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Wells Fargo’s unknowns, to cost-cut or not, Kraken’s bank charter: Top stories of the week

Published September 18, 2020 5:17 PM
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Updated June 1, 2021 1:16 PM
1 Min Read

Wells Fargo provides few updates on growth, cost-cutting plans

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The company's outgoing CFO discussed ways the asset cap is stunting growth, but provided no updates at an industry conference on when the restriction might be lifted or the types of jobs it will cut.

(Full story here.)

Why some banks are aggressively cutting costs and others aren't

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Several companies said this week they're slashing expenses as the economy limps along. Others would prefer to keep investing in new technologies and hold off on moves like branch closings to better gauge which changes in consumer behavior will stick.

(Full story here.)

Crypto exchange Kraken receives Wyoming bank charter

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The company, which left New York in 2015 to avoid its regulations on virtual currencies, has found a more welcoming state.

(Full story here.)

Calabria to Congress: If you don't like crisis fee, then fund GSEs

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Fannie Mae and Freddie Mac have been slammed for planning an additional refinancing charge to cover COVID-related losses, but the head of the Federal Housing Finance Agency defended the policy in House testimony.

(Full story here.)

Fincen plans major overhaul of anti-money-laundering rules

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The Financial Crimes Enforcement Network is seeking to create a better-defined standard for effective AML compliance programs and is considering whether to impose formal requirements that banks assess their laundering risk.

(Full story here.)

Citi using Revlon snafu to fix risk management

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Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank's mistaken $900 million payment.

(Full story here.)

PNC will cut 280 branches by end of 2021, CEO says

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PNC CEO Bill Demchak
"What COVID has done for us is it has showed us where to prioritize investments," William Demchak said at an industry conference in discussing the Pittsburgh company's plans to speed up the shift to digital banking.

(Full story here.)

Federal overhaul of M&A rules could favor small-bank deals

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Justice Department officials have embarked on a rewrite of antitrust policy that could waive certain requirements for community bank mergers and provide fewer advantages to large, out-of-town buyers and banks in urban areas.

(Full story here.)

OCC chief goes too far reimagining national bank charter

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Acting Comptroller of the Currency Brian Brooks' focus on allowing fintech firms into the federal banking sphere appears to have a more ambitious and risky goal: redefining the agency's regulatory focus.

(Full story here.)

FDIC's brokered deposit proposal has a glaring problem

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"The FDIC's survey could add important insights into whether our financial system is doing its part to offer meaningful solutions that fix the structural issues affecting savings," the authors write in recommending updates to the agency's survey of unbanked and underbanked households.
Andrew Harrer/Bloomberg
The plan would encourage more risk-taking by big banks, which would put the industry and taxpayers in harm's way, write former CFPB Director Richard Cordray and Camden Fine, onetime head of the Independent Community Bankers of America.

(Full story here.)

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