Regulations & Policy: Page 43
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Sponsored by Bridgeforce LLCIn this era of increased regulatory scrutiny, this is where credit furnishers are most vulnerable
A perfect storm is brewing for credit reporting and disputes management. See why and how to minimize risk.
By Michael Orefice • Oct. 17, 2022 -
Courtesy of U.S. Bank
Regulators approve U.S. Bank-MUFG Union merger
The green light came as the Fed proposed requiring banks with $250 billion to $700 billion in assets to carry long-term debt that could be converted into equity in the event of failure.
By Dan Ennis • Oct. 14, 2022 -
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 -
Scott Olson via Getty Images
Warren roasts Wells Fargo’s ‘severely bad performance’ on Zelle fraud
Four of the seven banks that own Zelle reported specific data to the senator, but she focused on Wells CEO Charlie Scharf specifically in a letter Thursday.
By Gabrielle Saulsbery • Oct. 14, 2022 -
Justin Sullivan via Getty Images
Wells Fargo takes $2B in Q3 operating losses
“As we have said several times, we remain at risk of setbacks as we … put these issues behind us,” CEO Charlie Scharf said of the bank’s litigation charges, customer remediation and “historical” regulatory matters.
By Dan Ennis • Oct. 14, 2022 -
crbellette via Getty Images
Fed bans 5 ex-bankers over EIDL, PPP fraud
The employees — from Ally, Regions, First Horizon and Bank of America's Merrill Lynch — obtained loans or grants of up to $112,500 and used the funds for unauthorized personal expenses, the Fed said.
By Dan Ennis • Oct. 14, 2022 -
Just_Super via Getty Images
Custodia Bank accuses Fed of favoritism toward BNY Mellon
The Wyoming-based bank said the Fed’s warning last week on crypto is counter to allowing BNY Mellon to hold and transfer digital assets.
By Anna Hrushka • Oct. 13, 2022 -
Win McNamee via Getty Images
Column4 takeaways from Michael Barr’s DC Fintech Week speech
The Federal Reserve’s vice chair for supervision stressed caution with banks’ ties to crypto and spotlighted what sets stablecoins apart from other digital assets.
By Dan Ennis • Oct. 13, 2022 -
Permission granted by Edward Jones
Edward Jones withdraws ILC charter application
The investment firm cited “the current environment” and “recent conversations” with the FDIC as its reasons for dropping the effort. The charter has drawn pushback from trade groups, lawmakers and the man who now leads the FDIC.
By Dan Ennis • Oct. 12, 2022 -
Dan Kitwood via Getty Images
Crypto exchange Bittrex to pay $29M to settle AML, sanctions charges
The exchange failed to file any suspicious activity reports for more than three years and allowed customers in Syria, Sudan, Iran, Cuba and the Crimea to make tens of thousands of transactions, two Treasury offices said Tuesday.
By Dan Ennis • Oct. 12, 2022 -
Retrieved from Senate Banking Committee.
OCC wants more data on banks’ crypto-related activities
Banks are already required to seek the OCC’s non-objection before engaging in crypto activity. But further enhancements may be needed “to track the risk of cross-contagion,” Acting Comptroller Michael Hsu said.
By Anna Hrushka • Oct. 11, 2022 -
Chris Hondros via Getty Images
Goldman Sachs to pare back consumer ambitions: report
The investment bank’s pivot could usher in a potential reorganization of Goldman’s business lines, its third in four years, and comes amid regulator scrutiny of the bank’s consumer-focused products.
By Anna Hrushka • Oct. 10, 2022 -
Permission granted by Fibre Box Association
3 big US banks reportedly consider leaving climate alliance
Alleged differences between coal-related guidance from a U.N.-tied group and U.S. antitrust law highlights an uphill battle ahead of an annual climate summit.
By Dan Ennis • Oct. 10, 2022 -
Davis Turner/Stringer via Getty Images
Bank of America to pay $1.84B to settle last Countrywide case
The bank will incur a $354 million third-quarter pretax expense from the settlement, to be reported at earnings Oct. 17.
By Gabrielle Saulsbery • Oct. 7, 2022 -
Drew Angerer/Getty Images via Getty Images
What decriminalization could mean for cannabis banking
De-scheduling the drug may take away the fear of prosecution, but some analysts argue the compliance burden may actually increase.
By Anna Hrushka • Oct. 7, 2022 -
Permission granted by Walden Mutual Bank
FDIC approves first new US mutual bank in 50 years
New Hampshire-based Walden Mutual aims to provide loans along the entire farm ecosystem to build a more inclusive, sustainable and local food system, the bank’s CEO said.
By Anna Hrushka • Oct. 6, 2022 -
Zhanna Hapanovich via Getty Images
Fed approves FNB’s $117M deal to expand in NC
The $117 million acquisition of Greenville, North Carolina-based UB Bancorp marks the rare instance, of late, in which a bank deal may close within the time frame executives initially expected.
By Dan Ennis • Oct. 6, 2022 -
PPP loan servicer KServicing files for bankruptcy amid fraud probes
The firm, formerly known as Kabbage, is using the bankruptcy process to obtain a reprieve from having to defend against several federal and state investigations, the company’s restructuring adviser said.
By Anna Hrushka • Oct. 5, 2022 -
Anna Hrushka/Banking Dive
5 takeaways from the FDIC acting chief’s climate comments
Among other warnings, the regulator asserted community banks face greater risk than large ones.
By Gabrielle Saulsbery • Oct. 4, 2022 -
Banks reimburse less than half of Zelle-related fraud claims, Warren says
The senator pushed to bolster a key CFPB rule after releasing a report tallying claims of fraud and scams on the P2P platform submitted by Truist, PNC, U.S. Bank and Bank of America.
By Dan Ennis • Oct. 4, 2022 -
Chip Somodevilla via Getty Images
FSOC wants legislation to fill crypto sector oversight gaps
The panel wants regulators to work in tandem to issue rules that would help prevent regulatory arbitrage in the sector.
By Anna Hrushka • Oct. 4, 2022 -
(2024). [Photo]. Retrieved from Federal Reserve.
Column3 times Michelle Bowman stood out as the Fed’s anti-Barr
The central bank governors diverged on stress tests, mergers and digital assets in recent speeches but appear to agree on capital requirements.
By Dan Ennis • Oct. 3, 2022 -
The image by Ted Eytan is licensed under CC BY-SA 2.0
CFPB sues MoneyLion, alleging Military Lending Act violations
The fintech required customers to join a membership program to access its low-APR installment loan product, but wouldn’t let members cancel their memberships until their loans were paid, the bureau said.
By Anna Hrushka • Sept. 30, 2022 -
Oli Scarff via Getty Images
Barclays takes $361M penalty in debt-product oversale error
The bank failed to establish internal controls related to tracking its securities sales in real time, the SEC said. Bank employees may face disciplinary action or pay cuts in connection with the findings, Barclays said.
By Dan Ennis • Sept. 30, 2022 -
Anna Hrushka/Banking Dive
6 largest US banks to join Fed’s first-ever climate scenario exercise
The “exploratory” analysis will launch in early 2023 and be separate from bank stress tests, the Fed said, adding it will not have capital or supervisory implications.
By Anna Hrushka • Sept. 29, 2022 -
Drew Angerer via Getty Images
Lakeland Bank to pay $13M in DOJ redlining settlement
The settlement comes one day after Provident Bank said it would acquire Lakeland in a $1.3 billion all-stock transaction. Provident disclosed Tuesday it was aware of the pending settlement when agreeing to the deal.
By Gabrielle Saulsbery • Sept. 29, 2022
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