CFPB director wants some payments firms labeled systemically important

The bureau's chief, Rohit Chopra, urged users who maintain balances on their digital wallets and money-transfer apps to move that uninsured money to a bank account.

By Anna Hrushka • April 12, 2023

Goldman Sachs fined $15M by CFTC in swaps case

The bank failed to disclose the same-day value of pre-trade-mid-market marks in dozens of swaps in 2015 and 2016, when it knew it could make a quick profit, the CFTC said.

By Rajashree Chakravarty • April 11, 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

Warren, AOC question Circle, BlockFi over SVB ties

The lawmakers wrote 14 depositors, asking whether “mutual backscratching arrangements” encouraged firms to keep large uninsured deposits at Silicon Valley Bank.

By Anna Hrushka • April 11, 2023

OCC to audit JPMorgan’s dealmaking: sources

The audit was scheduled before JPMorgan sued the founder of Frank, a fintech it bought. The Justice Department charged the fintech exec with fraud, a development that has raised questions around due diligence.

By Dan Ennis • April 7, 2023

Merrill Lynch stampedes back into the collective consciousness

A leadership change, a delayed retirement and an SEC penalty put Bank of America's long-since-acquired thundering herd front and center several times in less than a week.

By Dan Ennis • April 6, 2023

Swiss council orders bonus cuts for 1,000 Credit Suisse execs

The tiered cuts in the bank’s top three management levels are worth up to $66 million, said the federal council, which also directed Credit Suisse to retrieve bonuses that have already been paid.

By Rajashree Chakravarty • April 6, 2023

UBS embarks on ‘Herculean’ Credit Suisse integration

Enmeshing the two banks is expected to take roughly three to four years, UBS executives said at a shareholder meeting two weeks after agreeing to take over its chief rival.

By Dan Ennis • April 5, 2023

Dimon warns against reactionary regulations

The banking industry must avoid "knee-jerk, whack-a-mole or politically motivated responses" to the current financial crisis, JPMorgan's CEO said in a letter to shareholders Tuesday.

By Gabrielle Saulsbery • April 4, 2023

Credit Suisse chair, CEO apologize at shareholder meeting

"We ran out of time," the bank's CEO, Ulrich Körner, told attendees. Axel Lehmann, meanwhile, was narrowly re-elected chair, but some investors continued to blame the bank and the Swiss government.

By Dan Ennis • April 4, 2023

CFPB issues updated policy statement on abusive practices

The guidance did not impose any new legal requirements but outlined the background, objectives and analysis of the abusive practices that would ensure fair dealings in the market.

By Rajashree Chakravarty • April 4, 2023

Dutch neobank Bunq applies for US bank license

Bunq CEO Ali Niknam said the neobank is expanding to the U.S. to serve European expatriates “with strong ties to both sides of the Atlantic.”

By Anna Hrushka • April 4, 2023

Swiss prosecutor opens probe into UBS-Credit Suisse deal

The investigation comes amid reports that the tie-up could spur a cull of 11,000 jobs in Switzerland alone and another 25,000 globally.

By Rajashree Chakravarty • April 3, 2023

Barr, Gruenberg testimony brings slogans, tone shifts and policy talk

Among other things, House Financial Services Committee Chair Patrick McHenry, R-NC, is making a habit of telling the public what Congress can't do.

By Dan Ennis • March 31, 2023

CFPB finalizes small-business data collection rule

The final rule covers financial institutions that issue at least 100 small-business loans a year — up from 25 loans per year proposed in 2021.

By Rajashree Chakravarty • March 31, 2023

Wells Fargo to pay $97.8M in sanctions penalties

While the Office of Foreign Assets Control called the bank’s deficient oversight resulting in violations "egregious," it said it was "not a result of a systemic compliance breakdown."

By Gabrielle Saulsbery • March 31, 2023

Biden eyes stiffer liquidity rules, stress testing for midsize banks

The White House also seeks to require firms with between $100 billion and $250 billion to give regulators comprehensive resolution plans, or living wills.

By Anna Hrushka • March 30, 2023

Yellen takes aim at deregulation

Banks were a “pillar of strength” for the financial system at the onset of the COVID-19 pandemic, the treasury secretary said, but the failures of Signature and Silicon Valley Bank “demonstrate that our business is unfinished.”

By Gabrielle Saulsbery • March 30, 2023

Massachusetts regulators probe Citizens Financial unit

The Secretary of the Commonwealth’s office is investigating the sale of annuities controlled by indicted financier Greg Lindberg. A total of $2.2 billion in customer funds has been frozen since 2019, The Wall Street Journal reported.

By Anna Hrushka • March 30, 2023

JPMorgan CEO Jamie Dimon to be deposed in Epstein case

The under-oath interview is expected in early May, a source told Reuters. Lawyers for the bank argued it should take place after the deposition of JPMorgan's ex-private-banking chief, Jes Staley.

By Dan Ennis • March 29, 2023

Barr, Gruenberg face Senate panel over SVB, Signature failures

“It is not the job of [Fed] supervisors to fix the issues identified,” Barr said Tuesday. “It is the job of the bank's senior management and board of directors to fix its problems.”

By Dan Ennis • March 28, 2023

CFTC sues Binance over compliance ‘evasion’

The crypto exchange said it would restrict U.S. customers from certain trading but communicated with users on an app set to automatically delete messages, the CFTC alleged.

By Gabrielle Saulsbery • March 28, 2023

FDIC orders neobank Utoppia to stop making claims of deposit insurance

As of January, the fintech’s website claimed Utoppia was “insured by the FDIC,” according to the regulator. The FDIC also said Utoppia’s CFO made false claims of deposit insurance on LinkedIn.

By Anna Hrushka • March 28, 2023

Credit Suisse could face disciplinary action: Finma

Additionally, the chairman of Credit Suisse's largest shareholder resigned after his comments may have played into a run that doomed the bank.

By Rajashree Chakravarty • March 27, 2023

Fed could have rejected Custodia’s application 3 times, it says

The central bank blasted Custodia’s decision to accept only uninsured deposits, as well as its lack of diversification, in a scathing 86-page order Friday.

By Anna Hrushka • March 27, 2023

Bank crisis puts deposit insurance, Fed IG in focus but leaves cannabis out

Lawmakers are shuffling priorities in the wake of Signature and Silicon Valley Bank failures. In a surprise turn, the overdraft fight even gets a callback.

By Dan Ennis • March 24, 2023