Regulations & Policy: Page 90
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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 -
Explore the Trendline➔
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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 -
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 -
Senate bill challenges industrial loan company 'loophole'
"If they're allowed to handle your banking services, they're going to turn into continents," said Sen. John Kennedy, R-LA. "The Rakutens and the Googles of the world shouldn't be able to circumvent the [Federal Reserve]."
By Anna Hrushka • Nov. 14, 2019 -
Q&A
4 questions with FDIC Chair Jelena McWilliams
"I think that the biggest challenge we have is not allowing innovation to happen, or standing in the way of technological developments that could make the system better," McWilliams told Banking Dive.
By Anna Hrushka • Nov. 12, 2019 -
Apple Card under investigation for alleged gender discrimination
Customers, such as software developer David Heinemeier Hansson, took to Twitter to complain the credit line offered by his Apple Card was 20 times higher than what was offered to his spouse.
By Anna Hrushka • Nov. 11, 2019 -
SunTrust selling 30 branches to satisfy DOJ antitrust concerns over BB&T merger
First Horizon will assume approximately $2.4 billion in deposits for a deposit premium of 3.4%, and will purchase about $410 million in loans.
By Anna Hrushka • Nov. 8, 2019 -
Q&A
7 questions with SunTrust CMO Susan Somersille Johnson
The executive spoke with Banking Dive about fintech partnerships, the challenges that come with a major rebrand, and how tech is transforming the bank’s marketing efforts.
By Anna Hrushka • Nov. 6, 2019 -
Goldman Sachs bumps up its paid parental leave to 20 weeks
The policy change comes as many other Wall Street banks give less leave to "secondary" caregivers. JPMorgan Chase, for example, faced accusations this spring that it discouraged male employees from taking "primary" status.
By Dan Ennis • Nov. 5, 2019 -
David McNew via Getty Images
Bank of America boosts its minimum wage to $20 per hour a year early
The nation's second-largest bank pledged in April to pay at least $20 per hour by 2021. That rate will now go into effect by the end of the first quarter of 2020, the bank said Monday.
By Dan Ennis • Nov. 5, 2019 -
FDIC says hemp-banking interagency guidance coming within weeks
Agency Chair Jelena McWilliams told Banking Dive she has held meetings with various state officials, asking about applications and how hemp products would be regulated to ensure their THC level is below 0.3%.
By Anna Hrushka • Nov. 5, 2019 -
OCC shutters NJ bank, marking 3rd failure in a week
Industrial Bank of Washington, D.C., agreed to buy City National Bank of New Jersey's $120.6 million in assets and $111.2 million in deposits. It reopened the failed bank's three branches Saturday under the Industrial name.
By Dan Ennis • Nov. 4, 2019 -
House bill would require bank CEOs to report to Washington annually
The Greater Supervision in Banking Act would also force top banks to disclose any enforcement or regulatory actions taken against them over the past year.
By Anna Hrushka • Nov. 1, 2019 -
Sallie Mae expands into cards amid dearth of competition for student credit
Most major banks stopped targeting college campuses after the 2009 CARD Act. That gives the student lender fewer rivals in a market where its name is already known.
By Hillary Richard • Nov. 1, 2019 -
Why digital bank Varo wants a national bank charter
"I think Varo is going to play a fairly historic role in reshaping the American banking landscape," the company's CEO, Colin Walsh, told Banking Dive at this week's Money20/20 conference in Las Vegas.
By Anna Hrushka • Oct. 31, 2019 -
BBVA chief blasts tech companies for keeping tight lid on customer data
Giving individuals the power to control their own data is a social imperative that would rebalance the power dynamic, the bank's Carlos Torres Vila said this week at Money20/20 in Las Vegas.
By Dan Ennis • Oct. 31, 2019 -
Cannabis can be most transparent business to bank, Simplifya exec says
Banks entering the space can plumb a wealth of data, based on the number of fintechs that have sprung up to address the challenges associated with the industry, the company's chief compliance officer says.
By Anna Hrushka • Oct. 28, 2019 -
Ripple's focused approach is paying off, CEO Garlinghouse tells conference
"I think one of the mistakes that some in the industry have made is they go super broad and not very deep," the tech leader said. "Ripple has done the opposite.”
By Anna Hrushka • Oct. 24, 2019 -
FDIC's regulatory framework 'ripe for revisiting,' chair McWilliams says
"If we have rules and regulations that we have not touched internally for 10 years or more, open them up to procurement," she recalled telling the FDIC in taking the role.
By Anna Hrushka • Oct. 23, 2019 -
ICBA launches 'Wake Up' campaign in ongoing fight against credit unions
The Credit Union National Association has criticized the campaign, issuing a statement refuting many of the ICBA's claims.
By Anna Hrushka • Oct. 22, 2019 -
OCC files appeal over special purpose fintech charter
A district court in October said the agency lacks the legal power to grant a bank charter to a nonbank entity that’s ineligible for federal deposit insurance.
By Dan Ennis • Updated Dec. 20, 2019 -
JPMorgan Chase expands effort to hire people with criminal backgrounds
The U.S. loses $78 billion to $87 billion a year by excluding people with criminal records from the workforce, according to the bank's research.
By Anna Hrushka • Oct. 21, 2019 -
Supreme Court agrees to take CFPB constitutionality case
Justice Brett Kavanaugh, while sitting on a lower court, wrote that the "for-cause" language in the Dodd-Frank Act should be struck. If the high court rules similarly, it could affect the structure of other agencies.
By Dan Ennis • Oct. 21, 2019 -
Libra will have 100 backers before launch, exec predicts
Despite the exits of Visa, Mastercard, Stripe and PayPal, banks and financial institutions have expressed interest in joining the Facebook-led crypto project, said Libra's COO, Bertrand Perez.
By Anna Hrushka • Oct. 18, 2019 -
CFPB chief Kraninger stands ground amid 2 days of testy hearings
"If you're not following direction from your staff to help consumers that are harmed, then you are absolutely worthless," Rep. Carolyn Maloney, D-NY, told Kraninger, citing a blistering 333-page report on the agency.
By Dan Ennis • Oct. 18, 2019
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