Regulators retool CRA to reflect digital banking footprint

The Office of the Comptroller of the Currency and the FDIC on Thursday proposed expanding assessment areas covered under a 1977 law to protect lower-income borrowers.

By Anna Hrushka • Dec. 13, 2019

How banks should navigate sports betting

Financial institutions need to make sure they are educated and aware of the issues and risks associated with serving the sector, several banking and compliance experts said during a panel.

By Anna Hrushka • Dec. 11, 2019

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The 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

HSBC agrees to pay $192M to settle U.S. tax case

The bank's Swiss unit helped 720 U.S. clients hide $825 million in assets from the IRS between 2000 and 2010, it admitted. HSBC has quintupled the number of employees assigned to spot suspicious activity in recent years.

By Dan Ennis • Dec. 11, 2019

Morgan Stanley faces 1-2 punch of 1,500 job cuts, $22M fine

The bank plans to take a charge, connected to the staff reduction, of $150 million to $200 million in its fourth-quarter results.

By Dan Ennis • Dec. 10, 2019

Former Fed chief, rule architect Paul Volcker dies at 92

Volcker's policies while leading the central bank helped rein in inflation in the early 1980s, while his proposed ban on proprietary trading drew the ire of big banks after the 2007-08 recession.

By Dan Ennis • Dec. 9, 2019

BB&T completes acquisition of SunTrust to form Truist

The deal creates the nation's sixth-largest bank and marks the largest merger in the sector since the 2007-08 financial crisis.

By Anna Hrushka • Dec. 9, 2019

The Banking Dive Awards for 2019

From Jamie Dimon to Mastercard, these are the companies and executives that shaped banking this year.

Dec. 9, 2019

Warren bill would loop CFPB in to bank merger approval process

Financial institutions' Community Reinvestment Act exam ratings would also be taken into account under the Democratic presidential candidate's legislation, which was introduced Wednesday.

By Dan Ennis • Dec. 6, 2019

NCUA's Hood defends credit union growth during House hearing

Some communities would be without banking access if a credit union hadn't decided to purchase a community bank, NCUA Chairman Rodney Hood told lawmakers Wednesday.

By Anna Hrushka • Dec. 5, 2019

Wells Fargo CEO: Bank to refund some checking account fees next year

The move comes in response to a letter Rep. Katie Porter wrote to Wells chief Charlie Scharf last month regarding a policy that may have confused customers.

By Dan Ennis • Dec. 5, 2019

Suncoast Credit Union targets Miami market with Apollo Bank buy

If regulators approve the deal, it would be the 16th bank acquisition by a credit union this year and the largest since 2012.

By Anna Hrushka • Dec. 4, 2019

Banks don't need to file SARs when servicing hemp businesses, regulators say

The guidance comes as welcome news to hemp growers, banks and some lawmakers who have long called for clarification.

By Anna Hrushka • Dec. 3, 2019

Bakkt CEO's Senate assignment sets up potential conflict of interest

The agriculture panel on which Sen. Kelly Loeffler, R-GA, will serve oversees the CFTC, which regulates markets for derivatives that trade on exchanges run by Intercontinental Exchange, where Loeffler's husband is chairman.

By Dan Ennis • Updated Jan. 8, 2020

Wells Fargo names Santander executive COO

Scott Powell, who is set to start at Wells Fargo on Dec. 9, will fill a position that has been vacant since Tim Sloan became the bank's CEO in October 2016.

By Anna Hrushka • Dec. 3, 2019

Robinhood pulls bank charter application

The company may not have reached the size needed to own a bank, an analyst said. Robinhood halted its first savings account endeavor in October after neglecting to notify regulators beforehand.

By Anna Hrushka • Dec. 2, 2019

CFPB constitutionality case gets March date in Supreme Court

Supreme Court Justice Brett Kavanaugh wrote about the bureau's leadership structure in 2016, while sitting on a panel of the U.S. Court of Appeals for the D.C. Circuit.

By Anna Hrushka • Nov. 27, 2019

OCC's 10% supervision fee cut could save banks $85M in 2020

The second straight yearly cost reduction reflects operating efficiencies, including optimized real estate and contracting costs, the agency said.

By Anna Hrushka • Nov. 26, 2019

Bank of America CEO: People still want regulation, security amid tech competition

"If you take deposits, make loans ... you end up with a lot of people's money," Moynihan says. "And if something goes kablooey, it's a problem."

By Anna Hrushka • Nov. 25, 2019

2 in 3 consumers uncomfortable with financial apps' level of access to data

Most of the 4,000 surveyed were unclear on how long financial apps could hold their information; 10% said users themselves were primarily responsible for their own data in the event of a breach, a study found.

By Kate Patrick • Nov. 22, 2019

Shared zeal for CRA reform leads OCC chief, entrepreneur to rare rapport

"I would have bet my last dollar you wouldn't come to D.C. and make CRA your linchpin," Operation HOPE founder John Hope Bryant told OCC chief Joseph Otting. "This whole time, you’ve been scheming on how to do good."

By Dan Ennis • Nov. 21, 2019

Big banks would get climate stress tests under Senate bill

World economies could lose as much as $72 trillion by 2060 in the event of climate inaction, Citigroup predicted.

By Dan Ennis • Updated Jan. 24, 2020

Google checking, Apple Card illustrate blurred spectrum in bank-fintech partnerships

Clear boundaries between companies can help foster innovation, determine regulatory responsibility and put customers at ease, panelists said Tuesday at a conference in New York.

By Dan Ennis • Nov. 20, 2019

Fed, FDIC approve BB&T-SunTrust merger

The deal to create the sixth-largest U.S. bank is expected to close Dec. 6, but on several conditions: The Fed issued a consent order against SunTrust regarding "misleading or inaccurate statements" made to business customers from 2013 to 2017.

By Anna Hrushka • Nov. 19, 2019

House panel approves cannabis legalization bill

The legislation would impose a 5% tax on pot sales, and some of that money would be set aside for loans to small cannabis businesses owned by socially and economically disadvantaged individuals.

By Dan Ennis • Updated Nov. 21, 2019

NJ governor creates board to establish public bank

Democratic Gov. Phil Murphy campaigned on the idea two years ago. But opponents say he could move taxpayer funds out of overseas financial institutions and into state ones without creating another bank.

By Dan Ennis • Nov. 14, 2019