Regulations & Policy
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Permission granted by ConnectOne
ConnectOne CEO could weigh more deals in warming M&A climate
As the bank awaits approval of its purchase of The First of Long Island, ConnectOne’s CEO anticipates enhancements to regulators’ review processes, bringing more streamlined approvals under the Trump administration.
By Caitlin Mullen • Dec. 17, 2024 -
Drew Angerer / Staff via Getty Images
Trade groups sue CFPB over overdraft rule
It took only one day for trade groups and banks to take legal action against the financial watchdog, which announced its overdraft rule Thursday.
By Gabrielle Saulsbery • Dec. 16, 2024 -
Trendline
Fraud and AML in banking
The past year has been one of reckoning with regard to fraud — from TD’s $3 billion AML penalty to the continuing punitive phase connected to PPP misdeeds, crypto bankruptcies and pig butchering.
By Banking Dive staff -
Nafiz Rahat via Getty Images
Carver board members reelected, but activist investor calls for ‘transparency’
The CEO of investor Dream Chasers, which sought to install two of its own members to the bank’s board, protested the vote and said the firm “will pursue every avenue available to ensure a fair and transparent election.”
By Caitlin Mullen • Dec. 16, 2024 -
Pgiam via Getty Images
SouthState, Independent deal approved by Fed
The roughly $2 billion deal is the second banking investment or combination to which the central bank has given its blessing in as many days.
By Dan Ennis • Dec. 13, 2024 -
Anna Hrushka/Banking Dive
FDIC’s readiness ‘not sufficiently mature’ in 2023 bank crisis: OIG
The inspector general laid out 11 recommendations to improve the agency's response, in a report Wednesday.
By Gabrielle Saulsbery • Dec. 13, 2024 -
Win McNamee / Staff via Getty Images
French Hill named next House Financial Services panel chair
The Arkansas Republican will lead the committee after current chair Patrick McHenry, R-NC, retires at the end of his term.
By Rajashree Chakravarty • Dec. 13, 2024 -
Drew Angerer / Staff via Getty Images
U.S. Bank CEO talks payments split, a rising DOGE
Dividing its payments unit into two segments under different leaders points to the significance of the business at the bank, said Andy Cecere, the lender’s chief executive.
By Caitlin Mullen • Dec. 13, 2024 -
Spencer Platt / Staff via Getty Images
Scotiabank gets Fed’s approval to take bigger KeyBank stake
The earlier-than-expected green light will let the Canadian lender proceed to Phase 2 of its investment — a $2 billion infusion and the right to name two directors to the Cleveland bank’s board.
By Dan Ennis • Dec. 13, 2024 -
Anna Moneymaker via Getty Images
CFPB’s Chopra sidesteps resignation question
When asked by lawmakers whether he would resign Jan. 20, CFPB Director Rohit Chopra said he serves a five-year term but that the president “can remove us at any time.”
By Rajashree Chakravarty • Dec. 12, 2024 -
Michael M. Santiago via Getty Images
Nonbranch Wells Fargo workers vote to unionize
A group of conduct management investigators spread across the country voted to join Wells Fargo Workers United. The National Labor Relations Board certified the vote Tuesday.
By Gabrielle Saulsbery • Dec. 12, 2024 -
Drew Angerer / Staff via Getty Images
CFPB final rule would pin overdraft fee at $5
Banks and credit unions with $10 billion or more in assets could alternately choose a break-even overdraft protection cost or make credit card-like disclosures to consumers, the CFPB said.
By Dan Ennis • Dec. 12, 2024 -
Courtesy of Coinbase
FDIC letters give credence to ‘Choke Point 2.0’ claims: Coinbase CLO
The agency asked nearly two dozen banks to pause crypto-related activity in 2022, according to letters unveiled via Coinbase’s FOIA requests.
By Gabrielle Saulsbery • Dec. 11, 2024 -
Drew Angerer / Staff via Getty Images
Wells Fargo’s Scharf calls for capital requirements clarity
The bank’s CEO on Wednesday called uncertainty around how much extra capital banks will be required to hold “a crazy way to run a system.”
By Caitlin Mullen • Dec. 11, 2024 -
Daniel Berehulak via Getty Images
UBS, Barclays diverge on whether to chase US wealth
Barclays indicated the U.S. is “not a priority” in its plan to expand in wealth management. For UBS, which detailed its own realignment Tuesday, stateside mass-affluent wealth is a great white whale.
By Dan Ennis • Dec. 11, 2024 -
Drew Angerer/Getty Images via Getty Images
PNC’s Demchak: De-regulation clamor is overblown
“I think people are a little bit too excited … that they’re just going to let everybody run free here,” the Pittsburgh bank's CEO said. “I don’t see that at all.”
By Caitlin Mullen • Dec. 11, 2024 -
Chris Hondros via Getty Images
Goldman Sachs exits Net-Zero Banking Alliance
The bank said it would remain “focused on the increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world.”
By Zoya Mirza • Dec. 10, 2024 -
GCShutter via Getty Images
Citi CFO: Evolving data standards make upgrade more complex
Mark Mason, the bank’s finance chief, also said the focus on the need to improve data tied to regulatory reporting isn’t unique to Citi.
By Caitlin Mullen • Dec. 10, 2024 -
Stephen Chernin via Getty Images
Morgan Stanley to pay $15M over theft by now-former employees
The bank failed to detect “hundreds” of instances when brokers misappropriated client funds through unauthorized Automated Clearing House transfers, the SEC said.
By Dan Ennis • Dec. 10, 2024 -
Courtesy of Comerica
CFPB sues Comerica for ‘systematically failing’ federal benefits recipients
The watchdog, which Comerica sued last month over its “costly” investigation, alleged the bank intentionally dropped 24 million customer service calls and charged illegal ATM fees.
By Gabrielle Saulsbery • Dec. 9, 2024 -
Anna Moneymaker via Getty Images
OIG finds CFPB lacks consistency in oversight transition
The watchdog’s office of the inspector general found that regional CFPB offices were inconsistent, and often slow, in the time they took to onboard banks coming under its oversight.
By Gabrielle Saulsbery • Dec. 6, 2024 -
Drew Angerer / Staff via Getty Images
TD shelves growth targets in wake of AML settlement
The embattled Canadian lender is undergoing a strategic review of its priorities and opportunities. “Everything is on the table,” said Raymond Chun, the bank’s current COO who will take the CEO reins in April.
By Caitlin Mullen • Dec. 5, 2024 -
Chor muang via Getty Images
Thread Bank CEO anticipates more ‘reasonable’ regulatory environment under Trump
The lender – hit with an FDIC consent order this year – has tried to ensure its house “can withstand the storm,” rather than simply “being mad at the weather,” CEO Chris Black said.
By Caitlin Mullen • Dec. 4, 2024 -
hapabapa via Getty Images
Trump taps crypto lobbyist to lead SEC
Trump’s nominee, Paul Atkins, served as a commissioner at the SEC under former President George W. Bush.
By Alexei Alexis • Dec. 4, 2024 -
Chip Somodevilla via Getty Images
FedNow racks up nearly $246M in annual expenses
The Federal Reserve projects the real-time payment system’s costs will climb slightly next year, from the $245.5 million it expects to spend this year.
By Lynne Marek • Dec. 4, 2024 -
Permission granted by Office of the Comptroller of the Currency
OCC ends Lake Shore’s breach-related consent order
The regulator in March 2023 found the bank in “substantial noncompliance” with an agreement to fix IT and risk governance flaws. Lake Shore’s then-CEO resigned.
By Dan Ennis • Dec. 4, 2024
