Regulations & Policy: Page 95
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Cannabis bill update spotlights hemp businesses, bank ties to payday lenders and firearms
The revisions may be aimed at persuading a historically reluctant GOP-controlled Senate to pass the SAFE Banking Act.
By Anna Hrushka • Sept. 20, 2019 -
CFPB complaint portal 'here to stay,' but with modifications, Kraninger says
Industry groups have long called for changes to the agency's complaint portal, which they say unfairly damages financial institutions' reputations with unverified negative information posted by customers.
By Anna Hrushka • Sept. 19, 2019 -
Explore the Trendlineâž”
wildpixel via Getty Images
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 -
CFPB investigating possible fake accounts at Bank of America
The CFPB's civil investigation stems from the fallout of the 2016 Wells Fargo account scandal, where employees opened more than 3.5 million unauthorized accounts to meet sales goals.
By Anna Hrushka • Sept. 18, 2019 -
DOJ asks top court to rule CFPB structure unconstitutional
CFPB Director Kathy Kraninger said a clause allowing her to only be fired for cause is hampering the agency's enforcement actions.
By Dan Ennis • Sept. 18, 2019 -
FDIC proposes easing swaps margin rule
Lobbyists argued the requirement left U.S. banks with $39.4 billion in untapped resources.
By Dan Ennis • Updated Sept. 18, 2019 -
Square's city tax lawsuit is rooted in its status as 'fin' or 'tech'
The company alleges it was overtaxed because San Francisco classified it as a financial services company rather than an information business. Square has twice filed applications to open a bank.
By Dan Ennis • Sept. 13, 2019 -
Senate panel chairman eyes cannabis banking vote by year's end
Passage of legislation to protect banks that service marijuana-related businesses would be a major victory for the cannabis industry, which has remained largely cash-based over a lack of access to banking services.
By Anna Hrushka • Sept. 13, 2019 -
Candidate O'Rourke urges banks to curb gun financing in Twitter post
A growing number of banks are using lending to encourage and promote social and environmental causes.
By Dan Ennis • Sept. 12, 2019 -
AML bill would root out shell companies, curb banks' compliance costs
Financial institutions are required to collect beneficial ownership information from companies and report them to FinCEN, a task that can come at a high cost for banks.
By Anna Hrushka • Sept. 12, 2019 -
Courtesy of Fifth Third
OCC signs off on Fifth Third’s switch to national bank
The Cincinnati-based bank becomes the first in nearly a year and a half to switch to a national charter.
By Dan Ennis • Sept. 12, 2019 -
California lawmaker pulls cannabis banking bill ahead of vote
The state is expected to post $3.1 billion in licensed cannabis sales this year. But as long as pot remains a Schedule 1 drug under federal law, many banks are reluctant to accept those deposits.
By Anna Hrushka • Sept. 11, 2019 -
Quarles pushes two options to boost stress capital proposal
The Fed's vice chair for supervision said he hopes to integrate the changes into the next round of stress tests, set for June 2020.
By Dan Ennis • Sept. 9, 2019 -
BB&T, SunTrust branch sales could mark opportunity as merger nears
The banks have said the merger would result in 740 branches located within two miles of one another, a prospect that has drawn concern from lawmakers.
By Anna Hrushka • Sept. 6, 2019 -
Wells Fargo would benefit from a female CEO, headhunter says
News of a woman breaking the industry's glass ceiling may help solve an image problem for a bank reeling from numerous scandals.
By Anna Hrushka • Sept. 6, 2019 -
Credit union regulator to clarify bank acquisition rules
Credit unions have acquired 21 U.S. banks since 2018, a sharp uptick over the 12 they acquired in the prior five years, according to S&P Global data. But a trade group says that doesn't serve credit unions' mission.
By Anna Hrushka • Sept. 5, 2019 -
OCC fintech charter remains in limbo after judge tosses second challenge
Tech companies appear reluctant to commit to the charter while another regulator's suit is pending.
By Dan Ennis • Sept. 5, 2019 -
Treasury unveils plan for Fannie and Freddie, leaving timeline, details vague
Officials with several agencies are set to discuss their plans during a hearing next week before the Senate Banking Committee.
By Dan Ennis • Updated Sept. 6, 2019 -
Even Libra's most famous backer occasionally goes nameless
A Libra Association executive is urging partners to publicly acknowledge their ties to the project, but some may be taking a wait-and-see approach amid a flurry of government and regulator interest.
By Dan Ennis • Aug. 29, 2019 -
$35.3M credit union tops JPMorgan for medical marijuana banking contract
The competition came after banks on contract with West Virginia said they would not provide services related to pot sales even though the state passed the Medical Cannabis Act in 2017. Bidders can file protests until Sept. 3.
By Anna Hrushka • Aug. 29, 2019 -
Q&A
6 questions with Trustar Bank CEO Shaza Andersen
Executive launched the Great Falls, Virginia-based community bank in July, after selling WashingtonFirst Bank to Sandy Spring Bank.
By Anna Hrushka • Aug. 29, 2019 -
Citigroup raises minimum wage to $15 after panel blasts pay gap
At 486 to 1, the bank's CEO-to-worker pay disparity was the broadest of the nation's eight SIFIs, according to analysis made public in a congressional hearing.
By Anna Hrushka • Aug. 28, 2019 -
Wells Fargo inks $6.5M settlement with Navajo Nation over 'predatory' tactics
The settlement is the latest attempt by Wells Fargo to make amends after a series of public missteps that have hurt the bank’s reputation and stock.
By Anna Hrushka • Aug. 27, 2019 -
Waters, House Dems press CFPB to drop payday rule revamp
"The Consumer Bureau's proposal represents a betrayal of its statutory purpose and objectives to put consumers, rather than lenders, first," lawmakers wrote Friday in a letter.
By Dan Ennis • Aug. 26, 2019 -
FDIC's deposit rate cap fix gets mixed reviews
Emphasizing market share over branch numbers is progress, but weighing banks equally would have been better, an ICBA executive says.
By Dan Ennis • Aug. 23, 2019 -
Advocates seek 'unified voice' from regulators on small-dollar loans
U.S. consumers borrow nearly $90 billion every year in loans between $300 and $5,000, the Office of the Comptroller of the Currency said. But few banks are moving into that market.
By Anna Hrushka • Aug. 23, 2019
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