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
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    Anna Moneymaker via Getty Images
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    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 March 6, 2025
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    Trendline

    Artificial 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
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    Ann Talbot via Getty Images
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    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 March 5, 2025
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    Chris Hondros via Getty Images
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    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 March 5, 2025
  • Trump holds up a signed executive order on issues including crypto and AI on Jan. 23, 2025.
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    Anna Moneymaker via Getty Images
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    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
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    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 March 4, 2025
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    Anna Hrushka/Banking Dive
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    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 March 4, 2025
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    The image by Ted Eytan is licensed under CC BY-SA 2.0
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    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 March 3, 2025
  • A sign above an ATM at a Capital One Café on February 19, 2024, in Miami, Florida.
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    Joe Raedle / Staff via Getty Images
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    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 Feb. 28, 2025
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    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 Feb. 28, 2025
  • Green and white signage on the exterior of a building reads "TD Bank."
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    Spencer Platt / Staff via Getty Images
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    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 Feb. 27, 2025
  • Four people sit at a long table with microphones in front of them, with a crowd of people seated behind them, in a Congressional building.
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    Kayla Bartkowski / Staff via Getty Images
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    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 Feb. 27, 2025
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    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 Feb. 26, 2025
  • Sen. Elizabeth Warren (D-MA) speaks during a Senate Banking, Housing, and Urban Affairs committee hearing on January 11, 2024 in Washington, DC.
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    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 Feb. 26, 2025
  • A red sign reads "Bank of America" with the bank's flag logo next to it.
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    Spencer Platt / Staff via Getty Images
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    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 Feb. 26, 2025
  • Bank of America CEO Brian Moynihan speaks during an event at the Economic Club
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    Anna Moneymaker / Staff via Getty Images
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    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 Feb. 25, 2025
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    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 Feb. 24, 2025
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    Leon Neal via Getty Images
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    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 Feb. 24, 2025
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    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 Feb. 24, 2025
  • Shot of Morgan Stanley logo
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    Mario Tama via Getty Images
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    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 Feb. 24, 2025
  • Michael Barr, Federal Reserve Board official, speaks during a Congressional hearing as other people sit behind him.
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    Alex Wong / Staff via Getty Images
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    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 Feb. 21, 2025
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    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 Feb. 21, 2025
  • A sign reads "Citibank" in a branch window, which reflects an American flag and taxi cabs on the street.
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    Michael M. Santiago / Staff via Getty Images
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    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 Feb. 21, 2025
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    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 Feb. 20, 2025
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    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 Feb. 20, 2025