Regulations & Policy: Page 10
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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 -
Trendline
Fraud and AML in banking
The past year has been one of reckoning with regard to fraud — from TD’s $3 billion AML penalty to the continuing punitive phase connected to PPP misdeeds, crypto bankruptcies and pig butchering.
By Banking Dive staff -
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 -
Bonnie Cash / Stringer via Getty Images
Warren presses Fed’s Powell on bank exec compensation
The central bank chair engaged in a heated back-and-forth with the senator, and also weighed in on CRE, Chevron deference and liquidity in hearings this week.
By Caitlin Mullen • July 10, 2024 -
Anna Hrushka/Banking Dive
FDIC downgrades Forbright Bank’s CRA score
The demerit stems from a relationship the bank had with a third party that ended more than two years ago, a source familiar with the evaluation said.
By Gabrielle Saulsbery • July 9, 2024 -
Courtesy of Fifth Third
Fifth Third fined $20M over fake accounts, auto repossessions
The Cincinnati bank must compensate roughly 35,000 harmed consumers. The CFPB settlement resolves a March 2020 lawsuit that asserted the bank created fake accounts and used an aggressive “cross-sell” strategy.
By Rajashree Chakravarty • July 9, 2024 -
Bonnie Cash / Stringer via Getty Images
Powell: Capital requirements changes should face public comment
The Federal Reserve chair told senators Tuesday it’s his preference to seek public comment on a revised capital requirements proposal, and the Fed is working to get the FDIC and OCC on board.
By Caitlin Mullen • July 9, 2024 -
Spencer Platt via Getty Images
Warren blasts Powell’s ‘cozy relationship’ with bank execs
Since Powell assumed his role in February 2018, the Federal Reserve chair has had private conversations with JPMorgan CEO Jamie Dimon at least 19 times, according to the senator.
By Rajashree Chakravarty • July 8, 2024 -
Permission granted by TD Bank
TD names Citi vet next compliance chief
Erin Morrow replaces Monica Kowal, who left the bank July 2. Two of the three highest-ranking TD execs assigned to fix compliance management framework deficiencies have left in recent days.
By Dan Ennis • July 8, 2024 -
Scott Olson via Getty Images
Discover to settle card misclassification class actions for $1.2B
The card company has warned it could face further financial toll related to the issue, in which it overcharged merchants for years.
By Caitlin Mullen • July 8, 2024 -
Spencer Platt / Staff via Getty Images
Potential BofA blind spot prompts court to revive $10B lawsuit
A U.S. appeals court nullified a ruling by a judge whose wife owned, then divested, Bank of America shares while he presided over an antitrust case in which BofA was a defendant.
By Rajashree Chakravarty • July 3, 2024 -
matt_benoit via Getty Images
Silvergate pays $63M to settle with SEC, Fed, California regulator
The company and two of its executives settled allegations against them. Silvergate’s former CFO, however, did not, and eyes a civil trial.
By Gabrielle Saulsbery • July 2, 2024 -
Chip Somodevilla via Getty Images
SEC sues Consensys over failure to register as a broker
The crypto firm collected more than $250 million in fees as an unregistered broker, the SEC said. The company sued the SEC in April over the agency’s regulation of the Ethereum blockchain.
By Rajashree Chakravarty • July 2, 2024 -
Anna Moneymaker / Staff via Getty Images
Supreme Court ends Chevron deference
The decision is likely to influence how banking regulators make their rules, and the amount of legal challenges that follow those rules, attorneys said.
By Gabrielle Saulsbery • July 1, 2024 -
Paul Morigi via Getty Images
Biggest US banks boost dividends, launch stock buybacks
JPMorgan and Morgan Stanley flag repurchase programs worth $30 billion and $20 billion, while Goldman Sachs bemoans an uptick in the bank’s stress capital buffer.
By Dan Ennis • July 1, 2024 -
Spencer Platt / Staff via Getty Images
Citi urges court to dismiss ex-employee’s retaliation lawsuit
Kathleen Martin sued the bank, claiming she was fired for refusing to misreport data to the OCC. Citi claims she was fired for lacking “the requisite leadership and engagement skills” her role demands.
By Rajashree Chakravarty • July 1, 2024 -
Anna Hrushka/Banking Dive
FDIC orders Thread Bank to step up BaaS oversight
The Rogersville, Tennessee-based bank must implement a documented risk assessment of its fintech partners, the agency said. The bank’s board also must approve risk tolerance thresholds.
By Caitlin Mullen • July 1, 2024
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