Regulations & Policy


  • A view of the Marriner S. Eccles Federal Reserve building.
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    Anna Moneymaker via Getty Images
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    Fed hits Synapse partner Evolve with enforcement action

    An exam last year revealed Evolve Bank & Trust didn’t have an effective risk management framework in place for its fintech partnerships, the Fed said.

    By June 14, 2024
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Wells Fargo fires employees over faked productivity

    Employees were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work,” according to FINRA disclosures.

    By June 14, 2024
  • Trendline

    Fraud and AML in banking

    It’s not just big banks like Citi and TD that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs.

    By Scshlj staff
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Scshlj
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    Biden nominates CFTC commissioner to replace Gruenberg at FDIC

    Christy Goldsmith Romero, who has twice received unanimous Senate confirmation, has been a commissioner with the Commodity Futures Trading Commission since March 2022.

    By June 13, 2024
  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    Anna Moneymaker via Getty Images
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    Chopra raises alarm on ‘financial surveillance’ at Senate hearing

    “Plans to monetize sensitive financial transaction data are a reminder that the United States is slowly lurching toward more financial surveillance and even financial censorship,” CFPB Director Rohit Chopra said Wednesday.

    By June 13, 2024
  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images
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    Terraform Labs, Do Kwon to settle with SEC for $4.47B

    Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.

    By June 13, 2024
  • A man exits the front of the U.S. Capitol at dawn.
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    Win McNamee via Getty Images
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    FDIC culture hearing turns to partisan sparring

    Republicans accused Democrats of playing politics for not demanding a faster removal of outgoing agency chief Martin Gruenberg, who did not attend Wednesday.

    By June 12, 2024
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    YayaErnst via Getty Images
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    Gruenberg won’t attend hearing on FDIC culture

    The agency's chief has a scheduling conflict, a spokesperson said. Two FDIC board members will testify Wednesday. Meanwhile, the White House reportedly has a new front-runner to lead the FDIC.

    By June 11, 2024
  • Commuters walk Brooklyn Bridge
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    Mario Tama via Getty Images
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    Moelis puts banker on leave after punch in video goes viral

    A banker that social media users identified as the assailant in a Brooklyn street incident emphasized empathy and "staying away from toxic people" on a podcast last year.

    By June 10, 2024
  • Woman stands under TD Bank sign.
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    Drew Angerer via Getty Images
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    TD sues wealth advisers who left for Raymond James

    Within a week of Gregg Desmarais' and Brett Bartkiewicz's departures, TD lost at least 10 accounts worth more than $22 million, the bank said. But a FINRA disclosure tells a different story.

    By June 10, 2024
  • The US Federal Reserve building in Washington DC
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    uschools via Getty Images
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    Canadian bank’s Minnesota deal gets Fed approval

    VersaBank has waited two years for a green light on its $13.5 million proposed purchase of Stearns Bank Holdingford. Now it just needs the OCC's sign-off.

    By June 7, 2024
  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
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    Retrieved from Senate Banking Committee.
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    Banks, AI partners must share responsibility for safety: OCC’s Hsu

    “With AI, it is easier to disclaim responsibility for bad outcomes than with any other technology in recent memory,” Acting Comptroller of the Currency Michael Hsu said Thursday.

    By June 7, 2024
  • CFPB finalizes open banking standard setter rule

    The bureau will consult public interest groups and app developers on open banking standards, and no single special interest can dominate the standards-making process.

    By June 6, 2024
  • Bank sign on glass wall of business center.
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    ultramarine5 via Getty Images
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    Scshlj

    4 things banks are doing to grease the M&A wheels

    Cautious regulators and more drawn-out regulatory approval timelines have given rise to some changes in merger agreement conditions.

    By June 6, 2024
  • Four people walk by a TD bank branch location
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    Joe Raedle / Staff via Getty Images
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    TD faces $4.9B proposed class action

    Canada’s second largest lender has been awash with anti-money laundering woes, with allegations based in multiple states. The bank set aside $450 million in April and overhauled its AML program.

    By June 6, 2024
  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    Citi boosts paid leave to 24 weeks for birth mothers

    The additional eight weeks of recovery time matches policies launched by Morgan Stanley and Barclays. Citi is also offering two weeks of paid leave annually to care for an immediate family member.

    By June 5, 2024
  • An exterior shot of a Fifth Third Bank location is shown
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    Courtesy of Fifth Third
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    Fifth Third CEO eyes systemically important label for nonbanks

    Regulatory reforms are effectively pushing some activity outside the banking system, making it less transparent and harder for banks to compete, said Tim Spence, the regional bank's CEO.

    By June 3, 2024
  • Supreme Court
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    Supreme Court remands BofA escrow dispute to appeals court

    The nation’s highest court said the lower court "did not conduct the kind of nuanced comparative analysis" required by federal law and a previous Supreme Court ruling.

    By May 31, 2024
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    Davis Turner/Stringer via Getty Images
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    Merrill Lynch to pay $20M to settle racial discrimination case

    Four ex-Merrill advisers and more than 1,000 class-action participants allege Merrill has not afforded Black advisers the same opportunities as their White counterparts. Merrill denies these claims.

    By May 30, 2024
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    N26
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    N26 readies for a post-cap future

    Germany's financial regulator will drop its limit on the fintech's growth June 1. N26's CEO said the cap has cost billions in lost valuation. But its compliance systems can handle an increased load.

    By May 29, 2024
  • JPMorgan Chase CEO Jamie Dimon
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    Win McNamee / Staff via Getty Images
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    Dimon: ‘No magic formula’ on CEO, chairman moves

    The JPMorgan CEO largely pinned his future timeline on the board Wednesday during a conference appearance, while Wells Fargo CEO Charlie Scharf detailed his investment-banking growth strategy.

    By May 29, 2024
  • a skyline view of cleveland, ohio with many buildings and a shoreline of a lake
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    The image by Lisa Chamberlain is licensed under CC BY-SA 2.0
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    Goldman alum Beth Hammack named Cleveland Fed’s next president

    Hammack, once considered a CFO contender at Goldman, left the bank in February after 30 years. She replaces Loretta Mester, whose term ends June 30.

    By May 29, 2024
  • A colorful stock market ticker
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    lucadp via Getty Images
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    Trades shift to one-day settlement

    The shift to T+1, a settlement cycle in which transactions settle one business day after they're made, has been in the works since the SEC approved it in February 2023. Trades haven’t settled that quickly since the 1920s.

    By May 28, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Scshlj
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    FDIC failed to timely report misconduct allegations, IG says

    The White House could tap a nominee to lead the agency this week — and reportedly has a front-runner. Meanwhile, outgoing agency Chair Martin Gruenberg is set to testify on Capitol Hill again June 12.

    By May 28, 2024
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    Oli Scarff via Getty Images
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    Column

    Dive Deposits: Return-to-office bank edicts may cancel summer before it even starts

    FINRA’s COVID-era policies easing banks’ requirement to monitor workplaces are ending. That’s prompting Citi, HSBC, Barclays and others to prod thousands back to the office.

    By May 24, 2024
  • Two people walk past a Chase bank branch.
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    Spencer Platt via Getty Images
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    JPMorgan fined by CFTC over surveillance gap probe

    JPMorgan will pay $200 million in a civil monetary penalty, with up to $100 million credited for amounts paid to the OCC and the Fed in March in parallel actions.

    By May 24, 2024