Montana banks prepare to navigate regulatory haze upon legalizing pot

"At this point, we're all just holding our breath, hoping we figure it out and the banks stay out of trouble," the president and CEO of the Montana Bankers Association said.

By Anna Hrushka • Nov. 18, 2020

Trump aims to nominate OCC's Brooks to 5-year term

A Senate panel — and then the full Senate — must approve the nomination before Jan. 20. But a Biden administration can also lean on untested legal authority to try to replace Brooks with its own nominee.

By Dan Ennis • Nov. 18, 2020

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

Court dismisses loan agents' case seeking cut of banks' PPP processing fees

Plaintiffs alleged the CARES Act entitles them to up to 1% of the processing fees. A judge on Monday said the complaint was "too generalized," but gave the agents 21 days to file a new claim.

By Dan Ennis • Nov. 18, 2020

SEC Chairman Jay Clayton to step down by year's end

Under Clayton's tenure, the regulator obtained orders for more than $14 billion in monetary remedies, including a record $4.68 billion in fiscal 2020.

By Anna Hrushka • Nov. 16, 2020

SEC charges 2 ex-Wells Fargo executives with misleading investors

The regulator settled charges against former CEO John Stumpf for $2.5 million, and will litigate fraud charges against former community bank chief Carrie Tolstedt in court in connection to the bank's 2016 fake accounts scandal.

By Anna Hrushka • Nov. 13, 2020

DOJ challenge to Visa-Plaid deal could change financial services landscape

The outcome will decide how the industry might evolve in an ever-changing world of technology — through acquisition of small, innovative fintechs or organic growth, an antitrust attorney said.

By Anna Hrushka • Nov. 10, 2020

Bank executives, trade groups react to Biden-Harris victory

Several bank and credit union trade groups, as well as top bank executives, not waiting on a Trump concession, have released statements and congratulatory posts on the highly contested 2020 election.

By Anna Hrushka • Nov. 9, 2020

SBA releases borrower data on EIDL, smaller PPP loans

A federal judge rejected the agency's request for a full stay on the disclosure. Five media organizations sued the SBA in May to divulge the data, but the agency cited concerns over borrower privacy.

By Dan Ennis • Updated Dec. 2, 2020

DOJ sues to block Visa’s $5.3B Plaid acquisition

The Justice Department cited Visa CEO Al Kelly's description of the deal as an "insurance policy" to neutralize a "threat to our important US debit business" as evidence the deal represents an anti-competitive move.

By Anna Hrushka • Nov. 6, 2020

Standard Chartered to offer permanent flexible working options early next year

About 60% of surveyed employees have accepted the bank's offer of hybrid work, including 79% of the London-based lender's U.S. staff, according to Bloomberg.

By Dan Ennis • Nov. 5, 2020

Why a Biden win could be good for fintech

As Democrats increasingly push for financial inclusion initiatives, a Biden presidency could usher in fintech's "golden years," said Kara Ward, a Holland & Knight partner.

By Anna Hrushka • Nov. 5, 2020

Schwab's move into Texas casts spotlight on state's two-regulator system

A savings bank charter may prove a prudent choice for mortgage lenders whose terms are long and risks unique, analysts said.

By Ken McCarthy • Nov. 5, 2020

Wells Fargo plans to freeze raises for workers earning over $150K

The move comes two weeks after the bank said it would eliminate its 401(k) program's 6% matching contribution for employees who make $250,000 a year or more. Wells Fargo reversed course two days later.

By Dan Ennis • Nov. 5, 2020

Goldman pushes back over plaintiffs' request for 'bimbo' documents

The bank, embroiled in a decade-long suit alleging promotion bias against women, said it has already submitted relevant emails to the court, and that a new search would be costly and take 17 months.

By Dan Ennis • Nov. 4, 2020

JPMorgan Chase warns of regulator fine over flaw in internal controls

Several banks may have wanted to settle with regulators before the election is decided in case a Biden administration yields stiffer enforcement and penalties.

By Dan Ennis • Nov. 4, 2020

Wells Fargo picks Capital One executive to head diversity efforts

The appointment comes after CEO Charlie Scharf apologized for citing a shortage of diverse talent when aiming to double Black leadership at the bank. The Labor Department has questioned that initiative.

By Anna Hrushka • Nov. 3, 2020

Ocasio-Cortez, Tlaib-backed bill would create federally chartered public banking system

The creation of public banks would expand financial services to underbanked communities and help fund public infrastructure projects, the lawmakers said.

By Anna Hrushka • Nov. 2, 2020

CFPB final rule lets debt collectors use email, text

The rule limits to seven the number of times a collector can call a consumer about a particular debt over seven consecutive days. But it establishes a new type of communication that won't count against the cap.

By Dan Ennis • Nov. 2, 2020

Fed lowers Main Street loan threshold to $100K

With the chance of a PPP revival waning, the central bank played with the margins in Main Street — waiving the 1% fee it collects from borrowers on loans of less than $250,000, but allowing banks to charge 2% origination fees.

By Dan Ennis • Nov. 2, 2020

American Express pledges $1B toward racial, gender equality

Much of that will come in an effort to double — to $750 million annually by 2024 — the credit-card network’s spending on diverse and minority-owned suppliers in the U.S.

By Dan Ennis • Oct. 30, 2020

NY regulator lays out climate risk expectations for banks

The Department of Financial Services wants banks to integrate climate-related financial risks into their business strategies, risk management processes and governance frameworks, but stopped short of demanding climate stress tests.

By Dan Ennis • Oct. 30, 2020

SoFi gets OCC's preliminary approval for bank charter, launches credit card

The card will offer up to 2% cash back when rewards are redeemed to pay down student loans or personal loans financed through the company. SoFi's charter application still needs sign-off from the FDIC and Federal Reserve.

By Anna Hrushka • Oct. 29, 2020

Visa's Plaid deal faces antitrust scrutiny from Justice Department

The DOJ may be concerned Visa's purchase of Plaid would result in a "killer acquisition" — when a legacy company purchases a smaller, innovative player to preempt future competition, a Bloomberg Law analyst said.

By Anna Hrushka • Oct. 28, 2020

OCC clarifies 'true lender' status on bank-fintech loans

A final rule the regulator issued Tuesday puts the onus on banks to ensure a loan complies with consumer protection laws.

By Dan Ennis • Oct. 28, 2020

Ex-Goldman lawyer sues bank in alleged sexual misconduct cover-up

Whistle-blower Marla Crawford claims her boss retroactively added negative comments to her performance review in retaliation for her complaint over an inappropriate relationship, leading Crawford's bonus to be slashed by $30,000.

By Dan Ennis • Oct. 27, 2020