Regulations & Policy: Page 16
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Judge sides with Fed in Custodia master account ruling
Judge Scott Skavdahl said the Wyoming-based digital-asset bank failed to prove that the Fed’s board of governors had undue influence on the Kansas City Fed in its application denial.
By Gabrielle Saulsbery • April 2, 2024 -
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Citi to lay off 430 NY-based workers in June
Among the hardest-hit units is technology, media and telecom, people familiar with the matter told Bloomberg.
By Dan Ennis • April 2, 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 -
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Old National puts CFO on leave after child molestation charges
The Evansville, Indiana-based bank named its chief strategy officer as interim CFO on Monday after Brendon Falconer was arrested last week.
By Dan Ennis • April 2, 2024 -
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Citi says 71% of energy clients lack substantive transition plan or ‘ability to execute’
The bank made the disclosure in its latest climate report in response to a proposal that had been issued by shareholder advocacy group As You Sow.
By Lamar Johnson • April 1, 2024 -
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Texas federal judge blocks CRA revamp
A judge added that the Community Reinvestment Modernization Act, which was introduced four times in nine years, was not passed by the Congress.
By Rajashree Chakravarty • April 1, 2024 -
Permission granted by Piermont Bank
Piermont, Sutton banks hit with FDIC consent orders over BaaS
The FDIC ordered Piermont to review all transactions since September 2022 to ensure all suspicious activity was reported. Sutton, meanwhile, must compile an inventory of its third-party relationships.
By Caitlin Mullen • April 1, 2024 -
Kate Tornone/Banking Dive
Citizens CEO knocks higher capital requirements
“The rest of the economy is saying this has to be rethought,” CEO Bruce Van Saun said, adding the increase could scuttle lending to entrepreneurs and less affluent borrowers.
By Suman Bhattacharyya • March 29, 2024 -
Brandon Bell/Getty Images via Getty Images
Warren reiterates call for gun MCC guidance
The senator and 32 other Democrats are stressing the need for federal guidance on the gun merchant category code as states take opposing sides.
By Caitlin Mullen • March 29, 2024 -
Daniel Berehulak via Getty Images
UBS’s $15.9M pay package makes Ermotti Europe’s top-paid bank CEO
The executive has committed to staying on at the Swiss bank through the Credit Suisse integration "if not longer," UBS said Thursday in an annual report.
By Dan Ennis • March 28, 2024 -
Michael M. Santiago via Getty Images
FTX founder Sam Bankman-Fried gets 25 years in prison
The former crypto exchange CEO was convicted in November 2023 on seven counts of fraud and conspiracy.
By Gabrielle Saulsbery • March 28, 2024 -
Leon Neal via Getty Images
SEC can continue its case against Coinbase
The agency “sufficiently pleaded that Coinbase operates as an exchange, as a broker, and as a clearing agency under the federal securities laws,” U.S. District Judge Katherine Polk Failla ruled.
By Gabrielle Saulsbery • March 27, 2024 -
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SBA critics push back on fintechs making 7(a) loans
During a hearing last week, Sen. Joni Ernst, R-IA, challenged SBA Administrator Isabel Guzman over her push for direct lending by nonbank entities, highlighting the license Funding Circle received last year.
By Rajashree Chakravarty • March 27, 2024 -
Drew Angerer via Getty Images
Citi wraps up reorg’s ‘major actions’
The bank is informing employees this week of its largest round of reassignments and departures so far — changes CEO Jane Fraser said aim to put Citi "on the front foot."
By Dan Ennis • March 27, 2024 -
Justin Sullivan / Staff via Getty Images
Wells Fargo overcharged military members, lawsuit claims
Military families discovered the overcharges in 2022, when the bank sent misleading correspondence and payments to some customers, the proposed class action alleges.
By Rajashree Chakravarty • March 26, 2024 -
Getty Images/Staff via Getty Images
A New Jersey ‘super-community bank’ is just one approval away
The proposed combination of Provident and Lakeland has received approvals from the FDIC and the New Jersey Department of Banking and Insurance. That leaves only a green light from the Federal Reserve.
By Gabrielle Saulsbery • March 26, 2024 -
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Capital One pledges to give Discover’s network a boost
Dominated by Visa and Mastercard, card network markets “sorely need an injection of competitive rivalry,” Capital One argued in its application to regulators to purchase Discover.
By Caitlin Mullen • March 26, 2024 -
Mario Tama via Getty Images
Citi agrees to disclose green financing ratios, following JPMorgan
The New York City comptroller has withdrawn shareholder proposals with the two banks. The measure still faces votes at Bank of America, Goldman Sachs, Morgan Stanley and Royal Bank of Canada.
By Lamar Johnson • March 26, 2024 -
Anna Moneymaker via Getty Images
Fed, FDIC, OCC delay effective date for parts of CRA
One change eliminates a loophole that would have forced some banks to re-draw their assessment areas before April 1, only to return to a current threshold in 2026.
By Dan Ennis • March 25, 2024 -
Anna Hrushka/Banking Dive
‘Lax lending practices’ led to Iowa bank’s downfall: FDIC OIG
The report called out inaction on the part of the community bank’s management to address issues flagged by regulators in recent years.
By Caitlin Mullen • March 25, 2024 -
Courtesy of Cannabis plants
Yellen open to cannabis banking legislation
Cannabis’ federal illegality presents a hurdle for banks, which remain concerned about violating anti-money laundering laws.
By Gabrielle Saulsbery • March 22, 2024 -
David McNew via Getty Images
Regulators defend Basel III pursuit, global financial stability
Top-ranking officials at the Fed, the FDIC and the OCC testified before the House Financial Services Committee on Thursday, emphasizing the importance of coordination between international and national financial authorities.
By Rajashree Chakravarty • March 22, 2024 -
Joe Raedle / Staff via Getty Images
Advocates urge transparency in Capital One-Discover review
More than 30 organizations demanded the deal not be subject to expedited federal review and that public hearings be held in the largest lending markets for both Capital One and Discover.
By Caitlin Mullen • March 22, 2024 -
Anna Hrushka/Banking Dive
FDIC proposes more scrutiny of bank mergers
Deals to create banks with $100 billion or more in assets would see greater focus on anti-money laundering and financial stability. Smaller mergers would weigh the impact to local communities.
By Dan Ennis • March 21, 2024 -
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He could get 5 years. He could get 100. For how long will Sam Bankman-Fried go to prison?
Ryan Lee O'Neill, a New Jersey-based defense attorney, has represented countless defendants in the FTX founder's place. She has her own estimates.
By Gabrielle Saulsbery • March 20, 2024 -
Permission granted by U.S. Bank
U.S. Bank to pay $6M to settle CFTC WhatsApp probe
The penalty comes a month after the SEC ordered the Minneapolis-based bank to pay $8 million over record-keeping failures and alleged use of off-channel communications.
By Caitlin Mullen • March 20, 2024
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