House Financial Services Chair McHenry won’t seek reelection

“This is not a decision I come to lightly, but I believe there is a season for everything and — for me — this season has come to an end,” Rep. Patrick McHenry, R-NC, said in a statement Tuesday.

By Rajashree Chakravarty • Dec. 6, 2023

CFPB’s MoneyLion suit paused for Supreme Court funding ruling

MoneyLion, which is being sued by the CFPB over claims it violated the Military Lending Act, was granted its request for a pause ahead of the Supreme Court’s ruling on the CFPB’s funding structure.

By Anna Hrushka • Dec. 6, 2023

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

3 takeaways from bank executives’ conference appearances

Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.

By Dan Ennis • Dec. 6, 2023

WaFd, Luther Burbank extend merger deadline to February

Both banks say they're "fully committed" to the deal, but it's the second delay for the transaction, originally expected to close by June 2023. It also faces opposition from a coalition of 54 nonprofits.

By Gabrielle Saulsbery • Dec. 5, 2023

Wells Fargo union-linked lawsuit, settlement get lost in the shuffle

An employee accused Wells of improperly denying overtime to its senior premier bankers. But that story was overtaken in the news cycle by another Wells legal matter: ex-CEO Tim Sloan's $34 million lawsuit.

By Dan Ennis • Dec. 5, 2023

House votes to repeal CFPB small-business data collection rule

The Republican-led chamber voted 221-202 to repeal the CFPB small-business data collection rule. President Joe Biden is expected to veto it, according to sources.

By Rajashree Chakravarty • Dec. 4, 2023

Wells Fargo’s ex-CEO Sloan sues bank for $34M

The San Francisco-based lender is “depriving Mr. Sloan of tens of millions of dollars” in canceled stock awards and unpaid bonuses, and causing “emotional distress,” lawyers wrote.

By Dan Ennis • Dec. 4, 2023

Breaking down capital requirements

For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.

By Gabrielle Saulsbery • Dec. 4, 2023

Bank of America fined $24M by FINRA over alleged spoofing

Between October 2014 and February 2021, a former supervisor and a former junior trader at the bank executed more than 700 instances of spoofing in the U.S. Treasury secondary markets, FINRA alleged.

By Rajashree Chakravarty • Dec. 1, 2023

Capital hikes, geopolitics expected at bank CEO hearing

Bank executives, including JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian Moynihan, will likely use the forum to push back against regulators’ proposal to raise bank capital requirements.

By Anna Hrushka • Nov. 30, 2023

Senator renews call for Gruenberg’s ouster as FDIC OIG offers fresh inquiry

“This time, there needs to be more than just a survey of the workforce,” Sen. Joni Ernst, R-IA, said in a letter Wednesday to the FDIC chair. “There needs to be real ramifications.”

By Dan Ennis • Nov. 30, 2023

First Fed Bank hit with FDIC consent order over fintech joint venture

The order is the latest enforcement action to come down on a bank as regulators continue to step up scrutiny of fintech partnerships.

By Anna Hrushka • Nov. 29, 2023

SoFi exits crypto business

SoFi customers can liquidate their accounts, or choose to be migrated to Blockchain.com. If they do nothing, SoFi will liquidate the assets for them, to be transferred to their brokerage accounts.

By Gabrielle Saulsbery • Nov. 29, 2023

Bank of America to pay $12M over lax mortgage data reporting

Hundreds of the bank’s loan officers failed to collect demographic data from applicants but reported to the Consumer Financial Protection Bureau that the applicants had chosen not to respond, the agency said.

By Dan Ennis • Nov. 29, 2023

Google, Symphony launch voice analytics offering for banks

The new messaging compliance tool, which combines Google Cloud's Vertex AI with Symphony’s Cloud9, comes as regulators are cracking down on record-keeping violations at financial firms.

By Anna Hrushka • Nov. 28, 2023

First OCC fintech chief had phony resume: reports

Prashant Bhardwaj alleged he held positions at Huntington and Fifth Third — and at Citi at a time when he would have been 13, according to a resume The Information obtained through FOIA.

By Gabrielle Saulsbery • Nov. 27, 2023

Fed, FDIC, OCC extend long-term debt comment period

The agencies extended the deadline to Jan. 16 — the same day to which regulators extended the comment period for their capital-requirements proposal.

By Rajashree Chakravarty • Nov. 27, 2023

KeyBank names commercial-banking chief as next top HR exec

Angela Mago will take the role before Dec. 31, succeeding Brian Fishel, who is retiring, according to American Banker. A statement from KeyBank did not indicate whether the departure was planned.

By Dan Ennis • Nov. 22, 2023

Blue Ridge Bank sheds fintech partners, explores capital raise

The Charlottesville, Virginia-based firm, whose fintech program came under OCC scrutiny last year, said it is in the process of offboarding about a dozen of its roughly 50 BaaS partners.

By Anna Hrushka • Nov. 22, 2023

Binance names new CEO after taking $4.3B in penalties

“I made mistakes, and I must take responsibility," the crypto exchange's founder Changpeng Zhao tweeted. "This is best for our community, for Binance, and for myself."

By Gabrielle Saulsbery • Nov. 22, 2023

McKernan, Hsu to lead panel overseeing FDIC review

The agency's chair, Martin Gruenberg, won't play a role in the review. Neither will his No. 2, Travis Hill. That's not independent enough for some observers.

By Dan Ennis • Nov. 22, 2023

Binance CEO to step down: reports

Changpeng Zhao, the founder and CEO of the world's largest crypto exchange, will step down and plead guilty to AML charges, Forbes and WSJ reported.

By Gabrielle Saulsbery • Nov. 21, 2023

SEC sues Kraken for commingling funds, failing to register

The Securities and Exchange Commission has added another suit to its list of ongoing legal complaints against cryptocurrency firms.

By Gabrielle Saulsbery • Nov. 21, 2023

House oversight panel wants to investigate FDIC culture, too

Two Republicans on the committee are asking agency officials to brief them on recent misconduct allegations and to turn over any related documents filed since Jan. 1, 2021.

By Dan Ennis • Nov. 21, 2023

Citi names new co-CIO

The bank elevated Jonathan Lofthouse, a 26-year Citi veteran, after Stuart Riley, co-CIO since September, left. Riley's departure was not related to Citi's reorganization, a source told Bloomberg.

By Matt Ashare • Nov. 21, 2023