Regulations & Policy: Page 20
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Davis Turner/Stringer via Getty Images
Bank of America’s latest office attendance tool: the ‘letter of education’
The bank began sending notices last fall threatening disciplinary action against employees who repeatedly flout the in-office work policy, according to a report.
By Dan Ennis • Jan. 24, 2024 -
Michael M. Santiago / Staff via Getty Images
Binance, SEC face off in court
For the second time in one week, the Securities and Exchange Commission sought to convince a judge that crypto is a security, and a crypto company sought to convince her of the opposite.
By Gabrielle Saulsbery • Jan. 23, 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 -
Anna Hrushka/Banking Dive
Ex-Boston, Dallas Fed chiefs cleared in OIG stock-trading report
The officials did not violate the law, but their trades created an “appearance of a conflict of interest” that undermined public confidence in the central bank, the Fed watchdog found.
By Anna Hrushka • Jan. 23, 2024 -
Bet_Noire via Getty Images
Fed, NYDFS fine Chinese bank ICBC $32.4M
“Regulated institutions must be held accountable for failing to adhere to New York’s rigorous legal and regulatory standards,” NYDFS Superintendent Adrienne Harris said Friday.
By Rajashree Chakravarty • Jan. 22, 2024 -
Sukanya Sonlila via Getty Images
BaaS to require strong commitment, investment in 2024, experts say
While demand for embedded banking services will continue to propel the BaaS space, experts say regulatory scrutiny will likely separate committed banks from those with a casual interest in the model.
By Anna Hrushka • Jan. 22, 2024 -
Sean Gallup via Getty Images
BlackRock eases ESG messaging amid increased scrutiny
The asset manager’s investment stewardship and Q4 earnings report signal a pivot on BlackRock’s language on climate change and corporate sustainability initiatives.
By Zoya Mirza • Jan. 19, 2024 -
Alex Wong via Getty Images
OCC’s Hsu calls for ‘better brakes’ to stave off bank runs
The acting comptroller wants regulators to implement a "targeted liquidity requirement" by which banks would be required to hold sufficient liquidity to cover stress outflows over a five-day period.
By Anna Hrushka • Jan. 19, 2024 -
Win McNamee via Getty Images
Deep Dive9 capital-requirements comments to watch
Fed governors, trade groups, housing advocates, academics, bank CEOs and even Basel itself have had choice words for the most contentious proposal in decades.
By Dan Ennis • Jan. 19, 2024 -
Leon Neal via Getty Images
Coinbase, SEC face off in court
Coinbase is seeking the dismissal of an SEC lawsuit which accused the crypto exchange of trading more than a dozen tokens that should have been registered as securities.
By Gabrielle Saulsbery • Jan. 18, 2024 -
Drew Angerer via Getty Images
Patriot Bank to pay $1.9M to settle DOJ redlining probe
From 2015 through at least 2020, other banks received nearly 3.5 times as many loan applications as Patriot in majority-Black and Hispanic neighborhoods in Memphis, the agency said.
By Rajashree Chakravarty • Jan. 18, 2024 -
Courtesy of The Consumer Financial Protection Board.
CFPB proposal would cut overdraft fees as low as $3
Overdraft fees would be reclassified as extensions of credit, forcing banks to disclose an APR. Banks would also choose whether to charge customers a "break-even" fee or an amount set by the CFPB.
By Dan Ennis • Jan. 17, 2024 -
Anna Hrushka/Banking Dive
Top 6 banks dole out $9.4B toward FDIC special fee in Q4
JPMorgan Chase paid the largest share, at $2.9 billion, to replenish the agency’s deposit insurance fund following last year's bank failures. The bank reported $49.6 billion in annual net income.
By Anna Hrushka • Jan. 16, 2024 -
crbellette via Getty Images
Fed bans ex-banker, fines 3 others over data handling
A Wyoming bank’s former CFO received more than 280,000 electronic documents — some containing confidential supervisory information — shortly after he was terminated from the bank in 2019, the Fed said.
By Dan Ennis • Jan. 16, 2024 -
Just_Super via Getty Images
Genesis Global Trading to pay $8M fine, surrender BitLicense
The Digital Currency Group subsidiary has been winding down since September. New York's crypto czar penalized it Friday for failing to comply with regulations while in operation.
By Gabrielle Saulsbery • Jan. 16, 2024 -
Mario Tama via Getty Images
Morgan Stanley to pay $249M to resolve block-trading probe
The bank signed a three-year nonprosecution agreement with the Justice Department. Former bank executive Pawan Passi agreed to a one-year ban from the securities industry and will pay a $250,000 fine.
By Dan Ennis • Jan. 12, 2024 -
Permission granted by Circle
Stablecoin issuer Circle files for IPO
Circle, which issues the USDC stablecoin, said Thursday it filed confidential paperwork with the Securities and Exchange Commission — one day after the SEC's approval of 11 spot bitcoin ETFs.
By Gabrielle Saulsbery • Jan. 11, 2024 -
Permission granted by TD Bank
TD execs knew in November 2022 about DOJ’s probe into AML: report
Regulatory scrutiny of TD's AML practices has long been rumored as the catalyst for the May 2023 collapse of the bank's proposed $13.4 billion acquisition of First Horizon.
By Dan Ennis • Jan. 11, 2024 -
Courtesy of Revolut Press Kit
Revolut hit with biometric ID class action in Illinois
Several tech companies have been hit with lawsuits under Illinois' Biometric Information Privacy Act in recent years.
By Gabrielle Saulsbery • Jan. 10, 2024 -
Win McNamee via Getty Images
Deep Dive
Barr hints at looming changes for emergency fund, capital requirements
A post-SVB lending facility may end in March as scheduled, the Fed supervisory czar indicated. Meanwhile, the public looks to get a louder say on the impact of new capital rules.
By Dan Ennis • Jan. 10, 2024 -
Anna Hrushka/Banking Dive
Biden taps new FDIC IG amid sexual misconduct probe
Jennifer Fain has served more than 22 years at various offices of inspector general and was nominated by the president in September to lead the FDIC OIG, before the misconduct allegations emerged.
By Rajashree Chakravarty • Jan. 9, 2024 -
Fotolia
5 banking trends to watch in 2024
Banking observers will watch this month’s earnings for clues as to whether 2023’s crisis can return. The capital-requirements debate and a CFPB-focused Supreme Court case also warrant attention.
By Gabrielle Saulsbery , Rajashree Chakravarty , Anna Hrushka , Dan Ennis • Jan. 9, 2024 -
Anna Hrushka/Banking Dive
3 takeaways: FDIC’s McKernan puts asset managers, wait times in focus
The FDIC should take a closer look at interactions between Vanguard, BlackRock or State Street and publicly traded banking organizations, agency board member Jonathan McKernan said.
By Gabrielle Saulsbery • Jan. 8, 2024 -
Dan Kitwood via Getty Images
Binance.US taps chief compliance officer
Lesley O’Neill joins Binance.US after two years holding a similar position at digital identity verification fintech Prove Identity.
By Gabrielle Saulsbery • Jan. 5, 2024 -
Kevin Dietsch via Getty Images
House Financial Services stalwart Luetkemeyer to leave Congress
Blaine Luetkemeyer’s exit brings uncertainty as to who might replace Rep. Patrick McHenry, R-NC, as chair of the House Financial Services Committee.
By Anna Hrushka • Jan. 5, 2024 -
Art Wager via Getty Images
St. Louis Fed hires ex-NY Fed exec as next president
Alberto Musalem’s hire marks the second high-profile Fed role taken by a Hispanic economist in the past year. He’ll start April 2 and succeed James Bullard, who stepped down in August.
By Rajashree Chakravarty • Jan. 5, 2024
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