Regulations & Policy


  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Tennessee bank hit with FDIC consent order over BaaS business

    Under the consent order, Lineage Bank must implement an enhanced risk management program overseen by its board of directors, increase capital levels, and let go of some fintech partners.

    By Feb. 28, 2024
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    nathaphat via Getty Images
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    Smaller credit unions face hurdles despite NCUA’s fintech rule

    The financial innovation rule may open the door to more partnerships, but larger institutions still have advantages on tech, budget and risk management, experts say.

    By Ken McCarthy • Feb. 28, 2024
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    Courtesy of The Howard Hughes Corp.
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    Trendline

    Top 5 stories from Banking Dive

    Banks brace to see if commercial real estate exposure will trigger a rerun of last year’s crisis. And regulators face a mountain of comments from the most contentious proposed rule in decades.

    By Banking Dive staff
  • Chime to pay California regulator $2.5M over customer service flaws

    The agency investigated accuracy and responsiveness to customer complaints. The consent order offered few details but the time frame aligns with COVID-era account closures.

    By Feb. 28, 2024
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    Warren calls out OCC over merger policy ahead of Capital One-Discover

    The senator urged regulators to block the deal and took the OCC to task for its approval record. Meanwhile, JPMorgan CEO Jamie Dimon advocated for Capital One to get a fair shake.

    By Feb. 27, 2024
  • Federal Reserve Governor Christopher Waller sits on a chair on stage.
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    Lynne Marek/Banking Dive
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    Column

    Fed official makes a case for the dollar’s hegemony

    Can the dollar’s reign as the world’s reserve currency persist? This Fed official makes a strong case, but digital doubts may remain.

    By Lynne Marek • Feb. 27, 2024
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    California AG urges small banks, credit unions to ax ‘surprise’ overdraft fees

    Some overdraft and returned deposited-item fees may violate the state’s Unfair Competition Law and the federal Consumer Financial Protection Act, Rob Bonta warned in a letter last week.

    By Ken McCarthy • Feb. 26, 2024
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    Zions Bank CEO to retire April 1

    The bank's CFO will succeed the longtime chief executive at a crucial moment for regional banks like Zions, which saw its profits drop 50% in the fourth quarter.

    By Feb. 26, 2024
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    Russia’s VTB Bank chief charged with US sanctions violations

    The Justice Department also charged Andrey Kostin with conspiracy to commit money laundering in alleged efforts to hide his ownership of a Colorado home. Kostin rejected the charges in comments to Russian media.

    By Updated Feb. 26, 2024
  • The logo for consumer lending firm Capital One Financial Corp is seen on its headquarters on January 20, 2023 in McLean, Virginia.
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    Win McNamee / Staff via Getty Images
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    Capital One-Discover deal carries $1.38B termination fee

    The fee would apply if Discover chooses another buyer or if either board has a change of heart but not if regulators block the deal.

    By Feb. 23, 2024
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    Chris Hondros via Getty Images
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    JPMorgan Chase sued over bounced check fees

    The lawsuit filed Tuesday claimed JPMorgan charged “unconscionable” and “predatory” fees for returned checks between November 2021 and October 2022.

    By Feb. 22, 2024
  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
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    Retrieved from Senate Banking Committee.
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    OCC’s Hsu calls for federal payments licensing

    The acting comptroller called on Congress to replace the state-by-state money transmitter licensing system for payments companies with a federal regulatory framework.

    By James Pothen • Feb. 22, 2024
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    Drew Angerer via Getty Images
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    Fraser’s pay is still on the bottom rung, but the floor has risen

    The Citi CEO saw a 6.1% compensation boost to $26 million — on trend among bank chiefs — in a year when the lender launched its toughest reshuffle.

    By Feb. 21, 2024
  • The Federal Reserve building is seen January 22, 2008 in Washington, DC.
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    Chip Somodevilla via Getty Images
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    Cross-border payments remain focus for Fed

    Tools that “automate processes, reduce costs and promote effective safeguards across jurisdictions” may help improve cross-border payments, a Federal Reserve official said last week.

    By Lynne Marek • Feb. 20, 2024
  • Sen. Elizabeth Warren (D-MA) speaks during a Senate Banking, Housing, and Urban Affairs committee hearing on January 11, 2024 in Washington, DC.
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    Warren probes Zelle scam policy

    Three senators, including Elizabeth Warren, asked Zelle owner Early Warning Services to provide detailed information about its fraud reimbursement policy.

    By James Pothen • Feb. 20, 2024
  • The logo for consumer lending firm Capital One Financial Corp is seen on its headquarters on January 20, 2023 in McLean, Virginia.
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    Win McNamee / Staff via Getty Images
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    Capital One to acquire Discover in $35.3B deal

    The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.

    By Feb. 20, 2024
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    Courtesy of The Howard Hughes Corp.
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    Column

    Dive Deposits: Regulators, bankers talk about NYCB without saying its name

    The Fed's vice chair for supervision pledged more scrutiny of CRE portfolios and a closer look when banks cross a certain asset threshold.

    By Feb. 16, 2024
  • A view of the Marriner S. Eccles Federal Reserve building.
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    Anna Moneymaker via Getty Images
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    Fed unveils 2024 stress test scenarios

    The results of the stress test, which will include 32 banks instead of 23 compared to last year, are expected to be out in June, the Federal Reserve said. 

    By Ken McCarthy • Feb. 16, 2024
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    Wells Fargo fake-accounts consent order lifted by OCC

    The Office of the Comptroller of the Currency said the bank’s “safety and soundness” and its compliance with regulations have prompted the agency to terminate the 2016 consent order.

    By Feb. 16, 2024
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    Chris Hondros via Getty Images
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    Viva Wallet CEO sues JPMorgan, claiming bank is limiting growth

    Haris Karonis alleges JPMorgan, which owns 48.5% of Viva, is seizing on "perverse incentives" that allow the bank to take full control of the fintech if its value falls below €5 billion next year.

    By Feb. 15, 2024
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    SoLo Funds nears 2M users

    The peer-to-peer lending platform has faced some regulatory backlash, but a study from London's Centre for Economics and Business Research shows it's cheaper than many other subprime options.

    By Feb. 14, 2024
  • A Banco Santander's logo is seen at a bank's branch before a news conference to announce the 2019 results on January 29, 2020 in Boadilla del Monte, in Madrid, Spain.
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    Pablo Blazquez Dominguez via Getty Images
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    Santander says no breaches of US sanctions found in internal review: reports

    The Spanish bank conducted an internal review following a Financial Times report that money held there violated sanctions held by the U.S. against Iran, according to a memo seen by Bloomberg and Reuters.

    By Feb. 14, 2024
  • An employee gets into his car after arriving to work to a shuttered Silicon Valley Bank (SVB) headquarters in Santa Clara, California.
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    Justin Sullivan via Getty Images
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    IRS sues FDIC to get $1.45B in SVB back taxes

    The amount covers corporate income and employment taxes due between 2020 and 2023, but is an estimate because a review of the tax returns is ongoing, the IRS said. The FDIC has denied SVB’s entire tax claim.

    By Feb. 14, 2024
  • The Capital One logo is displayed on the side of its headquarters in McLean, Va.
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    Win McNamee via Getty Images
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    Bank lobbyists ride a 15-year high

    Thanks in part to a contentious capital requirements proposal, banks — especially midsize ones — have their highest lobbyist headcount since 2008, according to OpenSecrets.

    By Feb. 13, 2024
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    Citi faces rebukes, new orders from regulators: report

    The Federal Reserve sent three notices late last year instructing the lender to improve its data and governance, Reuters reported.

    By Feb. 12, 2024
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    Just_Super via Getty Images
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    NY AG expands suit against DCG

    Attorney General Letitia James initially alleged that Digital Currency Group and others defrauded investors of $1 billion. Now, after hearing from more investors, that number is up to $3 billion.

    By Feb. 12, 2024