, according to the bank's head of HR, but will "strongly encourage them to get vaccinated and will require rapid testing and wearing of masks for all colleagues."
By Robin Bradley • Aug. 11, 2021
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