CFPB to face reckoning in next Congress, Republicans warn Chopra

“Next month there will be a new majority in the House of Representatives. I think you'll wish you tried harder to play by the rules,” Rep. Patrick McHenry, R-NC, told the CFPB director.

By Anna Hrushka • Dec. 15, 2022

8 takeaways from the House committee hearing on FTX

CEO John Ray didn't mince words when discussing FTX's business dealings under Sam Bankman-Fried, at one point calling it "old-fashioned embezzlement."

By Gabrielle Saulsbery • Dec. 14, 2022

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

Custodia is denied default judgment in Fed master account case

U.S. District Judge Scott Skavdahl gave the central bank until Feb. 9 to submit a step-by-step breakdown of its decision-making process with regard to the crypto-focused bank’s master account application.

By Dan Ennis • Dec. 13, 2022

CFPB proposes a database of nonbank repeat offenders

The proposed rule will be open to public comment for 60 days and will be released "no earlier than January 2024," the bureau said Monday.

By Rajashree Chakravarty • Dec. 13, 2022

CBA: Most consumers want more oversight for crypto, fintech firms

The trade group’s study saw an age gap. About 46% of baby boomers and 42% of Gen Xers sought higher regulatory standards for the companies, compared with 24% of millennials and 18% of Gen Zers.

By Gabrielle Saulsbery • Dec. 13, 2022

DOJ, SEC charge Sam Bankman-Fried with defrauding investors

The former FTX CEO, who was arrested Monday in the Bahamas, was supposed to appear in front of the House Financial Services Committee on Tuesday. FTX’s current CEO will testify instead.

By Gabrielle Saulsbery • Dec. 13, 2022

Forget cannabis. Here are 2 banking provisions that did make the NDAA.

Lawmakers sought a database of Fed master account applicants and broke down a hurdle to banks' hiring of people with a conviction history.

By Dan Ennis • Dec. 12, 2022

Warren, Toomey unite on bill to make Fed more transparent

The proposed legislation aims to make the Fed, its regional branches and regulatory agencies in general more accountable for disclosing information.

By Rajashree Chakravarty • Dec. 12, 2022

OCC reiterates its call for crypto caution

Most crypto participants "appear unprepared" for stress from the sector, but banks have inquired less about getting into crypto since the Terra and FTX crashes, the agency said.

By Rajashree Chakravarty • Dec. 9, 2022

SEC wants public companies to disclose crypto risks

Meanwhile, former FTX CEO Sam Bankman-Fried said Friday he would testify Tuesday in front of the House Financial Services Committee.

By Gabrielle Saulsbery • Dec. 9, 2022

OCC judge recommends $18.5M in fines for 3 ex-Wells Fargo execs

The penalties, including a lifetime ban for one, are in line with what the agency had sought. The judge suggested a second lifetime ban. The OCC has 90 days to issue a final decision.

By Rajashree Chakravarty • Dec. 8, 2022

Lawmakers to subpoena Bankman-Fried if he doesn’t testify on FTX collapse

Sens. Elizabeth Warren, D-MA, and Tina Smith, D-MN, penned a letter to regulators concerning bank-crypto connections, as another FTX investigation begins.

By Gabrielle Saulsbery • Dec. 8, 2022

SAFE Banking misses another Senate chance. Now what for cannabis?

An omnibus spending bill and the HOPE Act present two more opportunities to pass the cannabis-banking measure this session. But even some co-sponsors have decried tying it to other legislation.

By Dan Ennis • Dec. 8, 2022

Nexo to exit US market after regulator talks hit dead end

The U.K. crypto lender was reportedly in talks with regulators for 18 months to comply with U.S. financial laws.

By Gabrielle Saulsbery • Dec. 6, 2022

Circle’s $9B SPAC deal falls apart

The stablecoin issuer and the blank-check company that had hoped to take it public terminated their agreement over the wait for SEC approval, they said.

By Dan Ennis • Dec. 6, 2022

Fed’s Barr calls for stricter capital requirements

The vice chair for supervision did not say when a review of the stress test framework would be complete, but more details are expected early next year.

By Rajashree Chakravarty • Dec. 5, 2022

Fed seeks public comment on tighter monitoring of climate risk

The central bank's proposal follows similar moves by the OCC and FDIC. But two Fed governors posted statements explaining their reservations.

By Gabrielle Saulsbery • Dec. 5, 2022

Citi, BofA, JPMorgan investment bankers’ bonuses may dip by 30%: report

Goldman Sachs traders' bonuses may see low double-digit percentage-point declines despite an expected 15% jump in revenue. And 100 or more bankers there could see no bonus, according to Bloomberg.

By Dan Ennis • Dec. 5, 2022

How accurate is your Metro 2® furnishing? (And how do you even know?)

Focus on these four key areas to gain a real-world understanding of accurate Metro 2® furnishing.

By Michelle Macartney • Dec. 5, 2022

10 top reads from Banking Dive

If you're new, welcome. Here's a chance to catch up on some of our best work.

By Dan Ennis • Dec. 4, 2022

CFTC chair pushes lawmakers on the creation of crypto regulatory framework

Thursday's hearing marked the first in a series that will address the downfall of FTX and future regulation in the beleaguered crypto industry.

By Gabrielle Saulsbery • Dec. 2, 2022

Panel blasts fintechs for missing ‘obvious and preventable’ PPP fraud

Womply and Blueacorn’s lack of fraud controls made them the “paths of least resistance” for fraudsters, a House subcommittee said. Another fintech included in the report blamed the SBA’s “sh***y rules.”

By Anna Hrushka • Dec. 2, 2022

NYDFS proposes charging crypto businesses for supervision

The fees, up for two comment periods, would help the agency “continue adding top talent to its virtual currency regulatory team,” NYDFS said Thursday.

By Rajashree Chakravarty • Dec. 2, 2022

Republicans blast Gruenberg over FDIC power struggle at hearing

"I'm actually kind of angry that you, Mr. Gruenberg, forced the resignation of your predecessor as FDIC chair, a first-generation American immigrant who was a woman," said Sen. Cynthia Lummis, R-WY.

By Rajashree Chakravarty • Dec. 1, 2022

Trade groups urge Senate to hear SAFE Banking Act

The bill would alleviate “the threat to public safety posed by cash intensive [cannabis-related businesses] effectively being shut out of the banking industry,” the ICBA and other associations said.

By Gabrielle Saulsbery • Nov. 30, 2022