Regulations & Policy


  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    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 Dec. 6, 2024
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    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 Dec. 5, 2024
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    Trendline

    Artificial 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
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    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 Dec. 4, 2024
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    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
  • The Federal Reserve building is seen January 22, 2008 in Washington, DC. People walk by.
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    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
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    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 Dec. 4, 2024
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    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 Dec. 3, 2024
  • The US Capitol building is pictured February 13, 2021 in Washington, DC.
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    Tasos Katopodis / Stringer via Getty Images
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    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 Dec. 2, 2024
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    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
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    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 Nov. 27, 2024
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    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 Nov. 27, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    Q&A

    FDIC: 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 Nov. 27, 2024
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    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 Nov. 27, 2024
  • The sign reads "howdy stranger yonder is Jackson Hole, last of the old west. On top of Teton Pass Wyoming
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    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 Nov. 26, 2024
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    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 Nov. 26, 2024
  • The Capital One logo is displayed on the side of its headquarters in McLean, Va.
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    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
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    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 Nov. 25, 2024
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    TD names its next chief auditor

    The bank’s personnel moves are being closely watched as it addresses its anti-money laundering woes.

    By Nov. 22, 2024
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    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 Nov. 22, 2024
  • The words Federal Reserve engraved in a marble building with an eagle above.
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    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 Nov. 22, 2024
  • Discover sign at driveway entrance to headquarters with flowers in front.
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    Lynne Marek/Banking Dive
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    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
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    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
  • Sen. Elizabeth Warren, wearing a red jacket, speaks into a microphone during a Congressional hearing.
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    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 Nov. 21, 2024
  • Washington DC, USA skyline on the Potomac River.
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    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 Nov. 20, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    FDIC extends recordkeeping rule comment period

    The comment window for the agency’s third-party recordkeeping rule has been extended by 45 days.

    By Nov. 20, 2024