Regulations & Policy: Page 2
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Metropolitan Commercial Bank ‘aided and abetted’ Voyager fraud: lawsuit
MCB is accused of defrauding customers of crypto exchange Voyager Digital, many of whom have been unable to access their funds since Voyager’s 2022 bankruptcy.
By Gabrielle Saulsbery • Dec. 3, 2024 -
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GAO report flags Fed, FDIC supervisory ‘weaknesses’
The government office offered recommendations meant to improve both bank regulators. The OCC, meanwhile, “generally adheres” to its procedures for escalating supervisory concerns, the GAO said.
By Caitlin Mullen • Dec. 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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BlackRock, State Street, Vanguard sued by Texas, red states
The three firms are accused of forming “a cartel to rig the coal market,” but State Street and BlackRock called the lawsuit “baseless” in separate statements.
By Lamar Johnson • Dec. 2, 2024 -
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BPM spurns UniCredit’s takeover bid
The bank blasted what it sees as a weak premium. Its CEO warned a deal would cost BPM 6,000 jobs. And Italian officials expressed concern that a UniCredit tie-up would stall efforts to grow BPM.
By Dan Ennis • Nov. 27, 2024 -
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Musk calls for end to CFPB
The presumed Trump Cabinet appointee said there “are too many duplicative regulatory agencies,” calling out the consumer watchdog specifically Wednesday.
By Gabrielle Saulsbery • Nov. 27, 2024 -
Anna Hrushka/Banking Dive
Q&AFDIC: New tool highlights opportunities for minority banks
Wearing its “preserve and promote” hat, the banking agency launched a tool this month that reveals neighborhoods that may present opportunities for minority-focused banks.
By Caitlin Mullen • Nov. 27, 2024 -
Mario Tama / Staff via Getty Images
Trump 2.0 expected to open the ‘regulatory gates’ for chartering
“Fintech had really just become kind of a dirty word during the Biden administration, and that’s going to change,” said Michele Alt, an OCC veteran and co-founder of financial services advisory firm Klaros Group.
By Caitlin Mullen • Nov. 27, 2024 -
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Custodia takes a step back ahead of Trump term
The Wyoming bank, long embattled with the Federal Reserve, aimed to “preserve capital” and its charter before the White House takes a presumably more crypto-positive tone.
By Dan Ennis • Nov. 26, 2024 -
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Blueacorn founders indicted on PPP fraud charges
The Justice Department accused Nathan Reis and Stephanie Hockridge of submitting thousands of fraudulent PPP applications through the fintech in the name of “democratizing access to loan relief.”
By Gabrielle Saulsbery • Nov. 26, 2024 -
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Warren, Dems bash Capital One’s ‘history’ in Fed letter
Lawmakers told regulators to look at the bank’s aggressive debt collection, anti-money laundering woes and an inflated community investment pledge, in considering the acquisition application.
By Patrick Cooley • Nov. 26, 2024 -
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Old National to acquire Minnesota’s Bremer for $1.4B
The deal would expand $54 billion-asset Old National’s presence in the upper Midwest and make it the third-largest bank in the Twin Cities.
By Caitlin Mullen • Nov. 25, 2024 -
Permission granted by TD Bank
TD names its next chief auditor
The bank’s personnel moves are being closely watched as it addresses its anti-money laundering woes.
By Dan Ennis • Nov. 22, 2024 -
Retrieved from OCC.
OCC admonishes Texas’ Clear Fork Bank for not correcting AML problems
The lender’s board was given one week to appoint a compliance committee to oversee the bank’s adherence to the OCC order’s provisions.
By Caitlin Mullen • Nov. 22, 2024 -
Douglas Rissing via Getty Images
Fed bans CEO of failed Kansas bank from industry
Shan Hanes, who was sentenced to 24 years in prison in August, is barred from working for a bank or bank holding company, the central bank said.
By Caitlin Mullen • Nov. 22, 2024 -
Lynne Marek/Banking Dive
Richmond Fed seeks more Capital One-Discover input
The regional Fed bank, which has purview over the proposed merger, demanded more information from Capital One as the regulator considers whether to approve the deal.
By Lynne Marek • Nov. 22, 2024 -
Drew Angerer via Getty Images
SEC’s Gensler to step down Jan. 20
Gensler becomes the second Democrat-appointed chief of a U.S. financial regulator, in a three-day span, to telegraph his departure timeline.
By Jim Tyson • Nov. 21, 2024 -
Michael A. McCoy / Stringer via Getty Images
Don’t lift Wells Fargo asset cap, Warren tells Fed
The bank’s OCC order, citing anti-money laundering deficiencies, and a court case over alleged sham interviews prove Wells hasn’t changed sufficiently, the senator wrote in a letter to central bank officials.
By Dan Ennis • Nov. 21, 2024 -
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DC attorney general sues EarnIn over ‘deceptive’ marketing
The fintech couches its “cash out” product as earned wage access, but it’s a loan that, at times, carries 300% interest with a poorly disclosed fee for “instant” payouts, the AG said.
By Dan Ennis • Nov. 20, 2024 -
Anna Hrushka/Banking Dive
FDIC extends recordkeeping rule comment period
The comment window for the agency’s third-party recordkeeping rule has been extended by 45 days.
By Rajashree Chakravarty • Nov. 20, 2024 -
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Ex-Richmond Fed supervisor pleads guilty to insider trading
Robert Brian Thompson made more than $500,000 in profits over trades made just before New York Community Bank reported an unexpected loss in January, the SEC said.
By Dan Ennis • Nov. 20, 2024 -
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Fed hits Kansas bank again over AML compliance
Examiners found “new and continuing deficiencies” at Small Business Bank roughly a year after the Federal Reserve issued a previous enforcement action.
By Rajashree Chakravarty • Nov. 20, 2024 -
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Hold off on new rules before Trump, GOP lawmakers tell regulators
House Financial Services Committee Republicans bemoaned recent “disastrous” banking rules and pushed regulators to pause work on new rules before Trump takes office.
By Caitlin Mullen • Nov. 20, 2024 -
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Texas bank holding company cited by Fed
Industry Bancshares must strengthen board oversight and enhance risk management practices, the central bank said, weeks after the FDIC hit three of the company’s banks with consent orders.
By Gabrielle Saulsbery • Nov. 20, 2024 -
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FDIC’s Gruenberg to step down Jan. 19
The embattled Democrat has served on the agency’s board for nearly two decades. His second stint as FDIC chair was marred by allegations that the agency fostered a toxic culture.
By Dan Ennis • Nov. 19, 2024 -
Dimitrios Kambouris via Getty Images
FCA: Staley misled regulators about his relationship with Epstein
Former Barclays CEO Jes Staley challenged his ban from the British financial sector Monday in a preliminary court hearing.
By Gabrielle Saulsbery • Nov. 19, 2024
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