Regulations & Policy: Page 2
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State Street ditches board diversity requirement
The bank, which once commissioned the “Fearless Girl” statue, will no longer require company boards to feature a 30% proportion of women directors, following similar changes by BlackRock and Vanguard.
By Lamar Johnson • March 6, 2025 -
Consumer groups to defend Biden-era CFPB overdraft rule
The overdraft rule issued by the CFPB under previous Director Rohit Chopra, capping fees at $5, may be abandoned in the wake of the change of power, a judge said Tuesday.
By Rajashree Chakravarty • March 6, 2025 -
Explore the Trendline➔
da-kuk via Getty ImagesTrendlineArtificial 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 -
FDIC OKs Rhode Island bank’s wind-down plan
Independence Bank was ordered to pay $3.5 million in restitution after the lender allegedly charged illegal fees for Small Business Administration 7(a) loans, causing the agency to lose roughly $8.8 million.
By Caitlin Mullen • March 5, 2025 -
Goldman’s annual cull set for May: reports
The bank’s workforce reduction this year may affect 3% to 5% of its employees, with a special focus on vice presidents, according to The Wall Street Journal and Bloomberg.
By Dan Ennis • March 5, 2025 -
Crypto firm Tether appoints new CFO, names predecessor as chair
The stablecoin issuer aims to conduct a full audit in a bid to leave behind a somewhat checkered past with U.S. regulators as the Trump administration courts the crypto industry.
By Grace Noto • March 4, 2025 -
Judge orders CFPB’s COO to testify
The court aims to get to the root of conflicting messages as to what work is being ordered and done at the imperiled agency. The bureau remains barred from mass firings and reportedly asked to dismiss a lawsuit against Comerica.
By Dan Ennis • March 4, 2025 -
FDIC withdraws merger policy, brokered deposits proposal
The regulator’s board voted Monday to scrap four Biden-era proposed rules and a policy that applied greater scrutiny to bank mergers.
By Caitlin Mullen • March 4, 2025 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
Current, ex-CFPB employees detail bureau takedown effort
About a dozen agency workers testify on a three-phase “wind-down mode,” ahead of a hearing that may hold the bureau’s future in the balance.
By Dan Ennis • March 3, 2025 -
CFPB ditches lawsuit against Capital One
The bureau reversed course Thursday after accusing the bank last month of obscuring a higher-paying savings product from some legacy savings account holders.
By Caitlin Mullen • Feb. 28, 2025 -
Column
Dive Deposits: Goldman brings banking’s DEI retreat full circle
After scrapping a policy requiring board diversity for companies it advises, Goldman backed off its own equity initiatives. But its CEO is keeping a strong stance on diversity’s value.
By Dan Ennis • Feb. 28, 2025 -
TD racks up AML remediation costs
After spending $86 million in Q1, the bank expects to spend $500 million on AML remediation costs and governance and control investment in fiscal 2025.
By Gabrielle Saulsbery • Feb. 27, 2025 -
Senators probe McKernan at nomination hearing
Given recent turmoil at the CFPB, Sen. Elizabeth Warren said Jonathan McKernan – nominated to lead the agency – seems “lined up to be the No. 1 horse at the glue factory.”
By Caitlin Mullen • Feb. 27, 2025 -
Colorado, Virginia legislation would impact fintech lending
The FDIC withdrew support for Colorado's “opt-out” law allowing interstate interest rate exportation, while Virginia's pending bill would restrict fintech lending statewide.
By Rajashree Chakravarty • Feb. 26, 2025 -
CFPB ex-enforcement chief shares concerns at lawmaker forum
Democratic senators, led by Elizabeth Warren, blasted DOGE’s infiltration of the agency, highlighting potential conflicts of interest and a drop in responses to consumer complaints.
By Dan Ennis • Feb. 26, 2025 -
BofA, Wells, Truist de-emphasize DEI in annual filings
In its paperwork, BofA now uses “opportunity” in place of diversity. Wells, meanwhile, scrapped its diverse-slate interview policy, along with mentions of its pay equity review.
By Caitlin Mullen • Feb. 26, 2025 -
BofA’s Moynihan: Trump’s de-banking rebuke stokes regulatory dialogue
The Bank of America CEO, speaking Tuesday, said the real issue behind the president’s de-banking jab was “over-regulation.”
By Caitlin Mullen • Feb. 25, 2025 -
Citi, HSBC, Morgan Stanley, RBC fined by UK watchdog
The four lenders agreed to pay more than £100 million to settle charges over the pricing of U.K. government bonds. Deutsche Bank is exempt from the penalty for reporting its conduct.
By Rajashree Chakravarty • Feb. 24, 2025 -
Banking regulators vary in response to work-justification email
The OCC and FDIC told employees to await agency guidance in response to an OPM directive to list their weekly accomplishments. The CFPB, meanwhile, told workers to remind OPM of the bureau’s stop-work order.
By Dan Ennis • Feb. 24, 2025 -
CFPB drops case against SoLo Funds
The bureau’s lawsuit against the online lending platform – filed during Rohit Chopra’s tenure – “was wrong” and “the weaponization of ‘consumer protection’ must end,” the CFPB’s Acting Director Russ Vought said Sunday.
By Caitlin Mullen • Feb. 24, 2025 -
Morgan Stanley, Capital One downplay DEI efforts
A Morgan Stanley filing highlights its proportion of women and ethnically diverse employees but contains a statement on “meritocracy.” Meanwhile, Capital One isn't touting pay equity like it used to.
By Dan Ennis • Feb. 24, 2025 -
Fed’s Barr warns of weaker regulation, supervision
The Fed board, he said, should resist initiatives that impede effective supervision by discouraging examiners to flag issues early, or ones that add to the process unnecessarily, he said.
By Rajashree Chakravarty • Feb. 21, 2025 -
23 AGs line up behind Baltimore in CFPB case
Efforts to shutter the agency are against public interest, the AGs said. The CFPB’s attorneys argue it’s in the public interest to act “consistent[ly] with the philosophy of a new administration brought about by a national election."
By Dan Ennis • Feb. 21, 2025 -
Citi tosses diversity goals, DEI label
The lender is scrapping “aspirational representation goals” and diverse job candidate requirements, as more companies abandon diversity, equity and inclusion efforts.
By Caitlin Mullen • Feb. 21, 2025 -
5 key takeaways from Rodney Hood’s 1st public speech as OCC acting chief
The regulator outlined his top priorities – including financial inclusion, technology and cybersecurity – while speaking at a conference for community bankers.
By Rajashree Chakravarty • Feb. 20, 2025 -
UMB embraces ‘consolidator’ role
The bank’s recent acquisition of HTLF boosted its wealth business by 32% “overnight” and doubled its branch footprint. But UMB CEO Mariner Kemper said he is taking systems conversion deliberately slowly.
By Caitlin Mullen • Feb. 20, 2025