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

Securing tomorrow: How will DORA impact the financial industry, and what should organizations do to prepare?

The European financial industry is bracing for a significant shift with the impending arrival of the Digital Operational Resilience Act (DORA).

By Adel Al-keysi, Director of Information Security Compliance, Avenga • March 18, 2024

Explore the 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

SEC busts company behind $300M crypto Ponzi scheme targeting Latinos

Under the leadership of Gary Gensler, the SEC has intensified efforts to protect investors involved in what he calls the “Wild West” of crypto assets.

By Jim Tyson • March 15, 2024

Dive Deposits: Citi allegations put junior banker treatment back in spotlight

Allegations of verbal harassment, in context with BMO's firing of several bankers in a bullying case, put a power dynamic under the microscope.

By Dan Ennis • March 15, 2024

JPMorgan Chase fined $348.2M over gaps in trade data reporting

The bank “failed to surveil billions of instances of trading activity on at least 30 global trading venues,” the OCC alleged. “These gaps and deficiencies … constitute unsafe or unsound banking practices.”

By Dan Ennis • March 14, 2024

UK proposal would make banks give customers 3 months’ notice before ‘debanking’

The legislative move comes months after NatWest's CEO stepped down in the wake of allegations that a former Brexit Party leader was "de-banked" over his political views.

By Rajashree Chakravarty • March 14, 2024

Operational resilience regs may be on the way: OCC’s Hsu

While resilience from issues internal and external may take a back seat to capital and liquidity issues, it “warrants our full attention, especially in our highly interconnected world,” Acting Comptroller of the Currency Michael Hsu said.

By Gabrielle Saulsbery • March 13, 2024

FDIC vice chair wants regulators to hurry up on addressing tokenization

Tokenization could be a "major leap" for the monetary system. Travis Hill doesn't want the U.S. to be left out.

By Gabrielle Saulsbery • March 12, 2024

Senators press FDIC, others for answers on SVB, Signature

Sen. Bill Hagerty, R-TN, asked the FDIC why it chose a bid from Related Fund Management in an auction of Signature loans, when Brookfield Property Group offered to pay 14% more for them.

By Rajashree Chakravarty • March 12, 2024

How Golden 1 used AI to find ‘good risk’

The credit union partnered with Zest AI to build its own customized credit scorecard and has seen a 28% increase in approvals to protected classes of borrowers, Golden 1's CEO said.

By Ken McCarthy • March 12, 2024

Compliance, overdraft fees may get greater focus in left-leaning NCUA

Liquidity and interest rate risk remain “very high priorities” for regulatory agencies, credit union executives said at a conference last week.

By Ken McCarthy • March 11, 2024

OCC clears U.S. Bank from MUFG Union consent order

The enforcement action, for failing to meet federal IT security guidelines, was issued just one day before U.S. Bank announced its $8 billion acquisition of MUFG Union.

By Rajashree Chakravarty • March 8, 2024

A year after SVB, what’s improved and what needs work?

Banking Dive looks at six factors — from upcoming regulations to commercial real estate — to see how the landscape has changed between the crises of 2023 and 2024.

By Dan Ennis • March 8, 2024

NYCB names ex-OCC chief Otting as CEO

Former Treasury Secretary Steven Mnuchin will take a seat on the bank's board after his Liberty Strategic Capital and other investors infused NYCB with $1.05 billion.

By Dan Ennis • March 7, 2024

Powell eyes ‘broad,’ ‘material’ changes to capital requirements proposal

The Fed chair cited “voluminous” public comments the proposal has elicited but wouldn’t dismiss the idea that the regulation could be re-proposed or withdrawn.

By Dan Ennis • March 7, 2024

Powell predicts CRE woes will hit smaller banks hardest

The Federal Reserve, bankers and commercial real estate executives have warned of turbulence as property owners struggle to refinance debt at higher rates.

By Jim Tyson • March 7, 2024

29 House Republicans urge Fed to withdraw capital requirements plan

The letter comes as the central bank's supervision chief is rewriting the proposal, Reuters reported, with expected changes to the way potential losses and risk weights are calculated.

By Dan Ennis • March 6, 2024

Dive Deposits: TD gives its AML woes long-haul messaging

The bank's First Horizon stumble is as woven into its fabric as the Revlon error is for Citi, or the fake-accounts scandal is for Wells Fargo, if one looks at TD's responses to analysts.

By Dan Ennis • March 6, 2024

Puerto Rican bank sues Fed for $150M in damages

Banco San Juan Internacional filed an amended lawsuit last week over the Fed’s decision to terminate the bank’s master account.

By Rajashree Chakravarty • March 5, 2024

Metropolitan Commercial Bank exits BaaS

“The decision to terminate these financial service partnerships will reduce the Company’s exposure to the heightened, and evolving, regulatory standards related to these activities,” the bank said in its 10-K filing last week.

By Gabrielle Saulsbery • March 4, 2024

West Virginia warns Citi, TD, others over fossil-fuel stances

BMO, HSBC, Fifth Third and Northern Trust also received notices that the state would add them to a restricted financial institution list over alleged "boycotts."

By Lamar Johnson • March 1, 2024

NYCB names DiNello as CEO, takes $2.4B impairment charge

The bank appointed a chief risk officer and chief audit executive Friday, hours after SEC filings revealed material weakness in the review, oversight, risk assessment and monitoring of NYCB's lending.

By Dan Ennis • March 1, 2024

Gemini to return more than $1.1B to Earn customers

The crypto exchange and New York's Department of Financial Services reached an agreement Wednesday that included a $37 million penalty for compliance failures.

By Gabrielle Saulsbery • Feb. 29, 2024

Tennessee bank hit with FDIC consent order over BaaS business

Under the consent order, Lineage Bank must implement an enhanced risk management program overseen by its board of directors, increase capital levels, and let go of some fintech partners.

By Rajashree Chakravarty • Feb. 28, 2024

Smaller credit unions face hurdles despite NCUA’s fintech rule

The financial innovation rule may open the door to more partnerships, but larger institutions still have advantages on tech, budget and risk management, experts say.

By Ken McCarthy • Feb. 28, 2024