Regulation and compliance
Blue Ridge Bank in Virginia changed course after its rapid growth in the fintech partnership business landed it in hot water. But the path back to a traditional community banking model is also proving to be bumpy.
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In a letter to Federal Reserve Chair Jerome Powell, 10 members of the committee demanded answers about how supervisory information was made public.
October 10 -
If the industry keeps consolidating at its current rate, there will be roughly 500 banks in 20 years. That will likely mean the loss of competition and choice for customers in some markets.
October 6
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Sen. Sherrod Brown, D-Ohio, chairman of the Senate Banking Committee, said that alleged union abuses should impact how regulators view corporate governance and risk management.
October 4 -
The financial institution released details of an FDIC consent order, weeks after the unexpected departure of longtime CEO Roger Hochschild. The bank must submit several action plans to address consumer protections within three months.
October 2 -
The Golden State appears poised to preempt the Securities and Exchange Commission by enacting rules that would require larger firms to make detailed disclosures about their greenhouse gas emissions. Banking groups are concerned that the state regime won't align with federal rules.
September 29 -
Federal Deposit Insurance Corp. Chairman Martin Gruenberg said despite earlier proposals for reforming deposit insurance following this spring's bank failures, congressional interest in major reforms has waned and prospects for legislative changes are dim.
September 28 -
The bank has joined with four other financial giants — including Barclays, BNP Paribas and HSBC — to launch Endoxa, which will enable the firms to use technology to standardize their approaches to compliance.
September 27 -
The $75 million deal between the megabank and the U.S. Virgin Islands includes various commitments, such as terminating customers' accounts if there is credible information that the accounts are involved in human trafficking.
September 26 -
The Consumer Financial Protection Bureau issued guidance on the use of artificial intelligence in credit underwriting, saying that creditors are relying too heavily on a CFPB checklist and sample forms when they should provide specificity to explain why a consumer is denied credit.
September 19
