Regulations & Policy: Page 11
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VersaBank’s cross-border acquisition of Minnesota lender gets final nod
Canada’s Office of the Superintendent of Financial Institutions approved the transaction this week, after the Fed and OCC green-lighted the tie-up.
By Dan Ennis • June 28, 2024 -
Leon Neal via Getty Images
Coinbase sues SEC, FDIC to see probe-related documents
The crypto firm wants to know how the SEC, for one, first began deciding which tokens would and would not be considered securities.
By Gabrielle Saulsbery • June 28, 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 -
Alex Wong / Staff via Getty Images
Biggest banks would see $685B in losses in Fed stress test
All 31 banks passed, prompting trade and lobbying groups to push back on Basel — and JPMorgan to say the Fed's buffer calculations were wrong.
By Dan Ennis • June 27, 2024 -
Dan Kitwood / Staff via Getty Images
Crypto firm Abra settles with 25 states for operating without a license
Abra agreed to repay customers some $82 million in crypto. CEO Bill Barhydt said all but $2 million, yet to be claimed, has been repaid.
By Gabrielle Saulsbery • June 27, 2024 -
Avosb via Getty Images
Evolve data breach adds to woes of Synapse partner
Customer data was released to the dark web, the bank said, two weeks after the Fed handed Evolve an enforcement action regarding its partnerships.
By Dan Ennis • June 26, 2024 -
Permission granted by Funding Circle U.S.
Funding Circle sells its US unit, returns SBLC license
iBusiness Funding, a subsidiary of Ready Capital, agreed to acquire the fintech for roughly $42 million. In March, Funding Circle's CEO said it was exploring the sale of its U.S. unit.
By Rajashree Chakravarty • June 26, 2024 -
Chip Somodevilla via Getty Images
Indiana’s United Fidelity Bank hit with Fed order
The move follows an enforcement action the Office of the Comptroller of the Currency issued in October to address capital planning, risk management and contingency funding, among other issues.
By Gabrielle Saulsbery • June 26, 2024 -
Win McNamee via Getty Images
CFPB extends compliance timeline for small-biz lending data rule
The 290-day extension mirrors the amount of time the contentious rule was held up in court by a temporary injunction.
By Dan Ennis • June 26, 2024 -
Justin Sullivan via Getty Images
GM subsidiary withdraws ILC charter application
The move comes just one business day after the FDIC approved its first ILC charter in four years. GM's application received approval from a Utah banking regulator June 14.
By Rajashree Chakravarty • June 25, 2024 -
Retrieved from OCC.
OCC looks to revamp bank recovery planning standards
Proposed changes would require banks with $100 billion in assets, rather than $250 billion, to create a plan to respond to the financial effects of severe stress.
By Gabrielle Saulsbery • June 25, 2024 -
Spencer Platt / Staff via Getty Images
Citi fined $13.9M by Germany’s BaFin over 2022 flash crash error
The penalty, announced Thursday, came two days after two British regulators fined the bank £61.6 million ($78.4 million) for the same instance.
By Rajashree Chakravarty • June 21, 2024 -
uschools via Getty Images
Fed, FDIC find weaknesses in JPMorgan, BofA, Citi, Goldman living wills
The regulators both identified weaknesses in Citi’s plan, “but reached different conclusions on its severity,” the regulators said Friday.
By Caitlin Mullen • June 21, 2024 -
Anna Hrushka/Banking Dive
FDIC board to get quarterly briefings on lingering merger applications
The resolution, applying to deals at least 270 days old, is meant to speed processing, or, as the CFPB's Rohit Chopra put it, curb an "endless game of footsie."
By Caitlin Mullen • June 20, 2024 -
Kent Nishimura via Getty Images
Warren to Fed’s Powell: ‘Do your job,’ not ‘Dimon’s bidding’
The senator wrote to seek clarity on reports that the Fed chair had advocated cutting the proposed capital requirements increase in half.
By Dan Ennis • June 18, 2024 -
Mario Tama via Getty Images
Citi leans on services business amid turnaround
At an investor event Tuesday, bank executives said the services business, which helps about 19,000 clients around the world manage and move money, is at the heart of Citi’s strategy.
By Caitlin Mullen • June 18, 2024 -
Chip Somodevilla via Getty Images
SEC crypto chief quits
David Hirsch worked at the Securities and Exchange Commission for nine years, and ran its crypto asset and cyber unit for two.
By Gabrielle Saulsbery • June 17, 2024 -
Permission granted by Regions Bank
Bank execs weigh in on private credit threat
Direct lenders aren’t yet infringing where Regions Bank is active, “but it’s coming, I suspect,” CEO John Turner said. A JPMorgan executive said the market is big enough that both sides can succeed.
By Caitlin Mullen • June 17, 2024 -
Denis Tangney Jr. via Getty Images
Gemini to settle with NY AG for $50M
The $50 million in digital assets will go directly to investors of its defunct Gemini Earn program, who will be made whole, according to the settlement.
By Gabrielle Saulsbery • June 17, 2024 -
Anna Moneymaker via Getty Images
Fed hits Synapse partner Evolve with enforcement action
An exam last year revealed Evolve Bank & Trust didn’t have an effective risk management framework in place for its fintech partnerships, the Fed said.
By Caitlin Mullen • June 14, 2024 -
Michael M. Santiago via Getty Images
Wells Fargo fires employees over faked productivity
Employees were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work,” according to FINRA disclosures.
By Gabrielle Saulsbery • June 14, 2024 -
Anna Hrushka/Banking Dive
Biden nominates CFTC commissioner to replace Gruenberg at FDIC
Christy Goldsmith Romero, who has twice received unanimous Senate confirmation, has been a commissioner with the Commodity Futures Trading Commission since March 2022.
By Caitlin Mullen • June 13, 2024 -
Anna Moneymaker via Getty Images
Chopra raises alarm on ‘financial surveillance’ at Senate hearing
“Plans to monetize sensitive financial transaction data are a reminder that the United States is slowly lurching toward more financial surveillance and even financial censorship,” CFPB Director Rohit Chopra said Wednesday.
By Rajashree Chakravarty • June 13, 2024 -
Just_Super via Getty Images
Terraform Labs, Do Kwon to settle with SEC for $4.47B
Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.
By Gabrielle Saulsbery • June 13, 2024 -
Win McNamee via Getty Images
FDIC culture hearing turns to partisan sparring
Republicans accused Democrats of playing politics for not demanding a faster removal of outgoing agency chief Martin Gruenberg, who did not attend Wednesday.
By Gabrielle Saulsbery • June 12, 2024 -
YayaErnst via Getty Images
Gruenberg won’t attend hearing on FDIC culture
The agency's chief has a scheduling conflict, a spokesperson said. Two FDIC board members will testify Wednesday. Meanwhile, the White House reportedly has a new front-runner to lead the FDIC.
By Dan Ennis • June 11, 2024
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