New Hampshire bill would make use of ESG in investments a felony

The bill would punish “knowingly” using ESG factors in investment decisions with up to 20 years in prison. The state’s House of Representatives will hold a public hearing Feb. 1 to receive feedback.

By Lamar Johnson • Jan. 4, 2024

Wells Fargo workers in Delaware file for union election

Wells employees at several branches nationally have made clear their intent to unionize. Late last month, a branch in New Mexico became the first to vote to do so.

By Gabrielle Saulsbery • Jan. 4, 2024

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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

Bank groups flag concerns with CFPB’s open banking proposal

The Bank Policy Institute and The Clearing House want the consumer watchdog to take a tougher stance on screen scraping, and allow banks to charge fees to cover the cost of enabling data sharing.

By Anna Hrushka • Jan. 3, 2024

Fed’s 12 regional banks adopt records transparency policy

The policy, released by the New York Fed, will be effective Jan. 1 and “seeks to simplify and standardize the Federal Reserve Banks’ public information request process,” the central bank said.

By Rajashree Chakravarty • Dec. 22, 2023

Canada approves RBC’s $10B deal for HSBC unit

The largest domestic deal in Canadian history comes with strings. Notably, RBC must establish a global banking hub in Vancouver and boost staffing by 10% at its client operations center in Winnipeg.

By Dan Ennis • Dec. 22, 2023

Biden vetoes lawmakers’ efforts to roll back CFPB data collection rule

“If enacted, this resolution would harm all those that stand to benefit from expanded transparency and accountability,” the president said Tuesday.

By Rajashree Chakravarty • Dec. 21, 2023

Wells Fargo branch votes to join a union

A second location withdrew its petition. Votes at branches in Florida and California are expected next month. The next step, a collective bargaining agreement, may take more than a year.

By Dan Ennis • Dec. 21, 2023

Many Americans surprised by overdraft fees, CFPB says

Only 22% of households that were charged an overdraft fee or nonsufficient fund fee within the past year expected their most recent overdraft, the consumer watchdog said in a report Tuesday.

By Anna Hrushka • Dec. 20, 2023

U.S. Bank fined $36M over freezes of COVID-era unemployment benefits

The Minneapolis-based lender flagged a CFPB probe into prepaid card use last year. The OCC added a separate penalty Tuesday.

By Dan Ennis • Dec. 20, 2023

Finma calls for more powers after Credit Suisse’s collapse

Between 2018 and 2022, the Swiss regulator conducted 108 on-site supervisory reviews at Credit Suisse. It found 382 points that required action — 113 of which were classified as high or critical.

By Rajashree Chakravarty • Dec. 19, 2023

Tennessee sues BlackRock over ‘misleading’ ESG strategy

The lawsuit claims the $9.1T firm misled consumers about the scope and effects of its ESG activity, as well as released conflicting statements regarding ESG’s influence over its business decisions. 

By Anna Hrushka • Dec. 19, 2023

Citi’s remote-work memo carries with it an air of mercy

The bank's hybrid workers won't have to return to the office in 2023. That could give them more time to update their resumes, refresh their portfolios and DM some contacts.

By Dan Ennis • Dec. 18, 2023

SEC won’t budge on crypto regulation

In denying a petition submitted by Coinbase, the agency has concluded rulemaking isn’t needed for issuers and intermediaries to know which – and how – crypto assets fit within securities law.

By Robert Freedman • Dec. 18, 2023

Credit Suisse entities pay $10M to SEC

Credit Suisse Securities and two affiliated Credit Suisse entities will pay to settle charges that they provided illegal underwriting and advising services to mutual funds.

By Gabrielle Saulsbery • Dec. 14, 2023

OCC completes ‘discovery review’ of banks’ climate risk policies: report

The review aims to set a baseline of banks’ climate risk practices, which the OCC can measure against to determine their progress in implementing climate-related risk guidance, sources told Reuters.

By Anna Hrushka • Dec. 14, 2023

House panel to subpoena BlackRock, State Street on ESG practices

House Judiciary Committee Chair Jim Jordan will subpoena four firms for more answers as to whether the companies’ climate-related efforts violate federal antitrust laws, Bloomberg reported.

By Gabrielle Saulsbery • Dec. 13, 2023

Sen. Warren draws more support for crypto crackdown bill

The bill, which would extend Bank Secrecy Act requirements to crypto players, has five new co-sponsors, days after Warren found a rare moment of common ground with JPMorgan CEO Jamie Dimon.

By Gabrielle Saulsbery • Dec. 12, 2023

FDIC panel picks Cleary Gottlieb to review workplace culture

The law firm replaces BakerHostetler, which the FDIC earlier hired to investigate allegations of sexual misconduct at the agency.

By Rajashree Chakravarty • Dec. 12, 2023

Sen. Warner proposes mandatory use of Fed discount window

Mandatory use of the Fed’s short-term lending facility could help erase some of the stigma associated with tapping the central bank’s safety net, the Virginia Democrat said.

By Anna Hrushka • Dec. 11, 2023

Signature bid results add fuel, ‘B’ plot in FDIC’s woes

Real estate investor Brookfield accused the agency of cherry-picking a winning bid that was not the highest price for a portfolio of loans from the failed Signature Bank.

By Dan Ennis • Dec. 11, 2023

Discover to spend at least $500M on compliance next year

“We’re going to continue to invest whatever we have to invest in order to get the compliance issues behind us,” CFO John Greene said last week.

By Caitlin Mullen • Dec. 11, 2023

5 Senate Republicans ask FDIC’s Gruenberg to step down

The lawmakers questioned the agency chair’s behavior, on allegations he “built a reputation for bullying and for having an explosive temper.” A Wall Street Journal report last month detailed a toxic culture at the FDIC.

By Rajashree Chakravarty • Dec. 8, 2023

21 AGs implore OCC, CFPB to force banks into cooperation

The coalition alleged that national banks often decline to cooperate with state attorneys general, despite being required to do so by the Dodd-Frank Act.

By Gabrielle Saulsbery • Dec. 8, 2023

Atlantic Union hit with $6.2M CFPB penalty

At least $5 million in illegal overdraft fees will be refunded to affected customers. A $1.2 million penalty will be paid into the CFPB’s victims relief fund. The bank denies any wrongdoing.

By Gabrielle Saulsbery • Dec. 7, 2023

Bank CEOs outline perceived dire consequences of Basel III

The proposed capital hike has been widely criticized by GOP lawmakers, who on Wednesday gave the CEOs of the nation’s largest banks ample time to voice their concerns to the Senate Banking Committee.

By Anna Hrushka • Dec. 7, 2023