Regulations & Policy: Page 91
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SBA outlines steps to improve PPP, reports $35B in approved loans
The agency said a review of first-draw loans identified data mismatches and eligibility concerns in about 4.7% of the lender-submitted data.
By Anna Hrushka • Jan. 27, 2021 -
Biggest banks pledge to boost diverse hiring, or make it more transparent
Citi said it will require, effective this year, that at least two diverse candidates be interviewed for assistant vice president roles and above, up from one in previous years.
By Dan Ennis • Jan. 27, 2021 -
Explore the Trendlineâž”
Permission granted by Millbury National Bank
TrendlineTop 5 stories from Banking Dive
Amid a swell of activity, financial institutions large and small are leaning into their aspirations. For PNC, it’s scale. For some fintechs, it’s a charter. For Millbury National Bank, it may simply be niceness.
By Banking Dive staff -
PPP portal glitch bungles second-draw loans, advocacy group says
The portal does not appear to allow lenders to upload a borrower's application for a second-draw loan if the forgiveness application for that borrower's first-draw loan is still pending, ABA President Rob Nichols wrote.
By Dan Ennis • Jan. 26, 2021 -
Raises at top 6 US banks average fraction of a percentage point
JPMorgan CEO Jamie Dimon's pay is standing pat, too. Meanwhile, Bank of America is offering $750 bonuses for employees making $100,000 or less, and Citi continues narrowing the wage gap.
By Dan Ennis • Jan. 22, 2021 -
Photo illustration by Kendall Davis/Industry Dive; photographs by Gage Skidmore and Getty Images
Alternative credit data, fair lending may take focus under Biden
Among his first actions as president, Joe Biden signed an executive order to extend the pause on student loan payments through Sept. 30.
By Anna Hrushka • Jan. 21, 2021 -
Kraninger resigns from CFPB post at Biden's request
The bureau, under Kraninger's oversight, saw an enforcement downturn. President Joe Biden appointed nine-year CFPB veteran Dave Uejio to serve as the agency's acting chief.
By Dan Ennis • Jan. 21, 2021 -
Deep Dive
4 banking trends to watch in 2021
Banking Dive expects M&A to pivot toward niches, race to be a continuing focus of ESG, and crypto to have a make-or-break year in 2021.
By Dan Ennis , Anna Hrushka • Jan. 20, 2021 -
Plaid sees 'opportunity' after $5.3B Visa deal ends
The data aggregator's biggest priority now is getting 75% of its traffic dedicated to application programming interfaces by the end of 2021 — a prospect John Pitts, Plaid's head of policy, calls an "immense challenge."
By Anna Hrushka • Jan. 19, 2021 -
Ex-Wells Fargo general counsel fined $3.5M by OCC
James Strother is the seventh former Wells exec to settle with the regulator in the past year over the fake accounts scandal. He must show the OCC's cease-and-desist order to leaders of any bank with which he is or will be affiliated.
By Dan Ennis • Jan. 19, 2021 -
Capital One to pay an extra $290M over anti-money laundering lapse
The bank admitted to FinCEN that it failed to file suspicious activity reports even after it learned in 2013 of potential criminal charges against a client whose check-cashing businesses were served by a unit Capital One acquired.
By Dan Ennis • Jan. 19, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC finalizes controversial fair access rule
Bank trade groups and some Democratic lawmakers said the regulator is overstepping, while some Republicans in Congress said the rule prevents unpopular sectors of the economy from being blackballed.
By Anna Hrushka • Jan. 14, 2021 -
PPP portal access to expand to small banks Friday, all lenders Tuesday
About 5,000 more lenders with $1 billion or less in assets can submit applications Friday, the SBA said. That gives those institutions one business day — and an overtime-filled weekend — to file paperwork before big banks.
By Dan Ennis • Jan. 14, 2021 -
Permission granted by Anchorage Digital
Crypto firm Anchorage receives trust bank charter from OCC
The company must maintain $7 million in Tier 1 capital and must set aside at least $3 million in liquidity, or the equivalent of 180 days’ worth of operating expenses, under its agreement with the regulator.
By Dan Ennis • Jan. 14, 2021 -
Justin Sullivan via Getty Images
Visa terminates $5.3B acquisition of Plaid after DOJ antitrust suit
The abandonment of the deal won't keep Visa from pursuing partnerships with Plaid or other fintechs, CEO Al Kelly said Tuesday during a call with analysts.
By Anna Hrushka • Jan. 13, 2021 -
Permission granted by Office of the Comptroller of the Currency
OCC acting chief Brian Brooks steps down
The former Coinbase executive joined the agency as chief operating officer in March and was nominated in November by President Donald Trump to serve a five-year term as comptroller.
By Anna Hrushka • Updated Jan. 14, 2021 -
Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
Walmart to launch fintech startup with partner Ribbit Capital
Ribbit Capital's past investments include fintechs such as Affirm, Credit Karma and Robinhood.
By Anna Hrushka • Jan. 12, 2021 -
Major banks suspend political donations after US Capitol siege
"The focus of business leaders, political leaders, civic leaders right now should be on governing and getting help to those who desperately need it most right now," JPMorgan's Peter Scher said.
By Anna Hrushka • Jan. 11, 2021 -
Deutsche Bank to pay more than $130M to settle anti-bribery, spoofing cases
Prosecutors accused the German lender of falsifying records of payments it made between 2009 and 2016 to middlemen in Saudi Arabia, the UAE, Italy and China to help the bank win clients.
By Dan Ennis • Jan. 11, 2021 -
Monica Schipper via Getty Images
State Street doubles down on ESG pledge, while HSBC’s comes under scrutiny
Europe's largest lender staved off a shareholder revolt when it announced it would phase out by 2030 its financing of companies that deal in coal-fired power and thermal coal mining in developed countries, and by 2040 elsewhere.
By Dan Ennis • Updated March 11, 2021 -
Community-based lenders to get first 2 days of PPP 2.0 to themselves
CDFIs and minority depository institutions get exclusive access to the portal for at least the first two days once it reopens Monday, according to Small Business Administration guidance.
By Dan Ennis • Jan. 7, 2021 -
Permission granted by Office of the Comptroller of the Currency
Column
It's complaint season, and the OCC is a common target
State attorneys general, bank advocacy groups and even fellow regulators are weighing in on the agency's perceived shortcomings.
By Dan Ennis • Jan. 6, 2021 -
Permission granted by Office of the Comptroller of the Currency
Banks can use stablecoins, blockchains for payments, OCC says
The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.
By Anna Hrushka • Jan. 5, 2021 -
Getty Images
Silicon Valley Bank to buy Boston Private for $900M in wealth-management push
The deal, expected to close mid-2021, would vault the bank's assets under management to $17.7 billion, from $1.4 billion. SVB said it planned $200 million in restructuring charges tied to the deal.
By Dan Ennis • Jan. 5, 2021 -
Anna Hrushka/Banking Dive
Main Street Lending Program ended at 3% capacity, data shows
Businesses availed themselves of $17.5 billion of the $600 billion the facility made available, the Federal Reserve indicated Tuesday. The program launched in June but saw two-thirds of its activity in November and December.
By Anna Hrushka • Updated Feb. 10, 2021 -
CFPB gives Synchrony, Payactiv sandbox protection, fines Omni $2.2M
Synchrony has a three-year safe harbor to develop a secured credit card the issuer plans to offer borrowers with limited or damaged credit. The product would let the cardholder opt to transition to unsecured credit after 12 months.
By Dan Ennis • Jan. 4, 2021
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