More than 20 governors urge Congress to add cannabis banking to defense bill

The Senate has never voted on the SAFE Banking Act, and some Democrats could still serve as a roadblock to the measure, favoring more comprehensive legislation.

By Anna Hrushka • Nov. 11, 2021

Dubai bank to pay $100M to NYDFS to settle Sudan sanction violations

The regulator alleges Mashreqbank instructed its employees to omit certain details from SWIFT messages with other banks that could have linked roughly $6.5 billion in payments to the African nation.

By Robin Bradley • Nov. 10, 2021

Explore the Trendline➔

Artificial intelligence

Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.

By Banking Dive staff

Bank boards should press execs on climate risk, OCC says

Acting Comptroller Michael Hsu suggested five lines of questioning directors should pursue to boost banks' preparedness.

By Dan Ennis • Nov. 9, 2021

Santander raises overdraft threshold to $100

The $89.5 billion-asset bank's new overdraft program, called Santander Safety Net, follows a recent trend of traditional institutions revamping or doing away with the fee altogether.

By Anna Hrushka • Nov. 9, 2021

Fed's Quarles to step down at year's end

His resignation allows President Joe Biden to give the central bank's board a 4-3 Democratic majority.

By Dan Ennis • Nov. 8, 2021

Trade group calls for Congress to ease restrictions on hiring ex-offenders

The Bank Policy Institute wants Congress to clarify which people and jobs are covered under Section 19 of the Federal Deposit Insurance Act, which requires that ex-offenders receive FDIC approval to work at a bank.

By Anna Hrushka • Nov. 8, 2021

Virginia banks delay merger over OCC 'concerns'

Neither Blue Ridge Bank nor the regulator detailed what the issue is. The deal to form a $5 billion-asset bank is now slated to close in the second or third quarter of 2022.

By Dan Ennis • Nov. 5, 2021

Toomey cautions against proposal to regulate stablecoin issuers as banks

"I think we have to really think long and hard before we put some onerous regulatory regime on a new technology," the Republican senator from Pennsylvania said.

By Anna Hrushka • Nov. 5, 2021

Longtime CBA chief Richard Hunt to step down

Hunt, whose 13-year tenure was book-ended by the Dodd-Frank rollout and the COVID-19 pandemic, plans to leave the banking lobby next summer.

By Robin Bradley • Nov. 4, 2021

Climate, race propel flurry of pledges, findings from regulators

The OCC set a timeline by which it wants to lay out its expectations for banks to manage climate risk. Meanwhile, the CFPB and FDIC focused efforts on racial disparities.

By Dan Ennis , Robin Bradley • Nov. 4, 2021

Goldman, Biden and the art of 'not-that-but-this'

The bank's list of new managing directors — and the president's formal nod to Saule Omarova to lead the OCC — serve as reminders of what isn't being announced.

By Dan Ennis • Nov. 3, 2021

Regulators eye bank-like oversight for stablecoin issuers

Stablecoins can support beneficial payments options, Treasury Secretary Janet Yellen said, "but the absence of appropriate oversight presents risks to users and the broader system."

By Anna Hrushka • Nov. 2, 2021

New York extends CRA requirements to nonbank mortgage companies

The move comes months after the state's Department of Financial Services found borrowers of color and low- and moderate-income communities in Buffalo were underserved by anti-redlining legislation.

By Robin Bradley • Nov. 2, 2021

JPMorgan Chase, Bank of America, TD reign in small-business satisfaction: J.D. Power

The nation's largest bank stood atop the West region for the ninth straight year — albeit in a tie with Bank of the West — the researcher found.

By Robin Bradley • Nov. 1, 2021

Barclays CEO Staley steps down amid Epstein probe

British regulators are questioning how Jes Staley characterized his ties with the late disgraced financier while working at JPMorgan Chase. Barclays named C.S. Venkatakrishnan its next chief executive.

By Dan Ennis • Nov. 1, 2021

TD Bank will give a bonus of 5 shares to non-executive employees

The incentive, worth around $363 based on the bank's Oct. 27 closing price, references TD's tenet that employees should "act like an owner." Employees outside the U.S., Canada and the U.K. will receive cash instead.

By Robin Bradley • Oct. 28, 2021

Senate bill would fine Fed officials for stock-trading breaches

Under legislation introduced Tuesday, central bank officials would face penalties of at least 10% of the value of the investment bought or sold, according to The Wall Street Journal.

By Robin Bradley • Oct. 27, 2021

Valley Bank unveils payments app for cannabis businesses

Valley Bank is partnering with a large processor to offer the service, which is similar to using a reloadable Starbucks wallet gift card, Chief Digital Product Officer Stuart Cook said.

By Anna Hrushka • Oct. 27, 2021

Regulators to issue policy on crypto, stablecoins, FDIC chair says

Jelena McWilliams shared details about the interagency "crypto sprint" involving the FDIC, the OCC and the Fed, and said the agencies plan to issue a series of policy statements in the coming months.

By Anna Hrushka • Oct. 26, 2021

Goldman sweetens the pot for Solomon, COO with stock incentive

Under the deal offered Friday, the CEO — whose pay was cut by 36% last year in connection with the 1MDB scandal — could reap $50 million if the bank's stock jumps another 75% over the next five years.

By Dan Ennis • Oct. 25, 2021

DOJ, CFPB and OCC link up to crack down on redlining

Jackson, Mississippi-based Trustmark Bank told the agencies it would pay $5 million to settle allegations it engaged in discriminatory lending practices from 2014 to 2018.

By Anna Hrushka • Oct. 22, 2021

Fed restricts officials' stock trading with new rules amid scandal

Policymakers and senior staff would have to provide 45 days' notice before buying or selling any allowed securities and are barred from doing so during "periods of heightened financial market stress," the central bank said.

By Dan Ennis • Oct. 22, 2021

Vast Bank's new platform aims for the 'crypto curious'

"Banks for centuries have been safe keepers and custodians of what people value," said CEO Brad Scrivner. "And in today's world, that's now digital assets."

By Anna Hrushka • Oct. 21, 2021

Biden's OCC pick faces a delicate balance among moderates

Sen. Jon Tester, D-MT, said he would "hold off" expressing support "until after I meet with her." One attorney said the OCC pick should "balance mitigating risk with encouraging innovation."

By Anna Hrushka • Oct. 20, 2021

Facebook's Novi launches digital currency wallet pilot

The announcement was met nearly immediately with pushback from five senators urging that the project be discontinued.

By Dan Ennis • Oct. 20, 2021