Regulations & Policy: Page 8
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Colorado, Virginia legislation would impact fintech lending
The FDIC withdrew support for Colorado's “opt-out” law allowing interstate interest rate exportation, while Virginia's pending bill would restrict fintech lending statewide.
By Rajashree Chakravarty • Feb. 26, 2025 -
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CFPB ex-enforcement chief shares concerns at lawmaker forum
Democratic senators, led by Elizabeth Warren, blasted DOGE’s infiltration of the agency, highlighting potential conflicts of interest and a drop in responses to consumer complaints.
By Dan Ennis • Feb. 26, 2025 -
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TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
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BofA, Wells, Truist de-emphasize DEI in annual filings
In its paperwork, BofA now uses “opportunity” in place of diversity. Wells, meanwhile, scrapped its diverse-slate interview policy, along with mentions of its pay equity review.
By Caitlin Mullen • Feb. 26, 2025 -
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BofA’s Moynihan: Trump’s de-banking rebuke stokes regulatory dialogue
The Bank of America CEO, speaking Tuesday, said the real issue behind the president’s de-banking jab was “over-regulation.”
By Caitlin Mullen • Feb. 25, 2025 -
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Citi, HSBC, Morgan Stanley, RBC fined by UK watchdog
The four lenders agreed to pay more than £100 million to settle charges over the pricing of U.K. government bonds. Deutsche Bank is exempt from the penalty for reporting its conduct.
By Rajashree Chakravarty • Feb. 24, 2025 -
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Banking regulators vary in response to work-justification email
The OCC and FDIC told employees to await agency guidance in response to an OPM directive to list their weekly accomplishments. The CFPB, meanwhile, told workers to remind OPM of the bureau’s stop-work order.
By Dan Ennis • Feb. 24, 2025 -
Permission granted by SoLo Funds
CFPB drops case against SoLo Funds
The bureau’s lawsuit against the online lending platform – filed during Rohit Chopra’s tenure – “was wrong” and “the weaponization of ‘consumer protection’ must end,” the CFPB’s Acting Director Russ Vought said Sunday.
By Caitlin Mullen • Feb. 24, 2025 -
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Morgan Stanley, Capital One downplay DEI efforts
A Morgan Stanley filing highlights its proportion of women and ethnically diverse employees but contains a statement on “meritocracy.” Meanwhile, Capital One isn't touting pay equity like it used to.
By Dan Ennis • Feb. 24, 2025 -
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Fed’s Barr warns of weaker regulation, supervision
The Fed board, he said, should resist initiatives that impede effective supervision by discouraging examiners to flag issues early, or ones that add to the process unnecessarily, he said.
By Rajashree Chakravarty • Feb. 21, 2025 -
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23 AGs line up behind Baltimore in CFPB case
Efforts to shutter the agency are against public interest, the AGs said. The CFPB’s attorneys argue it’s in the public interest to act “consistent[ly] with the philosophy of a new administration brought about by a national election."
By Dan Ennis • Feb. 21, 2025 -
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Citi tosses diversity goals, DEI label
The lender is scrapping “aspirational representation goals” and diverse job candidate requirements, as more companies abandon diversity, equity and inclusion efforts.
By Caitlin Mullen • Feb. 21, 2025 -
Permission granted by Office of the Comptroller of the Currency
5 key takeaways from Rodney Hood’s 1st public speech as OCC acting chief
The regulator outlined his top priorities – including financial inclusion, technology and cybersecurity – while speaking at a conference for community bankers.
By Rajashree Chakravarty • Feb. 20, 2025 -
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UMB embraces ‘consolidator’ role
The bank’s recent acquisition of HTLF boosted its wealth business by 32% “overnight” and doubled its branch footprint. But UMB CEO Mariner Kemper said he is taking systems conversion deliberately slowly.
By Caitlin Mullen • Feb. 20, 2025 -
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Fed’s Barr: Race to tap generative AI exacerbates risks
As more nimble nonbanks employ a “risk-forward” attitude toward generative AI, the Fed’s outgoing vice chair for supervision called for monitoring how the technology’s introduction alters banking.
By Caitlin Mullen • Feb. 19, 2025 -
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HSBC delays net-zero emissions goal by 20 years
The U.K.-based bank said it was “revising [its] ambition” and delaying its target of hitting net-zero across its operations, business travel and supply chain from 2030 to 2050.
By Zoya Mirza • Feb. 19, 2025 -
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Trump order tightens White House grip on Fed, SEC
Under the order, independent agencies must submit for review “significant” regulations to a unit within the Office of Management and Budget. The order gives OMB Director Russ Vought power over independent agencies’ budgets.
By Caitlin Mullen • Feb. 19, 2025 -
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Capital One, Discover shareholders approve merger
Stockholders of the two companies Tuesday approved the deal, which still awaits sign-off from the Federal Reserve and OCC.
By Patrick Cooley • Feb. 19, 2025 -
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Fed delays start of new Fedwire standard
The central bank postponed a deadline for banks and credit unions to move Fedwire payments to the ISO 20022 format. That may also hold up a broader industry modernization effort.
By Lynne Marek • Feb. 19, 2025 -
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Wells Fargo clears 10th consent order; 4 remain
The 2018 consent order issued by the OCC identified deficiencies in the bank’s enterprise-wide compliance risk management program and was tied to a $500 million penalty against the lender.
By Rajashree Chakravarty • Feb. 18, 2025 -
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Banks back away from DEI mentions
JPMorgan Chase, Citizens and Huntington have reduced or eliminated their references to diversity, equity and inclusion amid a White House crackdown, according to the banks’ latest annual filings.
By Caitlin Mullen • Feb. 18, 2025 -
Lynne Marek/Banking Dive
Waller sees stablecoins advancing in retail
Stablecoins are seeping into payments at stores, but there are plenty of hurdles before they become widely used, according to Federal Reserve Governor Christopher Waller.
By Lynne Marek • Feb. 18, 2025 -
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Judge halts CFPB firings
The bureau also was told not to delete any agency data or transfer its reserve funding to the Fed or anywhere else. The CFPB then reportedly placed most employees on administrative leave.
By Dan Ennis • Feb. 18, 2025 -
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CFPB union warns of ‘mass’ layoff to affect 95% of the bureau
The bureau terminated roughly 70 to 100 term employees Thursday. An amended complaint asserts there's more to come — and that agency leadership aims to return the CFPB’s reserve funding and terminate its office lease.
By Dan Ennis • Feb. 14, 2025 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo faces labor board complaint over union vote
The National Labor Relations Board alleged the lender threatened and retaliated against workers in favor of unionization at a California branch.
By Rajashree Chakravarty • Feb. 13, 2025 -
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CFPB in ‘trauma’
A look at changes at the bureau in the second Trump era — from cycling out Rohit Chopra to bringing in DOGE and an acting chief who ordered employees to stop working.
By Dan Ennis • Feb. 13, 2025
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