Regulations & Policy: Page 19
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Oli Scarff via Getty Images
Barclays ceases direct funding of new fossil fuel projects
The London-based bank will also require all of its portfolio energy companies to report their scoped emissions reductions targets and any expansion plans by Jan. 1, 2025.
By Lamar Johnson • Feb. 12, 2024 -
Courtesy of U.S. Bank
U.S. Bank, KeyBank, Huntington tagged in $81M round of SEC penalties
KeyBank ($10 million) and U.S. Bank ($8 million) warned investors of the WhatsApp probes in November. Huntington ($1.5 million) self-reported and took the smallest penalty, the SEC said.
By Dan Ennis • Feb. 9, 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 -
MF3d via Getty Images
Yellen backs legislation to avert AI threat to financial stability
Testimony by the Treasury secretary follows a pledge by the Biden administration to seize on the benefits of artificial intelligence while containing its risks.
By Jim Tyson • Feb. 8, 2024 -
Ex-Heartland Tri-State CEO charged with embezzling $47M in crypto
A Heartland customer told authorities he saw a red flag when Shan Hanes, the bank’s CEO until July, asked him for $12 million to help take his money out of a crypto investment, according to Bloomberg.
By Gabrielle Saulsbery • Feb. 8, 2024 -
Courtesy of https://press.bunq.com/media_kits/228411/
Dutch neobank Bunq withdraws application for US banking charter
Bunq is the latest in a line of European neobanks to back out of pursuing a U.S. banking charter, though it stated plans to reapply, American Banker reported.
By Rajashree Chakravarty • Feb. 8, 2024 -
Permission granted by Fiserv
Fiserv CEO details special bank charter pursuit
The processing and acquiring company, which seeks a “very specific” special bank charter, doesn’t intend to compete with its financial institution partners, Fiserv CEO Frank Bisignano said Tuesday.
By Caitlin Mullen • Feb. 7, 2024 -
Spencer Platt / Staff via Getty Images
NYCB enlists ex-Flagstar CEO after Moody’s downgrade
The bank named Alessandro DiNello as executive chair Wednesday and issued updated deposit and liquidity statistics to reassure investors. But some have still filed suit.
By Dan Ennis • Feb. 7, 2024 -
robertcicchetti via Getty Images
FNB to pay $13.5M to settle DOJ redlining probe
The bank, between 2017 and 2021, failed to provide mortgage services to predominantly Black and Hispanic neighborhoods in Charlotte and Winston-Salem, North Carolina, the agency said.
By Ken McCarthy • Feb. 6, 2024 -
ultramarine5 via Getty Images
Bank groups sue regulators over CRA updates
"[T]he new and unnecessarily complex evaluation could result in banks being forced to close branches or reduce product offerings," according to ICBA CEO Rebeca Romero Rainey.
By Gabrielle Saulsbery • Feb. 6, 2024 -
Spencer Platt / Staff via Getty Images
NYCB’s risk chief left bank ahead of Q4 loss report, stock dip
The bank’s announcement that it would set aside $552 million in loan-loss reserves and cut its dividend came amid pressure from the Office of the Comptroller of the Currency, Bloomberg reported.
By Dan Ennis • Feb. 6, 2024 -
Anna Hrushka/Banking Dive
Republican lawmakers raise concerns over FDITech
“[D]uring your tenure, the FDIC has moved innovation backwards,” the GOP lawmakers noted in the letter to the Federal Deposit Insurance Corp. Chair Martin Gruenberg.
By Rajashree Chakravarty • Feb. 5, 2024 -
Drew Angerer via Getty Images
Bank of America trims CEO Brian Moynihan’s pay package to $29M
It marks the third time in four years the U.S.'s second-largest bank has cut its chief executive's compensation. Moynihan now draws even with Wells Fargo CEO Charlie Scharf.
By Dan Ennis • Feb. 5, 2024 -
Just_Super via Getty Images
Genesis Global settles SEC suit for $21M
The settlement will, among other things, "eliminate the risks, expenses, and uncertainty associated with protracted litigation against the SEC."
By Gabrielle Saulsbery • Feb. 2, 2024 -
Mario Tama / Staff via Getty Images
Bank of America expects employee sabbaticals to pay dividends
The Charlotte, North Carolina-based lender’s head of global benefits breaks down this offering — and how it helped her feel refreshed and ready to work.
By Caroline Colvin • Feb. 2, 2024 -
George Dodd via Getty Images
WaFd, Luther Burbank deal gets regulatory nods
The deal is now expected to close by Feb. 29 and the systems and brand integration is to be completed by the first week of March, according to the banks.
By Rajashree Chakravarty • Feb. 1, 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 subsidiary City National hit with $65M OCC penalty
The regulator issued a cease-and-desist order mandating the bank improve its strategic plan, as well as its compliance risk management related to BSA/anti-money laundering and fair lending.
By Gabrielle Saulsbery • Feb. 1, 2024 -
ultramarine5 via Getty Images
The banking industry outlook on 2024: The year of wait-and-see
A capital requirements proposal, fintech regulation and the CFPB itself hang in the balance as opinions (from the public and a court) and an ever-ticking clock loom large.
By Dan Ennis • Jan. 30, 2024 -
Retrieved from Senate Banking Committee.
OCC proposes end to expedited merger review
Acting Comptroller of the Currency Michael Hsu also proposed more transparency in the review process for bank deals.
By Gabrielle Saulsbery • Jan. 30, 2024 -
Anna Hrushka/Banking Dive
Column
Dive Deposits: It’s simply the FDIC’s turn to be the black sheep
A onetime FDIC attorney's guilty plea on child-porn charges amps up the outcry from the Senate's most vocal advocate for regime change at the agency.
By Dan Ennis • Jan. 30, 2024 -
The image by Gareth Milner is licensed under CC BY-SA 2.0
Texas AG bans Barclays from state municipal bonds over ESG
The Lone Star state said the ban stems from the bank’s association with the Net Zero Banking Alliance and refusal to provide additional information about its carbon emissions commitments.
By Lamar Johnson • Jan. 29, 2024 -
Retrieved from OCC.
‘Troubled’ Blue Ridge Bank enters consent order with OCC
The OCC alleged that Blue Ridge’s BSA/AML program experienced “systemic internal controls breakdowns,” among other issues, in its second regulatory action against the bank in 18 months.
By Gabrielle Saulsbery • Jan. 29, 2024 -
Drew Angerer via Getty Images
Bank of America, Wells Fargo announce bonuses to rank and file
About 97% of BofA’s workforce will get restricted stock bonuses worth a collective $800 million, while Wells Fargo employees who make less than $75,000 are eligible for cash awards of $1,000.
By Rajashree Chakravarty • Jan. 26, 2024 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo gives CEO Charlie Scharf an 18.4% raise, to $29M
The bank said Thursday it would have paid its top executive $30.3 million for 2023, but Scharf requested the compensation panel "exercise negative discretion" because "more work remains ahead."
By Dan Ennis • Jan. 26, 2024 -
4 BMO bankers fired, 2 resign after bullying probe: report
An investment banker in the Toronto office of BMO’s mining group was subjected to homophobic slurs and targeted in person and virtually on Microsoft Teams, four sources told The Globe and Mail.
By Dan Ennis • Jan. 25, 2024 -
Chip Somodevilla via Getty Images
CFPB eyes NSF fee ban for transactions declined in real time
It’s an uncommon penalty, but the watchdog asserts that as technology advances, financial institutions may be able to block more transactions at the time of a swipe, tap or click.
By Gabrielle Saulsbery • Jan. 25, 2024
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