Regulations & Policy
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Supreme Court upholds CFPB’s funding structure
The 7-2 ruling puts an end to a case that threatened the bureau's existence and pushed at least one district judge to pause a CFPB rule pending the high court's opinion.
By Dan Ennis • May 16, 2024 -
Alex Wong / Staff via Getty Images
GOP lawmakers urge withdrawal, reissue of capital requirements proposal
Michael Barr, the Federal Reserve’s vice chair for supervision, said bank regulators are still focused on substantive changes to the proposal, and haven’t yet given thought to “the procedural question.”
By Caitlin Mullen • May 16, 2024 -
Trendline
Fraud and AML in banking
It’s not just big banks like Citi and TD that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs.
By Banking Dive staff -
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Elevated scrutiny begets clarity, better business: Unit Finance CEO
Regulatory scrutiny of third-party partnerships has had banks and fintechs on edge. But with scrutiny comes recognition that such tie-ups are important, Itai Damti explained.
By Gabrielle Saulsbery • May 15, 2024 -
Joe Raedle / Staff via Getty Images
Fed, OCC to hold meeting July 19 on Capital One-Discover deal
At $35.3 billion, the acquisition is well above the size that typically sees a public hearing by regulators. Agencies are eyeing tougher merger scrutiny, but that idea has received partisan backlash.
By Lynne Marek • May 15, 2024 -
Alex Wong / Staff via Getty Images
Lawmakers castigate Gruenberg over FDIC’s toxic culture
The FDIC chairman faced multiple calls for his resignation Wednesday at a House panel hearing where he said four agency employees have been let go this year over misconduct.
By Caitlin Mullen • May 15, 2024 -
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JPMorgan objects to proxy adviser’s push for CEO, chair split
The bank said ISS’s recommendation “fails to match the empirical evidence of the last 18 years of leadership” by Jamie Dimon, who occupies both roles at JPMorgan.
By Rajashree Chakravarty • May 14, 2024 -
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Kabbage to pay $120M in PPP fraud settlements with DOJ
The second-largest PPP lender in the nation by application volume “knowingly submitted thousands of false claims” and employed lax fraud controls, the Justice Department said.
By Caitlin Mullen • May 14, 2024 -
Justin Sullivan / Staff via Getty Images
Pot banking bill advocates push for action this year
Proponents hope the SAFER Banking bill can be attached to a larger legislative vehicle, as stand-alone passage in the Senate seems increasingly unlikely.
By Caitlin Mullen • May 13, 2024 -
Oli Scarff via Getty Images
Barclays pressed on climate commitments, Gaza
Activist shareholders asked the bank to pull back its financing of North American fracking. Barclays, meanwhile, reportedly cut eight bankers on its energy transition and sustainable finance teams.
By Zoya Mirza • May 13, 2024 -
Chip Somodevilla via Getty Images
Climate risks ‘highly uncertain,’ ‘challenging,’ banks tell Fed
In the climate scenario exercise, the nation’s six biggest banks found data gaps in real estate exposure, insurance, debtors’ transition risk management and infrastructure.
By Caitlin Mullen • May 10, 2024 -
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FDIC’s Gruenberg faces amplified calls to quit
“It’s time for Chairman Gruenberg to resign so the FDIC can move forward with the leadership it deserves and desperately needs to ensure employees and the important work of this agency are supported,” said Sen. Tim Scott, R-SC.
By Gabrielle Saulsbery • May 9, 2024 -
Drew Angerer / Staff via Getty Images
TD begins damage control after fentanyl report
In the "sobering" aftermath of the bank's AML crisis, executives are detailing an improvement plan and reassuring employees, but analysts are calling for change in the face of a "lost decade."
By Dan Ennis • May 8, 2024 -
Win McNamee via Getty Images
8 findings from the FDIC sexual harassment audit
The law firm Cleary Gottlieb identified 10 root causes of the FDIC’s culture issue. Chair Martin Gruenberg’s anger isn’t listed as one. And harassment at the agency wasn’t always sexual, the review found.
By Gabrielle Saulsbery • May 8, 2024 -
Chip Somodevilla via Getty Images
Regulators propose executive bonus rule
“[P]oorly designed financial institution compensation programs can provide incentives for short-term risk taking that can jeopardize the safety and soundness of the institution,” FDIC Chair Martin Gruenberg said.
By Gabrielle Saulsbery • May 7, 2024 -
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Third-party risk guide ‘a welcome sign,’ analysts say
The guide from the Fed, OCC and FDIC aims to help bankers “get in the same mindset as the examination team” when assessing and managing third-party relationship risks, said the ICBA’s Michael Emancipator.
By Caitlin Mullen • May 7, 2024 -
Spencer Platt / Staff via Getty Images
Robinhood may face SEC lawsuit over crypto unit
In a blog post, the company cited its "good-faith attempts" with the agency. At least one analyst said Robinhood has no incentive to sue because the SEC chair's term is up in two years.
By Dan Ennis • May 7, 2024 -
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FirstSun, HomeStreet seek charter change for merger
FirstSun opted for a Texas state charter to skirt oversight by the OCC. Executives said that agency is slowing the banks’ tie-up over concerns with HomeStreet's CRE exposure.
By Dan Ennis • May 6, 2024 -
Oli Scarff via Getty Images
Oklahoma adds Barclays to anti-ESG list
The British bank joins JPMorgan Chase, BlackRock, Bank of America, Wells Fargo and State Street and eight other financial institutions on the list.
By Rajashree Chakravarty • May 6, 2024 -
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2 Stifel employees leave after inappropriate relationship with cleaner
The investment bank did not identify the employees. One resigned immediately after Stifel found misconduct, while the other is "in a legal process" with the bank, The Times of London reported.
By Dan Ennis • May 6, 2024 -
Justin Sullivan / Staff via Getty Images
Wells Fargo says US authorities probing Zelle disputes
JPMorgan also said it was responding to civil and government authorities’ inquiries regarding handling Zelle customer disputes. The banks did not divulge further details.
By Rajashree Chakravarty • May 3, 2024 -
Drew Angerer / Staff via Getty Images
TD faces DOJ probe over fentanyl-tied money laundering: report
Criminals allegedly laundered millions of dollars of fentanyl proceeds through TD branches in New York and New Jersey, according to The Wall Street Journal.
By Gabrielle Saulsbery • May 3, 2024 -
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ColumnDive Deposits: Citi’s climate portrait shows a big contrast
This week, Citi disclosed it is on pace to reach its 2030 sustainable finance goals, but Reuters also found a draft indicating the losses the bank would incur if the world goes net zero.
By Dan Ennis • May 3, 2024 -
Justin Sullivan via Getty Images
SVB to sell venture-capital arm to investment firm Pinegrove
SVB Capital will be acquired for a combination of cash and “other economic consideration,” the companies said, without giving details on the deal’s value.
By Caitlin Mullen • May 3, 2024 -
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Russian court cancels seizure of some JPMorgan funds
The court had ordered seizure of $439.5 million late last month in an ongoing sanctions dispute between JPMorgan and Russia-owned VTB Bank.
By Gabrielle Saulsbery • May 2, 2024 -
Chip Somodevilla / Staff via Getty Images
Republicans seek ‘shot clock’ on regulators’ bank merger reviews
A bill introduced by Rep. Andy Barr, R-KY, seeks to curtail the amount of time banks wait for a regulatory response on merger applications.
By Caitlin Mullen • May 2, 2024
