Regulations & Policy: Page 2


  • 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 June 28, 2024
  • Crypto regulation
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    Leon Neal via Getty Images
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    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 June 28, 2024
  • Trendline

    Fraud and AML in banking

    It’s not just big banks like Citi and TD that face stiffer AML oversight from regulators. The FDIC is looking closely at banks offering BaaS alongside fintechs.

    By Banking Dive staff
  • Michael Barr, Federal Reserve Board official, speaks during a Congressional hearing as other people sit behind him.
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    Alex Wong / Staff via Getty Images
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    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 June 27, 2024
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    Dan Kitwood / Staff via Getty Images
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    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 June 27, 2024
  • Judges Or Auctioneer Gavel On The Dollar Cash Background
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    Avosb via Getty Images
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    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 June 26, 2024
  • Funding Circle, iBusiness Funding executive teams
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    Permission granted by Funding Circle U.S.
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    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 June 26, 2024
  • Federal Reserve building in Washington, D.C.
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    Chip Somodevilla via Getty Images
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    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 June 26, 2024
  • Consumer Financial Protection Bureau Director Rohit Chopra testifies before the Senate Banking, Housing and Urban Affairs Committee April 26, 2022 in Washington, DC.
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    Win McNamee via Getty Images
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    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 June 26, 2024
  • The GM logo
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    Justin Sullivan via Getty Images
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    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 June 25, 2024
  • OCC
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    Retrieved from OCC.
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    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 June 25, 2024
  • A Citi bank branch is shown, as a person walks by. Window signs advertise the bank's offerings.
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    Spencer Platt / Staff via Getty Images
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    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 June 21, 2024
  • The US Federal Reserve building in Washington DC
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    uschools via Getty Images
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    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 June 21, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    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 June 20, 2024
  • Sen. Elizabeth Warren (D-MA) speaks during a Senate Banking, Housing, and Urban Affairs committee hearing on January 11, 2024 in Washington, DC.
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    Kent Nishimura via Getty Images
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    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 June 18, 2024
  • Outside shot of Citigroup HQ with a sign with the Citi logo in the shot
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    Mario Tama via Getty Images
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    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 June 18, 2024
  • The U.S. Securities and Exchange Commission seal hangs on the facade of its building.
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    Chip Somodevilla via Getty Images
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    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 June 17, 2024
  • regions bank
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    Permission granted by Regions Bank
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    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 June 17, 2024
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    Denis Tangney Jr. via Getty Images
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    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 June 17, 2024
  • A view of the Marriner S. Eccles Federal Reserve building.
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    Anna Moneymaker via Getty Images
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    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 June 14, 2024
  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    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 June 14, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    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 June 13, 2024
  • Rohit Chopra, Director of the Consumer Financial Protection Bureau, giving a speech in an auditorium.
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    Anna Moneymaker via Getty Images
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    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 June 13, 2024
  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images
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    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 June 13, 2024
  • A man exits the front of the U.S. Capitol at dawn.
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    Win McNamee via Getty Images
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    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 June 12, 2024
  • The United States, Capitol Dome background in retro style
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    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 June 11, 2024