Whether banks knowingly work with marijuana businesses or not, they face risks as long as there are no federal clear guidelines in place. Congress must fix this.
The agency has no plans to release general findings from an extensive review of sales practices at large and midsized banks. That's troublesome, and will only fuel the perception that it is too cozy with the institutions it regulates.
An inquiry into the sales practices of more than 40 banks launched in the wake of the Wells scandal found several systemic issues and hundreds of problems at individual institutions. The OCC completed the review in December but is not making the results public.
Amid their recent policy victories and record earnings, big banks have also been forced to grapple with the possibility that commercial lending — the lifeblood for large regionals — may never fully come back.
The $1.9 trillion-asset bank is under pressure to provide investors more information about when it expects to resolve the numerous headaches that have arisen in the wake of its phony-accounts scandal.
The New York company on Friday promoted Wahida Plummer, who was previously in charge of regulatory matters, to chief risk officer and expanded the role of its chief credit officer.
Mahesh Aditya will immediately take over risk management for the U.S. subsidiary of Banco Santander, which is trying to turn the corner after several tough years on the regulatory and financial fronts.
