Regulations & Policy
-
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 -
Explore the Trendline➔
da-kuk via Getty Images
TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
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 -
TomasSereda via Getty Images
Metropolitan Commercial Bank ‘aided and abetted’ Voyager fraud: lawsuit
MCB is accused of defrauding customers of crypto exchange Voyager Digital, many of whom have been unable to access their funds since Voyager’s 2022 bankruptcy.
By Gabrielle Saulsbery • Dec. 3, 2024 -
Tasos Katopodis / Stringer via Getty Images
GAO report flags Fed, FDIC supervisory ‘weaknesses’
The government office offered recommendations meant to improve both bank regulators. The OCC, meanwhile, “generally adheres” to its procedures for escalating supervisory concerns, the GAO said.
By Caitlin Mullen • Dec. 2, 2024 -
George Frey via Getty Images
BlackRock, State Street, Vanguard sued by Texas, red states
The three firms are accused of forming “a cartel to rig the coal market,” but State Street and BlackRock called the lawsuit “baseless” in separate statements.
By Lamar Johnson • Dec. 2, 2024 -
PaoloGaetano via Getty Images
BPM spurns UniCredit’s takeover bid
The bank blasted what it sees as a weak premium. Its CEO warned a deal would cost BPM 6,000 jobs. And Italian officials expressed concern that a UniCredit tie-up would stall efforts to grow BPM.
By Dan Ennis • Nov. 27, 2024 -
Leon Neal via Getty Images
Musk calls for end to CFPB
The presumed Trump Cabinet appointee said there “are too many duplicative regulatory agencies,” calling out the consumer watchdog specifically Wednesday.
By Gabrielle Saulsbery • Nov. 27, 2024 -
Anna Hrushka/Banking Dive
Q&AFDIC: New tool highlights opportunities for minority banks
Wearing its “preserve and promote” hat, the banking agency launched a tool this month that reveals neighborhoods that may present opportunities for minority-focused banks.
By Caitlin Mullen • Nov. 27, 2024 -
Mario Tama / Staff via Getty Images
Trump 2.0 expected to open the ‘regulatory gates’ for chartering
“Fintech had really just become kind of a dirty word during the Biden administration, and that’s going to change,” said Michele Alt, an OCC veteran and co-founder of financial services advisory firm Klaros Group.
By Caitlin Mullen • Nov. 27, 2024 -
TenleyThompson via Getty Images
Custodia takes a step back ahead of Trump term
The Wyoming bank, long embattled with the Federal Reserve, aimed to “preserve capital” and its charter before the White House takes a presumably more crypto-positive tone.
By Dan Ennis • Nov. 26, 2024 -
Creative via Getty Images
Blueacorn founders indicted on PPP fraud charges
The Justice Department accused Nathan Reis and Stephanie Hockridge of submitting thousands of fraudulent PPP applications through the fintech in the name of “democratizing access to loan relief.”
By Gabrielle Saulsbery • Nov. 26, 2024 -
Win McNamee via Getty Images
Warren, Dems bash Capital One’s ‘history’ in Fed letter
Lawmakers told regulators to look at the bank’s aggressive debt collection, anti-money laundering woes and an inflated community investment pledge, in considering the acquisition application.
By Patrick Cooley • Nov. 26, 2024 -
RudyBalasko via Getty Images
Old National to acquire Minnesota’s Bremer for $1.4B
The deal would expand $54 billion-asset Old National’s presence in the upper Midwest and make it the third-largest bank in the Twin Cities.
By Caitlin Mullen • Nov. 25, 2024 -
Permission granted by TD Bank
TD names its next chief auditor
The bank’s personnel moves are being closely watched as it addresses its anti-money laundering woes.
By Dan Ennis • Nov. 22, 2024 -
Retrieved from OCC.
OCC admonishes Texas’ Clear Fork Bank for not correcting AML problems
The lender’s board was given one week to appoint a compliance committee to oversee the bank’s adherence to the OCC order’s provisions.
By Caitlin Mullen • Nov. 22, 2024 -
Douglas Rissing via Getty Images
Fed bans CEO of failed Kansas bank from industry
Shan Hanes, who was sentenced to 24 years in prison in August, is barred from working for a bank or bank holding company, the central bank said.
By Caitlin Mullen • Nov. 22, 2024 -
Lynne Marek/Banking Dive
Richmond Fed seeks more Capital One-Discover input
The regional Fed bank, which has purview over the proposed merger, demanded more information from Capital One as the regulator considers whether to approve the deal.
By Lynne Marek • Nov. 22, 2024 -
Drew Angerer via Getty Images
SEC’s Gensler to step down Jan. 20
Gensler becomes the second Democrat-appointed chief of a U.S. financial regulator, in a three-day span, to telegraph his departure timeline.
By Jim Tyson • Nov. 21, 2024 -
Michael A. McCoy / Stringer via Getty Images
Don’t lift Wells Fargo asset cap, Warren tells Fed
The bank’s OCC order, citing anti-money laundering deficiencies, and a court case over alleged sham interviews prove Wells hasn’t changed sufficiently, the senator wrote in a letter to central bank officials.
By Dan Ennis • Nov. 21, 2024 -
Sean Pavone via Getty Images
DC attorney general sues EarnIn over ‘deceptive’ marketing
The fintech couches its “cash out” product as earned wage access, but it’s a loan that, at times, carries 300% interest with a poorly disclosed fee for “instant” payouts, the AG said.
By Dan Ennis • Nov. 20, 2024 -
Anna Hrushka/Banking Dive
FDIC extends recordkeeping rule comment period
The comment window for the agency’s third-party recordkeeping rule has been extended by 45 days.
By Rajashree Chakravarty • Nov. 20, 2024
