Regulations & Policy: Page 9
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Anna Hrushka/Banking Dive
FDIC slow to counter sexual harassment: OIG
The OIG found that some people working on the FDIC’s Action Plan for a Safe, Fair, and Inclusive Work Environment “have, or had, sexual harassment misconduct or retaliation allegations raised against them.”
By Gabrielle Saulsbery • Aug. 2, 2024 -
Win McNamee / Staff via Getty Images
Dimon makes plea for president who will ‘unite us’
The JPMorgan Chase CEO also made a push for the private sector to “have a seat at the table,” in an opinion piece the Washington Post published Friday.
By Caitlin Mullen • Aug. 2, 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 -
Justin Sullivan via Getty Images
Wells Fargo faces AML, sanctions-related inquiries
A disclosure included in the bank’s quarterly SEC filing did not give further details but may serve as a flag to investors of concerns from government agencies or authorities.
By Dan Ennis • Aug. 2, 2024 -
Matt Cardy/Getty via Getty Images
HUD ends HSBC alleged redlining probe
The bank announced it was facing a redlining investigation last August. In May, that investigation was terminated, according to a securities filing.
By Gabrielle Saulsbery • Aug. 1, 2024 -
Douglas Rissing via Getty Images
OpinionThird-party compliance certification can get cannabis cash safely into banks
Even if the SAFER Banking Act passes, the infrastructure exists within the cannabis industry for third parties to do the kind of accrediting the Joint Commission does for the healthcare field, says attorney F. Miles Adler.
By F. Miles Adler • Aug. 1, 2024 -
Anna Hrushka/Banking Dive
FDIC looks to clamp down on brokered deposits, asset managers’ influence
The agency aims to restrict access to volatile “hot money” banks might use to replace deposit losses. The FDIC also may scrap the honor system on asset managers’ promises not to flex on bank policy.
By Dan Ennis • Aug. 1, 2024 -
Kevin Dietsch / Staff via Getty Images
Did regulators send warning shot at already roiled BaaS space?
It’s clear the Synapse debacle was on regulators’ minds when they issued last week’s statement highlighting risks associated with banks’ third-party partnerships, analysts said.
By Caitlin Mullen • July 31, 2024 -
Permission granted by Victoria Reynolds
Q&A5 questions for Brex’s new compliance chief
When it comes to innovation, “if it's moving too quickly for customer protection to keep pace, it’s not happening,” said Sibongile Ngako, who recently joined the fintech as chief compliance officer.
By Caitlin Mullen • July 31, 2024 -
Spencer Platt via Getty Images
Trump pledges to fire Gensler, support crypto
The Republican presidential nominee told Bitcoin 2024 attendees that, if elected, he will hire advisers who “want to see your industry thrive, not dive.”
By Gabrielle Saulsbery • July 29, 2024 -
I going to make a greatest artwork as I can, by my head, my hand and by my mind. via Getty Images
Affirm says CFPB’s proposed BNPL rules will confuse customers
In commenting on the proposal, the BNPL provider said consumers would be better served by rules specific to BNPL transactions, as opposed to credit card regulations.
By Patrick Cooley • July 29, 2024 -
Permission granted by Clair
Q&AClair CEO backs CFPB rule proposal on EWA
Nico Simko supports the Consumer Financial Protection Bureau’s recent rule proposal, and it may be a competitive advantage for him.
By Lynne Marek • July 29, 2024 -
Drew Angerer / Staff via Getty Images
Warner pushes bill requiring banks to test discount window
The lawmaker introduced a measure that would reduce stigma tied to the Fed’s short-term lending facility, which has seen a litany of attention from regulators in recent weeks.
By Caitlin Mullen • July 26, 2024 -
Anna Hrushka/Banking Dive
5 takeaways from the FDIC’s Travis Hill on liquidity, Basel
Banks must be willing to use the liquidity facilities available to them, and regulators must come together on a Basel endgame re-proposal, the FDIC’s vice chair said Wednesday.
By Gabrielle Saulsbery • July 25, 2024 -
Permission granted by Revolut
Revolut gets UK banking license
Unreliable revenue figures and a complicated share structure likely contributed to the fintech’s three-year wait. But Revolut’s numbers came in robust and on time this year.
By Dan Ennis • July 25, 2024 -
Permission granted by Jiko
Fed cites digital bank Jiko over capital planning woes
The central bank is requiring the startup, which bought a bank in 2020, to submit a liquidity risk management plan with steps to diversify its funding sources and enhanced stress test scenarios.
By Dan Ennis • July 24, 2024 -
Courtesy of Revolut Press Kit
Revolut faces more fraud claims than other UK banks: report
A spokesperson said the fintech investigates each fraud claim independently of other cases, and that it takes such claims “incredibly seriously.”
By Gabrielle Saulsbery • July 24, 2024 -
Win McNamee via Getty Images
ColumnDive Deposits: Menendez, Vance’s changing fortunes spotlight Senate banking panel
Despite the New Jersey Democrat’s resignation and the Ohio Republican’s possible ascent to vice president, the Senate panel can expect business as usual — albeit with heightened urgency.
By Dan Ennis • July 24, 2024 -
Courtesy of Mastercard
FTC demands pricing input from JPMorgan, Mastercard
The Federal Trade Commission demanded information from the megabank, card network and other companies to better understand how consumer data is being used in pricing.
By Lynne Marek • July 24, 2024 -
Courtesy of Green Dot
Fed fines Green Dot $44M
The consent order has been expected since February, when Green Dot revealed that reasonable associated losses could total $50 million.
By Gabrielle Saulsbery • July 22, 2024 -
Chip Somodevilla via Getty Images
What bankers might expect if Kamala Harris wins the White House
The Democratic front-runner went solo to get California a meatier mortgage settlement — and demanded names in Wells Fargo’s fake-accounts case. But she took flak for not prosecuting OneWest.
By Dan Ennis • July 22, 2024 -
Drew Angerer via Getty Images
‘Polarizing’ state laws risk ‘fragmenting’ system: OCC’s Hsu
Banks are increasingly asked by state policies to “pick a side in service of performative politics rather than deliberative policy,” Acting Comptroller of the Currency Michael Hsu said.
By Lamar Johnson • July 22, 2024 -
Oli Scarff / Staff via Getty Images
Citi COO intended to deceive OCC, ex-employee says
In an amended lawsuit, former Citi data executive Kathleen Martin claims Anand Selva suggested twice that she fudge data to the bank’s primary regulator. She declined and lost her job two weeks later, she says.
By Gabrielle Saulsbery • July 19, 2024 -
Joe Raedle / Staff via Getty Images
Capital One-Discover deal critics, supporters sound off
Executives with the two companies and a number of community groups spoke in favor of the $35.3 billion merger Friday, while a raft of critics urged regulators to block the deal.
By Caitlin Mullen • July 19, 2024 -
Retrieved from OCC.
OCC bans 7 bankers in misappropriation, PPP cases
The bankers include former employees of JPMorgan, BofA, Wells Fargo and Varo. In one case, an ex-U.S. Bank employee received $29,375 in PPP funds and misrepresented payroll and business expenses.
By Dan Ennis • July 19, 2024 -
Kevin Dietsch / Staff via Getty Images
Hsu signals OCC to review preemption rules
In a speech Wednesday, the acting Comptroller of the Currency also pointed to the need for heightened regulation of bigger banks and the rising complexity of bank-nonbank ties.
By Caitlin Mullen • July 18, 2024
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