Regulations & Policy: Page 31
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Mario Tama / Staff via Getty Images
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 -
George Dodd via Getty Images
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 Rajashree Chakravarty • Feb. 1, 2024 -
Explore the Trendline➔
Alex Wong via Getty Images
TrendlineFintech disruption in the banking industry
There are as many schools of thought on how to disrupt the banking space as there are disruptors.
By Banking Dive staff -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
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 Gabrielle Saulsbery • Feb. 1, 2024 -
ultramarine5 via Getty Images
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 Dan Ennis • Jan. 30, 2024 -
Retrieved from Senate Banking Committee.
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 Gabrielle Saulsbery • Jan. 30, 2024 -
Anna Hrushka/Banking Dive
ColumnDive 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 Dan Ennis • Jan. 30, 2024 -
The image by Gareth Milner is licensed under CC BY-SA 2.0
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 -
Retrieved from OCC.
‘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 Gabrielle Saulsbery • Jan. 29, 2024 -
Drew Angerer via Getty Images
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 Rajashree Chakravarty • Jan. 26, 2024 -
Courtesy of Wells Fargo multimedia resources
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 Dan Ennis • 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 Dan Ennis • Jan. 25, 2024 -
Chip Somodevilla via Getty Images
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 Gabrielle Saulsbery • Jan. 25, 2024 -
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 -
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
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