Regulation
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.
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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
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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 -
Treasury's Financial Crimes Enforcement Network said most small businesses will need to report information about their beneficial owners at the start of next year; certain financial and government entities are exempt because of their preexisting regulatory requirements.
September 18 -
PayPal's new stablecoin offering should be setting off alarms at traditional banks, because it could seriously challenge their dominance in the payments space.
September 18 -
The American Bankers Association found that 89% of the banks it surveyed feel that social media is important. But there is room for improvement in their practices.
September 15 -
Carrie Tolstedt, the company's former retail banking chief, was sentenced to three years of probation, including six months of home confinement. A federal judge detailed why she denied the stiffer sentence sought by federal prosecutors, who wanted to send a message about the consequences of white-collar crime.
September 15
