Regulations & Policy: Page 3
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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 Caitlin Mullen • June 21, 2024 -
Anna Hrushka/Banking Dive
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 Caitlin Mullen • June 20, 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 -
Kent Nishimura via Getty Images
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 Dan Ennis • June 18, 2024 -
Mario Tama via Getty Images
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 Caitlin Mullen • June 18, 2024 -
Chip Somodevilla via Getty Images
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 Gabrielle Saulsbery • June 17, 2024 -
Permission granted by Regions Bank
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 Caitlin Mullen • June 17, 2024 -
Denis Tangney Jr. via Getty Images
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 Gabrielle Saulsbery • June 17, 2024 -
Anna Moneymaker via Getty Images
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 Caitlin Mullen • June 14, 2024 -
Michael M. Santiago via Getty Images
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 Gabrielle Saulsbery • June 14, 2024 -
Anna Hrushka/Banking Dive
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 Caitlin Mullen • June 13, 2024 -
Anna Moneymaker via Getty Images
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 Rajashree Chakravarty • June 13, 2024 -
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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 Gabrielle Saulsbery • June 13, 2024 -
Win McNamee via Getty Images
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 Gabrielle Saulsbery • June 12, 2024 -
YayaErnst via Getty Images
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 Dan Ennis • June 11, 2024 -
Mario Tama via Getty Images
Moelis puts banker on leave after punch in video goes viral
A banker that social media users identified as the assailant in a Brooklyn street incident emphasized empathy and "staying away from toxic people" on a podcast last year.
By Dan Ennis • June 10, 2024 -
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TD sues wealth advisers who left for Raymond James
Within a week of Gregg Desmarais' and Brett Bartkiewicz's departures, TD lost at least 10 accounts worth more than $22 million, the bank said. But a FINRA disclosure tells a different story.
By Rajashree Chakravarty • June 10, 2024 -
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Canadian bank’s Minnesota deal gets Fed approval
VersaBank has waited two years for a green light on its $13.5 million proposed purchase of Stearns Bank Holdingford. Now it just needs sign-off from the OCC and a Canadian regulator.
By Dan Ennis • June 7, 2024 -
Retrieved from Senate Banking Committee.
Banks, AI partners must share responsibility for safety: OCC’s Hsu
“With AI, it is easier to disclaim responsibility for bad outcomes than with any other technology in recent memory,” Acting Comptroller of the Currency Michael Hsu said Thursday.
By Rajashree Chakravarty • June 7, 2024 -
Joe Raedle / Staff via Getty Images
TD faces $4.9B proposed class action
Canada’s second largest lender has been awash with anti-money laundering woes, with allegations based in multiple states. The bank set aside $450 million in April and overhauled its AML program.
By Gabrielle Saulsbery • June 7, 2024 -
Retrieved from Consumer Financial Protection Bureau.
CFPB finalizes open banking standard setter rule
The bureau will consult public interest groups and app developers on open banking standards, and no single special interest can dominate the standards-making process.
By Gabrielle Saulsbery • June 6, 2024 -
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Deep Dive4 things banks are doing to grease the M&A wheels
Cautious regulators and more drawn-out regulatory approval timelines have given rise to some changes in merger agreement conditions.
By Caitlin Mullen • June 6, 2024 -
Mario Tama via Getty Images
Citi boosts paid leave to 24 weeks for birth mothers
The additional eight weeks of recovery time matches policies launched by Morgan Stanley and Barclays. Citi is also offering two weeks of paid leave annually to care for an immediate family member.
By Dan Ennis • June 5, 2024 -
Courtesy of Fifth Third
Fifth Third CEO eyes systemically important label for nonbanks
Regulatory reforms are effectively pushing some activity outside the banking system, making it less transparent and harder for banks to compete, said Tim Spence, the regional bank's CEO.
By Caitlin Mullen • June 3, 2024 -
Chip Somodevilla via Getty Images
Supreme Court remands BofA escrow dispute to appeals court
The nation’s highest court said the lower court "did not conduct the kind of nuanced comparative analysis" required by federal law and a previous Supreme Court ruling.
By Gabrielle Saulsbery • May 31, 2024 -
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Merrill Lynch to pay $20M to settle racial discrimination case
Four ex-Merrill advisers and more than 1,000 class-action participants allege Merrill has not afforded Black advisers the same opportunities as their White counterparts. Merrill denies these claims.
By Gabrielle Saulsbery • May 30, 2024
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