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

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

Chime to pay California regulator $2.5M over customer service flaws

The agency investigated accuracy and responsiveness to customer complaints. The consent order offered few details but the time frame aligns with COVID-era account closures.

By Dan Ennis • Feb. 28, 2024

Warren calls out OCC over merger policy ahead of Capital One-Discover

The senator urged regulators to block the deal and took the OCC to task for its approval record. Meanwhile, JPMorgan CEO Jamie Dimon advocated for Capital One to get a fair shake.

By Dan Ennis • Feb. 27, 2024

Fed official makes a case for the dollar’s hegemony

Can the dollar’s reign as the world’s reserve currency persist? This Fed official makes a strong case, but digital doubts may remain.

By Lynne Marek • Feb. 27, 2024

California AG urges small banks, credit unions to ax ‘surprise’ overdraft fees

Some overdraft and returned deposited-item fees may violate the state’s Unfair Competition Law and the federal Consumer Financial Protection Act, Rob Bonta warned in a letter last week.

By Ken McCarthy • Feb. 26, 2024

Zions Bank CEO to retire April 1

The bank's CFO will succeed the longtime chief executive at a crucial moment for regional banks like Zions, which saw its profits drop 50% in the fourth quarter.

By Dan Ennis • Feb. 26, 2024

Russia’s VTB Bank chief charged with US sanctions violations

The Justice Department also charged Andrey Kostin with conspiracy to commit money laundering in alleged efforts to hide his ownership of a Colorado home. Kostin rejected the charges in comments to Russian media.

By Rajashree Chakravarty • Updated Feb. 26, 2024

Capital One-Discover deal carries $1.38B termination fee

The fee would apply if Discover chooses another buyer or if either board has a change of heart but not if regulators block the deal.

By Dan Ennis • Feb. 23, 2024

JPMorgan Chase sued over bounced check fees

The lawsuit filed Tuesday claimed JPMorgan charged “unconscionable” and “predatory” fees for returned checks between November 2021 and October 2022.

By Rajashree Chakravarty • Feb. 22, 2024

OCC’s Hsu calls for federal payments licensing

The acting comptroller called on Congress to replace the state-by-state money transmitter licensing system for payments companies with a federal regulatory framework.

By James Pothen • Feb. 22, 2024

Fraser’s pay is still on the bottom rung, but the floor has risen

The Citi CEO saw a 6.1% compensation boost to $26 million — on trend among bank chiefs — in a year when the lender launched its toughest reshuffle.

By Dan Ennis • Feb. 21, 2024

Cross-border payments remain focus for Fed

Tools that “automate processes, reduce costs and promote effective safeguards across jurisdictions” may help improve cross-border payments, a Federal Reserve official said last week.

By Lynne Marek • Feb. 20, 2024

Warren probes Zelle scam policy

Three senators, including Elizabeth Warren, asked Zelle owner Early Warning Services to provide detailed information about its fraud reimbursement policy.

By James Pothen • Feb. 20, 2024

Capital One to acquire Discover in $35.3B deal

The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.

By Dan Ennis • Feb. 20, 2024

Dive Deposits: Regulators, bankers talk about NYCB without saying its name

The Fed's vice chair for supervision pledged more scrutiny of CRE portfolios and a closer look when banks cross a certain asset threshold.

By Dan Ennis • Feb. 16, 2024

Fed unveils 2024 stress test scenarios

The results of the stress test, which will include 32 banks instead of 23 compared to last year, are expected to be out in June, the Federal Reserve said. 

By Ken McCarthy • Feb. 16, 2024

Wells Fargo fake-accounts consent order lifted by OCC

The Office of the Comptroller of the Currency said the bank’s “safety and soundness” and its compliance with regulations have prompted the agency to terminate the 2016 consent order.

By Rajashree Chakravarty • Feb. 16, 2024

Viva Wallet CEO sues JPMorgan, claiming bank is limiting growth

Haris Karonis alleges JPMorgan, which owns 48.5% of Viva, is seizing on "perverse incentives" that allow the bank to take full control of the fintech if its value falls below €5 billion next year.

By Gabrielle Saulsbery • Feb. 15, 2024

SoLo Funds nears 2M users

The peer-to-peer lending platform has faced some regulatory backlash, but a study from London's Centre for Economics and Business Research shows it's cheaper than many other subprime options.

By Gabrielle Saulsbery • Feb. 14, 2024

Santander says no breaches of US sanctions found in internal review: reports

The Spanish bank conducted an internal review following a Financial Times report that money held there violated sanctions held by the U.S. against Iran, according to a memo seen by Bloomberg and Reuters.

By Gabrielle Saulsbery • Feb. 14, 2024

IRS sues FDIC to get $1.45B in SVB back taxes

The amount covers corporate income and employment taxes due between 2020 and 2023, but is an estimate because a review of the tax returns is ongoing, the IRS said. The FDIC has denied SVB’s entire tax claim.

By Dan Ennis • Feb. 14, 2024

Bank lobbyists ride a 15-year high

Thanks in part to a contentious capital requirements proposal, banks — especially midsize ones — have their highest lobbyist headcount since 2008, according to OpenSecrets.

By Dan Ennis • Feb. 13, 2024

Citi faces rebukes, new orders from regulators: report

The Federal Reserve sent three notices late last year instructing the lender to improve its data and governance, Reuters reported.

By Rajashree Chakravarty • Feb. 12, 2024

NY AG expands suit against DCG

Attorney General Letitia James initially alleged that Digital Currency Group and others defrauded investors of $1 billion. Now, after hearing from more investors, that number is up to $3 billion.

By Gabrielle Saulsbery • Feb. 12, 2024