Regulations & Policy
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18 AGs sue SEC over crypto actions
A group of attorneys general led by Kentucky’s Russell Coleman allege the agency and its commissioners “sought to unilaterally wrest regulatory authority away from the States” through crypto enforcement.
By Gabrielle Saulsbery • Nov. 15, 2024 -
Win McNamee / Staff via Getty Images
French Hill courts House panel’s top post with community banking plan
The House Financial Services Committee Republican touched on mergers, tailored regulations and changes to failed bank resolutions in a document issued Thursday.
By Rajashree Chakravarty • Nov. 15, 2024 -
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
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Dimon needles Trump after he’s left out of Cabinet
After wishing the president-elect well and thanking him for a “very nice note,” JPMorgan Chase CEO Jamie Dimon said, “Also, I haven’t had a boss in 25 years and I’m not about ready to start.”
By Caitlin Mullen • Nov. 15, 2024 -
Anna Hrushka/Banking Dive
‘Dysfunction’ brought down Republic First: FDIC OIG
In a site visit five months before the Philadelphia bank’s collapse, the FDIC neglected to downgrade the bank’s CAMELS rating and replaced a recommended consent order with an informal enforcement action.
By Gabrielle Saulsbery • Nov. 14, 2024 -
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Fed bans California bank’s ex-interim CEO over alleged PPP, EIDL fraud
Anthony R. Gressak III and another Nano Banc board member made false representations on COVID aid applications, the central bank said. Gressak also will pay a $75,000 fine.
By Dan Ennis • Nov. 13, 2024 -
Courtesy of Comerica
Comerica sues CFPB over ‘costly’ prepaid card probe
The agency “failed to acknowledge” that Comerica “generally acted with the oversight … or approval of the federal government” in handling a Treasury Department program, the bank said.
By Caitlin Mullen • Nov. 12, 2024 -
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FTX suing Binance, founder for $1.76B
The FTX estate is looking to recoup funds it alleged were “fraudulently” transferred to Binance in 2021.
By Gabrielle Saulsbery • Nov. 11, 2024 -
Chip Somodevilla/Getty Images via Getty Images
Execs from 6 banks weigh in on impact of Trump’s election
Leaders at Citi, U.S. Bank, Fifth Third and more reflected on what the industry can likely expect – and what they’re hoping for – out of a second Trump presidency.
By Caitlin Mullen • Nov. 11, 2024 -
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Q&AOpen banking to move toward FDX standard, Jack Henry exec says
Industry collaboration on open banking is likely to move forward, with or without the CFPB’s recent final rule, says the payment processor's head of engineering.
By Lynne Marek • Nov. 11, 2024 -
Permission granted by Navy Federal Credit Union
Navy Federal to pay $95M in CFPB overdraft case
The nation’s largest credit union charged overdraft fees on purchases made with sufficient funds from 2017 to 2021, generating about $44 million per year from “surprise” fees, the CFPB said.
By Rajashree Chakravarty • Nov. 8, 2024 -
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Goldman names 95 new partners, most since 2010
The bank touted the diversity of its new class, which included 26 women. But that’s 27%, short of 29% from two years ago. About 4% of new partners are Black, less than half the 9% from 2022.
By Dan Ennis • Nov. 8, 2024 -
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Powell says he would not resign if Trump asks
The comment — punctuated by the assertion that Trump doesn't have the authority to demote a Fed governor — comes as the central bank cut interest rates by a quarter percentage point.
By Jim Tyson • Nov. 7, 2024 -
Nastassia Samal via Getty Images
How a second Trump term may change bank M&A
Under Trump, bank deal approvals are likely to “speed up markedly and the process will be more clearly delineated,” one analyst predicted.
By Caitlin Mullen • Nov. 7, 2024 -
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Stifel rejects CFTC’s WhatsApp settlement offer
The St. Louis-based investment bank has set aside provisions but said it can't “state with certainty that a settlement will be achieved." Stifel accepted a $35 million SEC penalty in September.
By Dan Ennis • Nov. 7, 2024 -
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FTC sues fintech Dave over alleged misleading marketing, undisclosed fees
The Federal Trade Commission filed a complaint Tuesday claiming the fintech rarely disbursed the advertised loan amount and charged consumers a “tip” without giving them the ability to opt out of it.
By Rajashree Chakravarty • Nov. 6, 2024 -
Chip Somodevilla / Staff via Getty Images
6 regulatory moves, people whose days are numbered under Trump
With another Trump presidency set to kick off in January, the clock has turned against several Democratic appointees and agenda items.
By Caitlin Mullen , Dan Ennis • Nov. 6, 2024 -
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First Wells Fargo contract negotiations set to begin
Wells Fargo Workers United members in Albuquerque are sitting down this week with representatives from their employer to set off inaugural contract negotiations, 11 months after voting to unionize.
By Gabrielle Saulsbery • Nov. 5, 2024 -
Kevin Dietsch via Getty Images
7 ways the election could change the Senate Banking Committee
The panel’s chair, Sen. Sherrod Brown, D-OH, is engulfed in a fight for his political life. But several scenarios could shuttle power to Sens. Tim Scott, Elizabeth Warren or a wide Republican field.
By Dan Ennis • Nov. 5, 2024 -
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Visa lawsuit may complicate DOJ’s scrutiny of Capital One-Discover deal, analysts say
If the Justice Department were to block the Capital One-Discover deal while also going after Visa, “they’d be intellectually inconsistent,” a George Mason University law professor said.
By Caitlin Mullen • Nov. 4, 2024 -
Chris Hondros / Staff via Getty Images
JPMorgan to pay $151M over flawed investment disclosures, more
The Securities and Exchange Commission issued five enforcement actions against the bank, including allegations that some JPMorgan advisers’ recommendations went against the best interests of clients.
By Dan Ennis • Nov. 1, 2024 -
Joe Raedle / Staff via Getty Images
Capital One warns of possible CFPB enforcement action
The bureau notified the lender last month it’s considering action after customers sued Capital One, claiming it never told savings account holders they could get a higher yield if they switched to another product.
By Caitlin Mullen • Nov. 1, 2024 -
Leon Neal / Staff via Getty Images
Singh, fourth FTX exec sentenced, avoids prison
Former FTX engineering chief Nishad Singh showed an “eagerness to assist” the prosecution during its case against Sam Bankman-Fried, and a similar energy to help CEO John Ray in FTX's bankruptcy case.
By Gabrielle Saulsbery • Oct. 31, 2024 -
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FirstSun looks to alter HomeStreet deal again
The firms are “discussing the pursuit of an alternative regulatory structure” after FirstSun said talks with the Fed and a Texas agency indicated the deal may not get a green light.
By Dan Ennis • Oct. 31, 2024 -
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Warren blasts DOJ over TD settlement
Penalties imposed fell short and prosecutors’ “legal gymnastics” allowed the bank’s “reckless leadership” to skirt responsibility, the Democrat said.
By Caitlin Mullen • Oct. 31, 2024 -
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5 lessons learned from Synapse’s collapse
Ledgering issues, bank partner and regulatory lapses and gross mismanagement led to a shortfall of up to $95 million between bank-held funds and amounts owed to fintech end users, a law firm found.
By Rajashree Chakravarty • Oct. 30, 2024
