Regulations & Policy: Page 3


  • Securities and Exchange Commission Chair Gary Gensler speaks during a hearing.
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    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
  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
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    Mario Tama via Getty Images
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    Column

    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 March 15, 2024
  • The Manhattan skyline in New York City. Explore the Trendline
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    Courtesy of The Howard Hughes Corp.
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    Trendline

    Top 5 stories from Banking Dive

    Banks brace to see if commercial real estate exposure will trigger a rerun of last year’s crisis. And regulators face a mountain of comments from the most contentious proposed rule in decades.

    By Banking Dive staff
  • JPMorgan Chase building signage in New York City
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    Michael M. Santiago / Staff via Getty Images
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    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 March 14, 2024
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    SHansche via Getty Images
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    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 March 14, 2024
  • occ acting comptroller michael hsu
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    Alex Wong via Getty Images
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    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 March 13, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    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 March 12, 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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    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 March 12, 2024
  • California state flag and state capitol building in Sacramento
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    DustyPixel via Getty Images
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    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
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    Luna Marina via Getty Images
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    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
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    Courtesy of U.S. Bank
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    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 March 8, 2024
  • Silicon Valley Bank logo
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    Justin Sullivan via Getty Images
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    Deep Dive

    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 March 8, 2024
  • Manhattan skyline
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    Sean Pavone via Getty Images
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    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 March 7, 2024
  • The Eastern facade of the United States Capitol Building, with the House of the Representative's stair.
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    3000ad via Getty Images
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    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 March 7, 2024
  • Header image for "Fed Shows Resolve to Hit 2% Inflation Goal, Raises Rates Again"
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    Getty Images via Getty Images
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    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
  • Rep. Patrick McHenry, R-N.C.
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    David McNew via Getty Images
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    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 March 6, 2024
  • TD Bank at One Vanderbilt
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    Permission granted by TD Bank
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    Column

    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 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 March 5, 2024
  • Manhattan skyline
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    Sean Pavone via Getty Images
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    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 March 4, 2024
  • Heavy smoke clouds of carbon emissions spew from three cylindrical columns rising from a factory in the background, partly obscured by trees, with the roof of a house barely visible in the foreground.
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    Mark Wilson via Getty Images
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    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
  • The Manhattan skyline in New York City.
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    Courtesy of The Howard Hughes Corp.
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    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 March 1, 2024
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    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 Feb. 29, 2024
  • The Federal Deposit Insurance Corp. headquarters in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    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 Feb. 28, 2024
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    nathaphat via Getty Images
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    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
  • 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 Feb. 28, 2024
  • elizabeth warren
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    Spencer Platt via Getty Images
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    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 Feb. 27, 2024