Regulations & Policy
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Drew Angerer / Staff via Getty Images
Warner pushes bill requiring banks to test discount window
The lawmaker introduced a measure that would reduce stigma tied to the Fed’s short-term lending facility, which has seen a litany of attention from regulators in recent weeks.
By Caitlin Mullen • July 26, 2024 -
Anna Hrushka/Banking Dive
5 takeaways from the FDIC’s Travis Hill on liquidity, Basel
Banks must be willing to use the liquidity facilities available to them, and regulators must come together on a Basel endgame re-proposal, the FDIC’s vice chair said Wednesday.
By Gabrielle Saulsbery • July 25, 2024 -
Trendline
Fraud and AML in banking
It’s not just big banks like Citi and TD that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs.
By Banking Dive staff -
Permission granted by Revolut
Revolut gets UK banking license
Unreliable revenue figures and a complicated share structure likely contributed to the fintech’s three-year wait. But Revolut’s numbers came in robust and on time this year.
By Dan Ennis • July 25, 2024 -
Permission granted by Jiko
Fed cites digital bank Jiko over capital planning woes
The central bank is requiring the startup, which bought a bank in 2020, to submit a liquidity risk management plan with steps to diversify its funding sources and enhanced stress test scenarios.
By Dan Ennis • July 24, 2024 -
Courtesy of Revolut Press Kit
Revolut faces more fraud claims than other UK banks: report
A spokesperson said the fintech investigates each fraud claim independently of other cases, and that it takes such claims “incredibly seriously.”
By Gabrielle Saulsbery • July 24, 2024 -
Win McNamee via Getty Images
ColumnDive Deposits: Menendez, Vance’s changing fortunes spotlight Senate banking panel
Despite the New Jersey Democrat’s resignation and the Ohio Republican’s possible ascent to vice president, the Senate panel can expect business as usual — albeit with heightened urgency.
By Dan Ennis • July 24, 2024 -
Courtesy of Mastercard
FTC demands pricing input from JPMorgan, Mastercard
The Federal Trade Commission demanded information from the megabank, card network and other companies to better understand how consumer data is being used in pricing.
By Lynne Marek • July 24, 2024 -
Courtesy of Green Dot
Fed fines Green Dot $44M
The consent order has been expected since February, when Green Dot revealed that reasonable associated losses could total $50 million.
By Gabrielle Saulsbery • July 22, 2024 -
Chip Somodevilla via Getty Images
What bankers might expect if Kamala Harris wins the White House
The Democratic front-runner went solo to get California a meatier mortgage settlement — and demanded names in Wells Fargo’s fake-accounts case. But she took flak for not prosecuting OneWest.
By Dan Ennis • July 22, 2024 -
Drew Angerer via Getty Images
‘Polarizing’ state laws risk ‘fragmenting’ system: OCC’s Hsu
Banks are increasingly asked by state policies to “pick a side in service of performative politics rather than deliberative policy,” Acting Comptroller of the Currency Michael Hsu said.
By Lamar Johnson • July 22, 2024 -
Oli Scarff / Staff via Getty Images
Citi COO intended to deceive OCC, ex-employee says
In an amended lawsuit, former Citi data executive Kathleen Martin claims Anand Selva suggested twice that she fudge data to the bank’s primary regulator. She declined and lost her job two weeks later, she says.
By Gabrielle Saulsbery • July 19, 2024 -
Joe Raedle / Staff via Getty Images
Capital One-Discover deal critics, supporters sound off
Executives with the two companies and a number of community groups spoke in favor of the $35.3 billion merger Friday, while a raft of critics urged regulators to block the deal.
By Caitlin Mullen • July 19, 2024 -
Retrieved from OCC.
OCC bans 7 bankers in misappropriation, PPP cases
The bankers include former employees of JPMorgan, BofA, Wells Fargo and Varo. In one case, an ex-U.S. Bank employee received $29,375 in PPP funds and misrepresented payroll and business expenses.
By Dan Ennis • July 19, 2024 -
Kevin Dietsch / Staff via Getty Images
Hsu signals OCC to review preemption rules
In a speech Wednesday, the acting Comptroller of the Currency also pointed to the need for heightened regulation of bigger banks and the rising complexity of bank-nonbank ties.
By Caitlin Mullen • July 18, 2024 -
Win McNamee via Getty Images
6 ways the CFPB wants to keep its eyes on fintech middlemen
Clearer guidance around “rent-a-bank,” open banking and buy now, pay later will ensure more consumers benefit, Director Rohit Chopra said in remarks last week.
By Suman Bhattacharyya • July 17, 2024 -
Scott Olson / Staff via Getty Images
Discover to sell student loan portfolio to Carlyle, KKR in $10.8B deal
The student loan sale is the latest loose end Discover seeks to tie up since Capital One announced its intent to purchase the card company.
By Caitlin Mullen • July 17, 2024 -
Anna Hrushka/Banking Dive
First Republic ex-employees’ suit dismissed against FDIC
A federal district judge said his court “lacks jurisdiction” over the lawsuit, brought by 170 ex-First Republic employees who say the FDIC is blocking them from $150 million in retirement funds.
By Rajashree Chakravarty • July 15, 2024 -
Chip Somodevilla / Staff via Getty Images
Citi leans on tech modernization to fix data quality management failings
Days after federal regulators hit the bank with more than $135 million in fines, CEO Jane Fraser said Citi's transformation efforts addressed "decades of underinvestment."
By Matt Ashare • July 15, 2024 -
Mario Tama via Getty Images
ColumnDive Deposits: It was Citi’s week and, arguably, everybody won
The bank shook off fresh penalties by reporting skyrocketing revenue in its banking unit. It’s no wonder Citi granted $41 million to its banking chief. But a rival for that job may be glad he left.
By Dan Ennis • July 12, 2024 -
Alex Wroblewski via Getty Images
Senators press Jamie Dimon on alleged climate turnabout
The lawmakers, including Sen. Elizabeth Warren, D-MA, demanded answers from the JPMorgan Chase CEO on the bank's environmental "commitments" and "aspirations."
By Gabrielle Saulsbery • July 11, 2024 -
Bonnie Cash / Stringer via Getty Images
Senators grill FDIC chair nominee Goldsmith Romero
The CFTC commissioner aiming to replace Martin Gruenberg pledged Thursday during a Senate committee hearing to bring accountability to an agency reeling from toxic-culture allegations.
By Caitlin Mullen • July 11, 2024 -
Mario Tama via Getty Images
Citi to pay $135.6M in new penalties over 2020 orders
The bank has made insufficient progress toward resolving nagging data quality, risk management and internal control issues, the OCC and Federal Reserve said Wednesday.
By Dan Ennis • July 11, 2024 -
Anna Hrushka/Banking Dive
Bank-fintech guidance needs more clarity, FDIC’s McKernan says
“Rules of the road” for bank-fintech tie-ups could help banks that partner with fintechs better manage third-party risks, he said.
By Suman Bhattacharyya • July 10, 2024 -
Leon Neal / Staff via Getty Images
Former FTX execs Wang, Singh to be sentenced this fall
Both cooperated with the prosecution and testified against their former colleague, Sam Bankman-Fried. This will "very likely" reflect in their sentences, one attorney told Banking Dive.
By Gabrielle Saulsbery • July 10, 2024 -
Scott Barbour via Getty Images
First Citizens’ poaching claims against HSBC largely dismissed
A judge allowed claims alleging theft of trade secrets and breach of contract to proceed. First Citizens claimed an SVB alum hatched a plan to persuade more than 40 employees to follow him to HSBC.
By Dan Ennis • July 10, 2024
