Regulations & Policy: Page 12
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Mario Tama via Getty Images
Moelis puts banker on leave after punch in video goes viral
A banker that social media users identified as the assailant in a Brooklyn street incident emphasized empathy and "staying away from toxic people" on a podcast last year.
By Dan Ennis • June 10, 2024 -
Drew Angerer via Getty Images
TD sues wealth advisers who left for Raymond James
Within a week of Gregg Desmarais' and Brett Bartkiewicz's departures, TD lost at least 10 accounts worth more than $22 million, the bank said. But a FINRA disclosure tells a different story.
By Rajashree Chakravarty • June 10, 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 -
uschools via Getty Images
Canadian bank’s Minnesota deal gets Fed approval
VersaBank has waited two years for a green light on its $13.5 million proposed purchase of Stearns Bank Holdingford. Now it just needs sign-off from the OCC and a Canadian regulator.
By Dan Ennis • June 7, 2024 -
Retrieved from Senate Banking Committee.
Banks, AI partners must share responsibility for safety: OCC’s Hsu
“With AI, it is easier to disclaim responsibility for bad outcomes than with any other technology in recent memory,” Acting Comptroller of the Currency Michael Hsu said Thursday.
By Rajashree Chakravarty • June 7, 2024 -
Joe Raedle / Staff via Getty Images
TD faces $4.9B proposed class action
Canada’s second largest lender has been awash with anti-money laundering woes, with allegations based in multiple states. The bank set aside $450 million in April and overhauled its AML program.
By Gabrielle Saulsbery • June 7, 2024 -
Retrieved from Consumer Financial Protection Bureau.
CFPB finalizes open banking standard setter rule
The bureau will consult public interest groups and app developers on open banking standards, and no single special interest can dominate the standards-making process.
By Gabrielle Saulsbery • June 6, 2024 -
ultramarine5 via Getty Images
Deep Dive4 things banks are doing to grease the M&A wheels
Cautious regulators and more drawn-out regulatory approval timelines have given rise to some changes in merger agreement conditions.
By Caitlin Mullen • June 6, 2024 -
Mario Tama via Getty Images
Citi boosts paid leave to 24 weeks for birth mothers
The additional eight weeks of recovery time matches policies launched by Morgan Stanley and Barclays. Citi is also offering two weeks of paid leave annually to care for an immediate family member.
By Dan Ennis • June 5, 2024 -
Courtesy of Fifth Third
Fifth Third CEO eyes systemically important label for nonbanks
Regulatory reforms are effectively pushing some activity outside the banking system, making it less transparent and harder for banks to compete, said Tim Spence, the regional bank's CEO.
By Caitlin Mullen • June 3, 2024 -
Chip Somodevilla via Getty Images
Supreme Court remands BofA escrow dispute to appeals court
The nation’s highest court said the lower court "did not conduct the kind of nuanced comparative analysis" required by federal law and a previous Supreme Court ruling.
By Gabrielle Saulsbery • May 31, 2024 -
Davis Turner/Stringer via Getty Images
Merrill Lynch to pay $20M to settle racial discrimination case
Four ex-Merrill advisers and more than 1,000 class-action participants allege Merrill has not afforded Black advisers the same opportunities as their White counterparts. Merrill denies these claims.
By Gabrielle Saulsbery • May 30, 2024 -
N26
N26 readies for a post-cap future
Germany's financial regulator will drop its limit on the fintech's growth June 1. N26's CEO said the cap has cost billions in lost valuation. But its compliance systems can handle an increased load.
By Dan Ennis • May 29, 2024 -
Win McNamee / Staff via Getty Images
Dimon: ‘No magic formula’ on CEO, chairman moves
The JPMorgan CEO largely pinned his future timeline on the board Wednesday during a conference appearance, while Wells Fargo CEO Charlie Scharf detailed his investment-banking growth strategy.
By Caitlin Mullen • May 29, 2024 -
The image by Lisa Chamberlain is licensed under CC BY-SA 2.0
Goldman alum Beth Hammack named Cleveland Fed’s next president
Hammack, once considered a CFO contender at Goldman, left the bank in February after 30 years. She replaces Loretta Mester.
By Gabrielle Saulsbery • May 29, 2024 -
lucadp via Getty Images
Trades shift to one-day settlement
The shift to T+1, a settlement cycle in which transactions settle one business day after they're made, has been in the works since the SEC approved it in February 2023. Trades haven’t settled that quickly since the 1920s.
By Gabrielle Saulsbery • May 28, 2024 -
Anna Hrushka/Banking Dive
FDIC failed to timely report misconduct allegations, IG says
The White House could tap a nominee to lead the agency this week — and reportedly has a front-runner. Meanwhile, outgoing agency Chair Martin Gruenberg is set to testify on Capitol Hill again June 12.
By Dan Ennis • May 28, 2024 -
Oli Scarff via Getty Images
ColumnDive Deposits: Return-to-office bank edicts may cancel summer before it even starts
FINRA’s COVID-era policies easing banks’ requirement to monitor workplaces are ending. That’s prompting Citi, HSBC, Barclays and others to prod thousands back to the office.
By Dan Ennis • May 24, 2024 -
Spencer Platt via Getty Images
JPMorgan fined by CFTC over surveillance gap probe
JPMorgan will pay $200 million in a civil monetary penalty, with up to $100 million credited for amounts paid to the OCC and the Fed in March in parallel actions.
By Rajashree Chakravarty • May 24, 2024 -
Courtesy of Comerica
Comerica slapped with OCC enforcement action
The regulator discovered unsafe or unsound practices at the Dallas-based bank, including those related to its risk governance framework and internal controls.
By Caitlin Mullen • May 24, 2024 -
Douglas Rissing via Getty Images
Small bank receives rare conditional Fed master account approval
Numisma Bank, a tier 3 uninsured bank co-founded by a former Fed official, is on track to receive the benefits of a master account. Caitlin Long, CEO of tier 3 Custodia Bank, has questions.
By Gabrielle Saulsbery • May 24, 2024 -
Mario Tama via Getty Images
Ex-Citi employee was fired for refusing to fudge data to OCC, she says
Kathleen Martin said the pressure came from Anand Selva "almost as soon as he got promoted" to chief operating officer last year. The bank denies the allegations.
By Gabrielle Saulsbery • May 23, 2024 -
Eric Thayer via Getty Images
Bank of America vet hired to lead diversity efforts at Apple
Cynthia Bowman, a 17-year alum of the U.S.'s second-largest bank, will replace Barbara Whye, who is retiring this fall, Apple said.
By Dan Ennis • May 23, 2024 -
Permission granted by SoLo Funds
CFPB sues SoLo Funds, alleging it concealed costs from borrowers
The fintech's tip structure inflates the APR on loans, but most loans aren't funded unless a tip is included. And the option not to donate was hidden, the regulator argued.
By Dan Ennis • May 22, 2024 -
Michael M. Santiago via Getty Images
JPMorgan shareholders veto proposal to split CEO, chair duties
Still, the measure garnered support from 42.7% of voters — notably more than the 33% and 31% of Goldman Sachs and Bank of America shareholders, respectively, that backed similar proposals this year.
By Caitlin Mullen • May 22, 2024 -
Mario Tama via Getty Images
Citi fined $78.4M over 2022 flash crash error
A Citi trader had meant to sell a basket of equities at $58 million but mistakenly created a $444 billion basket, regulators said. About $189 billion of the trade went on the market.
By Dan Ennis • May 22, 2024
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