Regulations & Policy: Page 2


  • An exterior of the Barclays Bank headquarters
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    Oli Scarff via Getty Images
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    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
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    Courtesy of U.S. Bank
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    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 Feb. 9, 2024
  • The Manhattan skyline in New York City. Explore the Trendline
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    Courtesy of The Howard Hughes Corp.
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    Trendline

    Top 5 stories from Banking Dive

    Banks brace to see if commercial real estate exposure will trigger a rerun of last year’s crisis. And regulators face a mountain of comments from the most contentious proposed rule in decades.

    By Banking Dive staff
  • Artificial Intelligence concept brain with CPU
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    MF3d via Getty Images
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    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
  • wichita along arkansas river
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    The image by Wichita Regional Chamber of Commerce is licensed under CC BY 2.0
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    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 Feb. 8, 2024
  • Bunq CEO Ali Niknam stands in front of Bunq's logo.
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    Courtesy of https://press.bunq.com/media_kits/228411/
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    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 Feb. 8, 2024
  • Officials and employees celebrate the grand opening of Fiserv's Berkeley Heights, New Jersey office on Nov. 15.
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    Permission granted by Fiserv
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    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
  • Flags fly at full staff outside the NYSE with the Wall ST sign in the foreground
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    Kena Betancur via Getty Images
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    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 Feb. 7, 2024
  • The exterior of the Department of Justice in Washington, D.C.
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    robertcicchetti via Getty Images
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    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
  • Bank sign on glass wall of business center
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    ultramarine5 via Getty Images
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    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 Feb. 6, 2024
  • The Manhattan skyline in New York City.
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    Courtesy of The Howard Hughes Corp.
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    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 Feb. 6, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    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 Feb. 5, 2024
  • Bank of America CEO Brian Moynihan moderates a discussion while seated onstage.
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    Drew Angerer via Getty Images
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    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 Feb. 5, 2024
  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images
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    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 Feb. 2, 2024
  • Bank of America's logo on a building façade
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    Mario Tama / Staff via Getty Images
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    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
  • The Seattle skyline, featuring the Space Needle and skyscrapers.
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    George Dodd via Getty Images
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    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 Feb. 1, 2024
  • RBC
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    Photo by Matt Cardy/Getty Images via Getty Images
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    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 Feb. 1, 2024
  • Bank sign on glass wall of business center
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    ultramarine5 via Getty Images
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    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 Jan. 30, 2024
  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
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    Retrieved from Senate Banking Committee.
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    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 Jan. 30, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    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 Jan. 30, 2024
  • Front of building with a sign that says "Barclays."
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    The image by Gareth Milner is licensed under CC BY-SA 2.0
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    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
  • OCC
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    Retrieved from OCC.
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    ‘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 Jan. 29, 2024
  • Bank of America CEO Brian Moynihan moderates a discussion while seated onstage.
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    Drew Angerer via Getty Images
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    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 Jan. 26, 2024
  • Headshot of Wells Fargo CEO and President Charlie Scharf
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    Courtesy of Wells Fargo multimedia resources
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    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 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 Jan. 25, 2024
  • CFPB Director Rohit Chopra
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    Chip Somodevilla via Getty Images
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    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 Jan. 25, 2024