Regulations & Policy: Page 8
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Andrew Harnik / Staff via Getty Images
Fed’s Powell says ‘time has come’ for rate cuts
Expressing confidence that inflation is largely under control, “the direction of travel is clear,” the central bank chair said at the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming.
By Caitlin Mullen • Aug. 23, 2024 -
Anna Hrushka/Banking Dive
Trade groups seek extension on FDIC’s ‘hot money’ rule
Organizations need 60 more days “to furnish responses and data that fulsomely address the questions and issues raised” by proposed changes on brokered deposits, 11 trade groups wrote.
By Rajashree Chakravarty • Aug. 22, 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 -
Spencer Platt / Staff via Getty Images
TD sets aside another $2.6B for expected AML penalties
The bank “expects a global resolution” by the end of 2024, CEO Bharat Masrani said Thursday. “While we are not through the tunnel yet, we can see the light,” he said.
By Caitlin Mullen • Aug. 22, 2024 -
Former Kansas bank CEO gets 24 years in prison
Shan Hanes pleaded guilty in May to one count of embezzlement as a bank officer after taking $47.1 million from Heartland Tri-State Bank as part of a crypto scheme.
By Gabrielle Saulsbery • Aug. 21, 2024 -
Courtesy of USAA
USAA CEO to retire in 2025
The company’s board is evaluating internal and external candidates to succeed Wayne Peacock, USAA’s first non-military chief executive.
By Caitlin Mullen • Aug. 20, 2024 -
"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 doubles down on its portrait of ex-CFO’s firing
The bank detailed mementos and texts Nadine Ahn and another exec exchanged, a promotion plan called “Project Ken” and a time when Ahn fired an employee in a “substantively identical” situation.
By Dan Ennis • Aug. 19, 2024 -
Maks_Lab via Getty Images
Regional bank M&A ramps up
This year’s U.S. bank deal count has outpaced that of last year’s, although cumulative deal value is far lower, according to Dealogic data.
By Caitlin Mullen • Aug. 19, 2024 -
Permission granted by TD Bank
TD, BNY, Truist hit with WhatsApp penalties
The Canadian lender and its subsidiaries were fined $46.5 million by the SEC and $82 million by the CFTC over unapproved platform use and recordkeeping violations. Truist self-reported and saw reduced penalties.
By Dan Ennis • Aug. 15, 2024 -
Tim Boyle/Getty Images via Getty Images
Failed bank CEO’s associate gets 25 years for role in collapse
Robert Kowalski, an attorney and housing developer, must pay $7.2 million to the FDIC over the 2017 fall of Washington Federal, plus more than $400,000 in back taxes to the IRS.
By Gabrielle Saulsbery • Aug. 15, 2024 -
Brandon Bell via Getty Images
Texas adds NatWest to its fossil fuel divestment list
The addition expands to 16 the number of financial institutions barred from new state contracts. But, by and large, the list still avoids restricting big U.S. banks.
By Rajashree Chakravarty • Aug. 15, 2024 -
Spencer Platt via Getty Images
Senators ask Dimon to justify new checking account fees
“JPMorgan Chase is the industry leader when it comes to usurious overdraft fees,” Sens. Elizabeth Warren, D-MA, and Chris Van Hollen, D-MD, wrote in a letter sent Friday.
By Rajashree Chakravarty • Aug. 13, 2024 -
Andrew Harnik via Getty Images
CFPB to scour banks’ chatbot use in White House initiative
A year after its order to fight "junk fees,” the CFPB is tasked with rooting out time-wasting “doom loops.”
By Dan Ennis • Aug. 13, 2024 -
CRobertson via Getty Images
Wells, BofA, JPMorgan approved as underwriters despite Louisiana anti-ESG law
Net-Zero Banking Alliance members were approved as underwriters for state bonds “under a yellow caution flag.” But the state's treasurer later said he wouldn’t recommend Bank of America’s application.
By Lamar Johnson • Aug. 12, 2024 -
"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 ex-CFO sues bank for $35.6M
Nadine Ahn and Ken Mason, another fired RBC exec, didn't have an affair, each said in court filings, contrary to a “clear insinuation” from the bank. Further, Ahn said she missed out on a path to CEO.
By Dan Ennis • Aug. 12, 2024 -
tattywelshie via Getty Images
Q&AChime exec talks on CFPB’s new EWA stance
Employers are responding quickly to the Consumer Financial Protection Bureau’s rule noting earned wage access services may constitute lending, says a Chime executive.
By Lynne Marek • Aug. 12, 2024 -
Chip Somodevilla via Getty Images
Fed faults Customers Bank over digital asset strategy
In an enforcement action, the Federal Reserve ordered the bank to enhance its compliance with anti-money laundering and OFAC regulations, citing “significant deficiencies.”
By Caitlin Mullen • Aug. 9, 2024 -
Kent Nishimura / Stringer via Getty Images
Analysts cast doubt on antitrust angle of Capital One-Discover deal
Capital One’s proposed acquisition of the smaller Discover seems “too small to be a core antitrust concern,” said Barry Barnett, an antitrust lawyer and partner at Susman Godfrey.
By Caitlin Mullen • Aug. 8, 2024 -
Justin Sullivan via Getty Images
IRS amends claim over SVB’s owed taxes
The tax agency is now seeking $43.9 million for 2020 through 2022, and is asking for an extra 90-day stay as its dispute with the FDIC reportedly nears an end.
By Rajashree Chakravarty • Aug. 8, 2024 -
Mario Tama via Getty Images
Citi whistleblower again denied a share of $400M penalty
Tamika Miller did not show the OCC was obligated to fine the bank, an appeals court ruled. Her claim, also denied in 2022, “resembles an attempt to use the litigation process to discover hypothetical wrongdoing,” a judge said.
By Dan Ennis • Aug. 7, 2024 -
Mario Tama via Getty Images
ColumnDive Deposits: It might be the season of the cash sweep
Morgan Stanley and Wells Fargo appear to be test cases in an SEC probe into whether broker-dealers are offering the best options they can for clients’ uninvested cash.
By Dan Ennis • Aug. 7, 2024 -
Retrieved from Screenshot: Google Maps on August 07, 2024
Failed Nebraska bank’s ex-president gets 18 months over loan scheme
Jack Poulsen, former president of Ericson State Bank, which failed in 2020, allegedly issued loans to one of his relatives and kept information from the bank’s board.
By Caitlin Mullen • Aug. 7, 2024 -
CFO Editorial Staff
Fed, FDIC firm up living will guidance for midsize banks
The guidance again delays the deadline to submit wind-down plans but contains expectations for single- and multiple point-of-entry resolution for banks with $250 billion to $1 trillion in assets.
By Caitlin Mullen • Aug. 6, 2024 -
Courtesy of USAA
USAA to pay $64.2M to settle military overcharge lawsuit
More than $33 million will go to members who were sent remediation checks in 2021 and never cashed them. Plaintiffs said the checks came in “nondescript envelope[s]” that looked like “junk mail.”
By Dan Ennis • Aug. 6, 2024 -
Justin Sullivan via Getty Images
Judge approves plan to end SVB ex-parent’s bankruptcy
The 185-page ruling Friday did not resolve the legal battle between SVB Financial Group and the FDIC over $1.9 billion in seized funds. That case will play out in a California court.
By Rajashree Chakravarty • Aug. 5, 2024 -
Spencer Platt via Getty Images
JPMorgan threatens to sue CFPB over Zelle
The bank in May flagged government inquiries over its handling of disputes involving the P2P platform. But Friday, it said it would consider litigation if the agency were to issue an enforcement action on the matter.
By Dan Ennis • Aug. 5, 2024
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