Yellen, regulators took ‘wrong lessons’ from bank failures: Warren

In a letter, the senator asked why the Justice Department relinquished some responsibility in its oversight of competition. She also asked when regulators would release updated merger review guidelines.

By Rajashree Chakravarty • June 28, 2023

Fraudsters stole more than $200B in COVID relief loans, watchdog says

At least 17% of $1.2 trillion disbursed through the pandemic-era PPP and EIDL programs may have gone to questionable characters, the SBA's Office of Inspector General said Tuesday.

By Gabrielle Saulsbery • June 28, 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

Fed’s Bowman wants emphasis on supervision, not buffer

“Increasing capital requirements simply does not get at this underlying concern about the effectiveness of supervision,” the regulator said Sunday in Austria.

By Rajashree Chakravarty • June 26, 2023

House bill would require large banks to have chief risk officers

Under the measure, banks with $50 billion or more in assets must notify their federal and state regulators within 24 hours of a risk chief vacancy. Banks would be subject to an asset cap if the post is open for more than 60 days.

By Anna Hrushka • June 26, 2023

Tougher capital requirements for midsize banks imminent: Gruenberg

The long-awaited final update to the 2010 Basel III framework will require banks with over $100 billion in assets to hold more capital to withstand unexpected stress, the FDIC chair said.

By Rajashree Chakravarty • June 23, 2023

Citi to link attendance policy compliance with pay packages

Managers have been told to discuss consequences with employees who regularly flout the bank's requirement that hybrid workers come to the office three days a week, Bloomberg reported.

By Gabrielle Saulsbery • June 23, 2023

Southern states have fewer banks, higher interest rates: CFPB

Two reports published Wednesday are a part of the agency’s work to explore regional trends in consumer finances, especially in rural areas.

By Rajashree Chakravarty • June 22, 2023

Fed nominees stress inflation control but otherwise stay vague

“I think we have to deal with always grappling with the trade-offs between ... making banks more resilient and sound, and credit availability,” Philip Jefferson, nominee for Fed vice chair, said Wednesday at a hearing.

By Dan Ennis • June 22, 2023

DOJ to expand scrutiny of bank mergers, antitrust chief says

“We're going to look at all the competitive factors,” said Jonathan Kanter, the Justice Department’s assistant attorney general for antitrust. “We’re not going to artificially limit ourselves to just one or two dimensions of competition.”

By Anna Hrushka • June 21, 2023

Barr eyes reverse stress tests, quicker intervention

The Fed's supervision chief is also considering hiring behavioral scientists to give the central bank a "more multidisciplinary lens" through which it can monitor financial institutions.

By Dan Ennis • June 21, 2023

Deutsche Bank applies for crypto custody license

BlackRock and a Charles Schwab-backed platform have entered or clearly made plans to broach the cryptosphere in the past week, which could bode well for crypto-native companies.

By Gabrielle Saulsbery • June 21, 2023

Fed publishes master account list

The move follows calls from Republicans for the Fed to shed light on the process by which it grants accounts, and comes as an increasing number of uninsured firms are vying for access to the central bank’s system.

By Anna Hrushka • June 20, 2023

Binance.US avoids asset freeze via SEC deal

Customers of the U.S. affiliate of Binance, the world’s largest crypto exchange, can continue to withdraw their assets after the exchange struck a deal with the regulator Saturday.

By Gabrielle Saulsbery • June 20, 2023

Binance.US laid off employees following SEC enforcement

About 50 employees were affected, according to Reuters. A former Binance.US employee confirmed the reduction to Banking Dive.

By Gabrielle Saulsbery • June 16, 2023

Atlanta Fed chief reports new blackout trading violations

The May 2022 trades, made by investment managers handling Raphael Bostic’s spouse’s retirement account, came a day before the FOMC met, and threaten to reignite a long-running ethics scandal at the central bank.

By Dan Ennis • June 16, 2023

U.S. Bank fined $15M over MUFG’s ‘deceptive practices’

MUFG Union, which U.S. Bank bought last year, misled customers about various fee discounts and waivers tied to its Private Bank Program and safe deposit box rentals, the OCC said.

By Anna Hrushka • June 16, 2023

OCC’s Hsu says US banks strengthened liquidity but vigilance is key

The agency's semiannual risk perspective highlighted the importance of being watchful in managing weaker portfolio segments.

By Rajashree Chakravarty • June 15, 2023

Jack Henry to eliminate screen scraping by end of summer

The fintech, which has API integrations with data exchange platforms Finicity, Akoya, Plaid, Envestnet | Yodlee and Intuit, started phasing out the practice five years ago.

By Anna Hrushka • June 14, 2023

CFPB to hover as open banking evolves

The agency is on track to issue a proposal in October, and seek public comment, the agency’s director, Rohit Chopra, told a House committee.

By Lynne Marek , Dan Ennis • June 14, 2023

Bittrex to open for customer withdrawals

The U.S. arm of Bittrex Global filed for bankruptcy last month following regulatory enforcement.

By Gabrielle Saulsbery • June 14, 2023

Cadence finds redemption after pair of redlining penalties

The FDIC gave the Mississippi bank an "outstanding" rating for its Community Reinvestment Act work, marking a turnaround from a 2016 consent order — and another against a bank it acquired in 2021.

By Dan Ennis • June 13, 2023

Banks too slow to address P2P payment scams, CFPB’s Chopra says

“They have been very slow to take action,” the bureau’s director said Tuesday, when asked if banks were creating frameworks to combat fraud and scams conducted on peer-to-peer payment platforms.

By Anna Hrushka • June 13, 2023

OCC seeks public comment on ‘trust in banking’ survey

The agency plans to publish the results of the annual survey in a report for policymakers, bankers and researchers.

By Rajashree Chakravarty • June 12, 2023

The best of both worlds: Improving customer experience for gig workers to drive business growth

As one of the fastest growing segments of the workforce, solutions that offer a seamless experience for this demographic is key to gaining their loyalty. 

June 12, 2023

Climate First mulls Florida exit after anti-ESG bill passes

In response to the legislation, the bank nixed its exclusionary list, outlining the sectors with which it has said it won’t do business, such as the fossil-fuel sector or other extractive industries.

By Anna Hrushka • June 9, 2023