Regulations & Policy
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"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC ‘selectively quoted’ texts to justify CFO’s firing, lawyer says
In a new filing, the bank's ex-CFO, Nadine Ahn, said she received “differential treatment” as a woman and denied knowledge of “Project Ken” or an online “LoveBook” another executive allegedly ordered.
By Dan Ennis • Sept. 6, 2024 -
Spencer Platt via Getty Images
Many regionals lack clear strategy for private credit threat: analyst
Private credit firms are no longer just extending loans banks won’t, Deloitte’s Richard Rosenthal said.
By Caitlin Mullen • Sept. 6, 2024 -
Explore the Trendline➔
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TrendlineCompliance in banking
A trio of fintech execs share their thoughts on partnerships with banks. This collection also explores the most pressing issues faced by three banks — TD, Capital One and Citi — heavily invested in compliance.
By Banking Dive staff -
Douglas Rissing via Getty Images
Fed dings banks over flood insurance, crypto
First Interstate Bank must pay $70,000 to the National Flood Insurance Program, and United Texas Bank must revamp its compliance programs.
By Gabrielle Saulsbery • Sept. 5, 2024 -
Drew Angerer via Getty Images
OCC’s Hsu wants to label domestic systemically important banks
The regulator spoke at length on the need for horizontal, risk-based supervision — and the equivalent of regular physical exercise.
By Dan Ennis • Sept. 4, 2024 -
Win McNamee via Getty Images
CFPB slammed with EWA commentary
The Consumer Financial Protection Bureau asked for public feedback on its earned wage access rule proposal and it got an earful.
By Lynne Marek • Sept. 4, 2024 -
AI-generated image/Shutterstock.com
Sponsored by AML RightSourceStrategic compliance: Bridging the skill gap with managed services
Balancing compliance: staff recruitment or external partnership?
Sept. 3, 2024 -
Just_Super via Getty Images
Custodia cuts 25% of its staff amid Fed lawsuit: report
The digital asset-focused bank, chartered in Wyoming, is putting its resources toward an ongoing lawsuit with the Federal Reserve, which denied the lender a master account last year.
By Gabrielle Saulsbery • Aug. 30, 2024 -
Michael A. McCoy / Stringer via Getty Images
Warren grills FINRA over enforcement decline
“Financial crimes cannot be prevented if you take the cop off the beat,” Sen. Elizabeth Warren scolded FINRA CEO Robert Cook. A spokesperson for the agency said it will respond to Warren's letter.
By Caitlin Mullen • Aug. 30, 2024 -
Michael M. Santiago / Staff via Getty Images
Goldman catches a break on capital requirements
The Fed reduced Goldman’s stress capital buffer to 6.2% after the bank argued that losses from its sale of GreenSky don’t belong in projections for the future.
By Dan Ennis • Aug. 29, 2024 -
Permission granted by TDECU
Texas credit union discovers year-old data breach
TDECU fell victim to last year’s MoveIt data breach, but only found out in July. The credit union said the incident is not expected to impact its acquisition of a Louisiana bank.
By Gabrielle Saulsbery • Aug. 29, 2024 -
Sarah Silbiger via Getty Images
Fed’s Waller questions faster cross-border payments ties
There could be more fraud and money laundering if countries move too quickly to link their faster payments systems, the central bank governor said Wednesday at a conference.
By Lynne Marek • Aug. 29, 2024 -
Just_Super via Getty Images
Abra settles SEC charges over unregistered securities
All assets, plus interest, have been returned to Abra Earn customers since the program shuttered in 2023, CEO Bill Barhydt said Monday on social media.
By Gabrielle Saulsbery • Aug. 27, 2024 -
Courtesy of BNY Mellon newsroom
BNY fined $5M over swap reporting, violating prior CFTC order
The bank “repeatedly failed to correctly report at least five million swap transactions and failed to properly supervise its swap dealer business,” the CFTC said Monday.
By Rajashree Chakravarty • Aug. 27, 2024 -
Win McNamee via Getty Images
Judge rejects challenge to CFPB small-biz data collection rule
Trade groups argued the CFPB didn’t consider costs or bank comments regarding the rule. The rule may be ill-advised, the judge said, but that doesn’t make it unlawful.
By Dan Ennis • Aug. 27, 2024 -
Dan Kitwood via Getty Images
Kraken must face SEC lawsuit, judge rules
The Securities and Exchange Commission sued the crypto firm in November for allegedly operating an unregistered securities exchange. A judge denied Kraken’s motion for dismissal Friday.
By Gabrielle Saulsbery • Aug. 26, 2024 -
Andrew Harnik / Staff via Getty Images
Fed’s Powell says ‘time has come’ for rate cuts
Expressing confidence that inflation is largely under control, “the direction of travel is clear,” the central bank chair said at the Kansas City Fed’s annual policy forum in Jackson Hole, Wyoming.
By Caitlin Mullen • Aug. 23, 2024 -
Anna Hrushka/Banking Dive
Trade groups seek extension on FDIC’s ‘hot money’ rule
Organizations need 60 more days “to furnish responses and data that fulsomely address the questions and issues raised” by proposed changes on brokered deposits, 11 trade groups wrote.
By Rajashree Chakravarty • Aug. 22, 2024 -
Spencer Platt / Staff via Getty Images
TD sets aside another $2.6B for expected AML penalties
The bank “expects a global resolution” by the end of 2024, CEO Bharat Masrani said Thursday. “While we are not through the tunnel yet, we can see the light,” he said.
By Caitlin Mullen • Aug. 22, 2024 -
Former Kansas bank CEO gets 24 years in prison
Shan Hanes pleaded guilty in May to one count of embezzlement as a bank officer after taking $47.1 million from Heartland Tri-State Bank as part of a crypto scheme.
By Gabrielle Saulsbery • Aug. 21, 2024 -
Courtesy of USAA
USAA CEO to retire in 2025
The company’s board is evaluating internal and external candidates to succeed Wayne Peacock, USAA’s first non-military chief executive.
By Caitlin Mullen • Aug. 20, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC doubles down on its portrait of ex-CFO’s firing
The bank detailed mementos and texts Nadine Ahn and another exec exchanged, a promotion plan called “Project Ken” and a time when Ahn fired an employee in a “substantively identical” situation.
By Dan Ennis • Aug. 19, 2024 -
Maks_Lab via Getty Images
Regional bank M&A ramps up
This year’s U.S. bank deal count has outpaced that of last year’s, although cumulative deal value is far lower, according to Dealogic data.
By Caitlin Mullen • Aug. 19, 2024 -
Permission granted by TD Bank
TD, BNY, Truist hit with WhatsApp penalties
The Canadian lender and its subsidiaries were fined $46.5 million by the SEC and $82 million by the CFTC over unapproved platform use and recordkeeping violations. Truist self-reported and saw reduced penalties.
By Dan Ennis • Aug. 15, 2024 -
Tim Boyle/Getty Images via Getty Images
Failed bank CEO’s associate gets 25 years for role in collapse
Robert Kowalski, an attorney and housing developer, must pay $7.2 million to the FDIC over the 2017 fall of Washington Federal, plus more than $400,000 in back taxes to the IRS.
By Gabrielle Saulsbery • Aug. 15, 2024 -
Brandon Bell via Getty Images
Texas adds NatWest to its fossil fuel divestment list
The addition expands to 16 the number of financial institutions barred from new state contracts. But, by and large, the list still avoids restricting big U.S. banks.
By Rajashree Chakravarty • Aug. 15, 2024
