Regulations & Policy: Page 15
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Anna Hrushka/Banking Dive
FDIC eyes executive bonus rule, asset management passivity rule
At its next board meeting, the regulator is likely to address limits on asset managers’ power over banks as well as an unfulfilled Dodd-Frank requirement.
By Gabrielle Saulsbery • April 22, 2024 -
Permission granted by Office of the Comptroller of the Currency
OCC fines ex-CEO, founder of Michigan’s Sterling Bancorp
The executives were each ordered to pay civil penalties related to a troubled loan program the bank ran between 2011 and 2019.
By Caitlin Mullen • April 19, 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 -
Justin Sullivan / Staff via Getty Images
15 AGs put BofA on notice for ‘de-banking’ conservatives
“Your discriminatory behavior is a serious threat to free speech and religious freedom, is potentially illegal, and is causing political and regulatory backlash,” Kansas Attorney General Kris Kobach wrote.
By Gabrielle Saulsbery • April 18, 2024 -
Scott Olson via Getty Images
Discover puts $799M more toward card misclassification issue
The card network opted to increase the card misclassification remediation reserve based in part on discussions with regulators, executives said Thursday.
By Caitlin Mullen • April 18, 2024 -
Permission granted by Truist
Truist tightens in-office attendance policy
The bank will require its hybrid employees to work on-site four days a week starting this fall, and its investment bankers to be in the office every weekday from June 1, a spokesperson said.
By Dan Ennis • April 18, 2024 -
Michael M. Santiago via Getty Images
Pathward to pay refunds, penalty tied to NY AG investigation
The bank, a frequent partner to fintechs, froze customer accounts and transferred money to debt collectors, violating state law, the NY AG’s office said.
By Caitlin Mullen • April 17, 2024 -
Drew Angerer/Getty Images via Getty Images
PNC’s Demchak urges OCC to rethink bank merger review changes
If regulators don’t promote healthy mergers of banks of all sizes, organic growth of the largest banks will accelerate until they are the only ones left, the CEO wrote in a comment letter last week.
By Caitlin Mullen • April 17, 2024 -
Kent Nishimura via Getty Images
OCC was ‘asleep at the wheel’ on NYCB, Warren says
The Massachusetts Democrat and another senator asked the regulator's acting chief why it approved NYCB's merger with Flagstar when the FDIC didn't and when it saw red flags.
By Dan Ennis • April 17, 2024 -
Drew Angerer / Staff via Getty Images
Wells Fargo CEO Scharf details asset cap limitations
When the cap is removed, the CEO anticipates Wells can further invest in its consumer or wealth businesses, build out its product offerings and be more aggressive on lending and deposits.
By Caitlin Mullen • April 16, 2024 -
Chip Somodevilla via Getty Images
Warren, Grassley want details on CFTC, Bankman-Fried meetings
FTX founder Sam Bankman-Fried and his team met with CFTC Chair Rostin Behnam 10 times in the 14 months preceding FTX's bankruptcy. Lawmakers are now asking questions.
By Gabrielle Saulsbery • April 16, 2024 -
E4C via Getty Images
US, Europe lock arms on payments regulation
U.S. and European regulators have joined forces to monitor digital payment concerns, including those related to buy now, pay later financing and big tech market participation.
By Lynne Marek • April 15, 2024 -
Jetacomputer/iStockPhoto.com
Sponsored by Shield ComplianceNavigating the complexities of cannabis rescheduling
Rescheduling may bring new complexity to cannabis banking, along with new opportunities.
By Tony Repanich • April 15, 2024 -
hapabapa via Getty Images
Citi’s reorg job toll climbs to 7,000: Fraser
The bank boosted its expectation for annual savings to $1.5 billion. Meanwhile, Citi, Wells Fargo and JPMorgan Chase reported marked increases in FDIC special assessment costs.
By Caitlin Mullen • April 12, 2024 -
Chris Hondros via Getty Images
UBS could face stricter capital requirements
The Swiss government outlined a 209-page report Wednesday proposing stricter capital requirements for UBS, which has a balance sheet of $1.7 trillion and floated the idea of additional powers for Finma.
By Rajashree Chakravarty • April 11, 2024 -
Win McNamee via Getty Images
Gruenberg: FDIC knows how it would wind down a G-SIB
Until the FDIC and regulators are tasked with a G-SIB wind-down, and until they do so successfully, questions will arise “as to whether it can be done,” the agency chief said.
By Gabrielle Saulsbery • April 11, 2024 -
Spencer Platt via Getty Images
ColumnDive Deposits: This isn’t the year to gauge women’s progress in banking
JPMorgan's proxy statement is mum regarding the Piepszak-Lake race, but neither executive is the bank's best-paid woman. Meanwhile, the jury is out on Goldman and Citi.
By Dan Ennis • April 9, 2024 -
BackyardProduction via Getty Images
Citi, TD, HSBC, Northern Trust added to West Virginia restricted list
The state warned the banks in February of consequences if they "boycott" fossil fuels. BMO and Fifth Third avoided being added to the list, the state said.
By Caitlin Mullen • April 9, 2024 -
Win McNamee / Staff via Getty Images
Dimon blasts regulation, proxy advisers in annual letter
The JPMorgan Chase CEO also gave prominent space to AI, touting its potential impact in software engineering, customer service and operations, “as well as in general employee productivity."
By Caitlin Mullen • April 8, 2024 -
Permission granted by Frost Bank
Frost Bank faces proposed overdraft fee class action
Two plaintiffs filed a lawsuit last week accusing the Texas lender of having a “routine policy and practice of charging its customers Overdraft Fees on transactions that did not overdraw an account.”
By Gabrielle Saulsbery • April 8, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC fires CFO, treasury exec over undisclosed relationship
Nadine Ahn had been seen as a potential future CEO candidate, sources told The Globe and Mail. RBC named Katherine Gibson its interim CFO while it searches for a successor.
By Dan Ennis • April 8, 2024 -
Yagi-Studio via Getty Images
Sponsored by CroweMarch 2024 financial reporting, governance and risk management
Learn about SEC climate-related disclosure rules, the FASB purchased financial assets project and a Fed vice chair speech on credit risk management.
April 8, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC joins Citi, JPMorgan in disclosing green financing ratios
Shareholder proposals put forward by New York City’s retirement system have been pulled at all three banks, the city's comptroller, Brad Lander, said this week.
By Lamar Johnson • April 5, 2024 -
Paul Morigi via Getty Images
Proxy advisers call Strike 2 on Goldman CEO Solomon
Glass Lewis and ISS each urged shareholders to vote to separate the bank's CEO and board chair roles. Glass Lewis also wants voters to reject Goldman's executive pay package.
By Dan Ennis • April 5, 2024 -
(2024). [Photo]. Retrieved from Federal Reserve.
Bowman, Chopra M&A comments put partisan divide on display
The Fed governor assailed what she called the FDIC's proposed "regulation by application," while the CFPB chief stressed how mergers should boost communities.
By Dan Ennis • April 4, 2024 -
Permission granted by Navy Federal Credit Union
Navy Federal’s ‘community bank’ label draws ICBA rebuke
The trade group wants the FDIC and NCUA to issue cease-and-desist orders against the credit union's characterization of a co-branded program with the Defense Department.
By Gabrielle Saulsbery • April 4, 2024
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