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➔

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

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

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

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