Regulations & Policy: Page 98
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Courtesy of Wells Fargo multimedia resources
Wells Fargo board members Duke, Quigley resign following House report
Resignations come ahead of Wednesday’s House Financial Services Committee hearing, where the board members are expected to testify regarding their previous response to a series of consumer abuse scandals.
By Anna Hrushka • March 9, 2020 -
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Fed approves rule to simplify stress capital buffer for large banks
While the Fed argued banks are in a stronger financial position than when Dodd-Frank was enacted, Gov. Brainard dissented, saying the rule will encourage the kind of behavior that contributed to the 2008 financial crisis.
By Kate Patrick Macri • March 6, 2020 -
Explore the Trendlineâž”
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TrendlineArtificial intelligence
The heavily regulated banking sector rarely gets to trailblaze. But with AI, an all-in mentality is fueling both research and adoption.
By Banking Dive staff -
House report slams Wells Fargo, regulators' failure to rein in 'reckless' bank
The report claims regulators knew about "serious, enterprise-wide deficiencies" without taking public enforcement action, and the bank’s board "failed to ensure management could competently address the company’s risk management deficiencies."
By Anna Hrushka • March 5, 2020 -
Treasury hits former U.S. Bank risk officer with $450K penalty
Protections put in place by Michael LaFontaine fell short, FinCEN said. In response, the bank expressed confidence in its measures.
By Robert Freedman • March 5, 2020 -
Wells Fargo to launch accounts that limit overdraft fees
Wells Fargo’s announcement about the new accounts comes ahead of the bank’s back-to-back hearings in front of the House Financial Services Committee.
By Anna Hrushka • March 4, 2020 -
Stock trading app Robinhood suffers system outage during market rebound
The outage came as the market rebounded from its worst week since the 2007-08 financial crisis, amid the coronavirus outbreak.
By Anna Hrushka • March 3, 2020 -
National Institute of Allergy and Infectious Disease. (2020). "Novel Coronavirus SARS-CoV-2" [Microscope image]. Retrieved from https://www.flickr.com/photos/nihgov/49565158853/.
Fed announces rate cut as US banks respond to coronavirus threat
As regulators convene to discuss COVID-19's economic impact, U.S. banks are implementing precautions such as travel restrictions and virtual events.
By Anna Hrushka • Updated March 3, 2020 -
FDIC, Fed, Treasury IGs and OCC probe AmEx sales tactics
Investigators are looking into whether payment network employees misled or cowed Costco small-business cardholders into signing up with AmEx when the retailer ended its partnership with the company.
By Dan Ennis • Updated Jan. 8, 2021 -
Courtesy of Wells Fargo multimedia resources
SEC fines Wells Fargo $35M over investment advice, compliance failures
The bank advised investors to hold single-inverse exchange-traded funds for months or even years, essentially ensuring they would incur losses while the bank would profit, the regulator said.
By Kate Patrick Macri • March 2, 2020 -
Spike in fintech M&A shows industry is maturing
Fintechs are growing, accumulating users and establishing themselves in the financial services space. And it’s attracting attention.
By Anna Hrushka • Feb. 28, 2020 -
Vote on pot banking bill is months away, Sen. Gardner says
Gardner said the SAFE Banking Act would bring nearly $2 billion of cash from Colorado’s state-legal cannabis industry into the financial system.
By Anna Hrushka • Feb. 27, 2020 -
Consumer data-sharing debate highlights bank, fintech divide
Screen scraping and APIs were among the topics discussed at the CFPB's symposium on Consumer Access to Financial Records on Wednesday.
By Anna Hrushka • Feb. 27, 2020 -
Financial services industry stands to lose $1T in climate change-related costs
The report comes as major banks such as JPMorgan Chase and Goldman Sachs, as well as asset management firm BlackRock, announced their own commitments to combat climate change.
By Anna Hrushka • Feb. 25, 2020 -
Democrats slam Wells Fargo settlement as bank faces 3 congressional hearings
Last week’s settlement may have closed the book on several criminal and civil investigations, but the ramifications of Wells Fargo’s fake-accounts scandal are far from over as it once again becomes the subject of several hearings.
By Anna Hrushka • Feb. 25, 2020 -
Permission granted by LendingClub
Q&ALendingClub, Radius execs talk regulation, tech integration ahead of merger
In a wide-ranging interview, executives said they don’t foresee any pushback from regulators or any significant post-merger complications associated with integrating the two companies’ platforms or IT.
By Anna Hrushka • Feb. 24, 2020 -
JPMorgan Chase reportedly launching UK digital bank
JPMorgan would have its fair share of digital bank competitors in the U.K., including Monzo, Starling, Revolut, as well as fellow U.S. bank Goldman Sachs's Marcus.
By Anna Hrushka • Feb. 24, 2020 -
CRA overhaul plan finds few supporters on any side
Banks, low-income advocates, the Federal Reserve and some members of Congress suggest the OCC slow down in its effort to overhaul the 40-year-old law intended to get more bank credit into underserved areas.
By Robert Freedman • Feb. 24, 2020 -
Wells Fargo to pay $3B to settle fake accounts scandal
The settlement with the Justice Department and the Securities and Exchange Commission comes about a month after the OCC fined former Wells CEO John Stumpf $17.5 million and banned him for life.
By Anna Hrushka • Feb. 21, 2020 -
Citibank 'Impact Fund' to capitalize companies who drive ESG value
Citi will invest in U.S.-based companies — up to $10 million each — that address and combat issues across workforce development, financial capability, physical and social infrastructure and sustainability.
By Hillary Richard • Feb. 21, 2020 -
LendingClub's Radius deal paves the way for more fintech purchases, experts say
Industry experts say the deal could be a tipping point, ushering in more fintech-bank purchases. But it won't come without its complexities.
By Anna Hrushka • Feb. 21, 2020 -
More scrutiny in store for CECL bank credit-loss standard
Rep. Brad Sherman, D-CA, the new chair of a House investor protection subcommittee, hopes to shine more light on FASB and PCAOB's roles in accounting and auditing.
By Robert Freedman • Feb. 20, 2020 -
Lawmakers call out big banks for lack of leadership diversity
"There is no shortage of diverse people and businesses for banks to hire and promote," one congressman said — only a shortage of leaders "with the will to make it happen."
By Sheryl Estrada • Feb. 20, 2020 -
LendingClub to purchase Radius Bank for $185M
LendingClub says the acquisition of Radius will provide greater regulatory clarity and cheaper funding for its loans and, if approved, would mark the first time a U.S. fintech has purchased a bank.
By Anna Hrushka • Feb. 19, 2020 -
Republican-backed bill targets banks who refuse to do business with ICE
The bill addresses a trend that has drawn fire from GOP lawmakers, as banks increasingly make business decisions related to social issues.
By Anna Hrushka • Feb. 18, 2020 -
Nebraska's Ericson State Bank closes, marking year's 1st failure
A state regulator sought the bank president's resignation in October 2019, while the FDIC asked for one- and three-year plans for solvency. A three-way merger proposed the following month is now off.
By Dan Ennis • Feb. 18, 2020
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