OCC may stiffen penalties with revised guidance

Updates to the agency’s policy manual make new categories with elevated fine totals for violations by the largest banks and change the factors that beget leniency. The OCC also suggests restricting bank business as a tie-in.

By Dan Ennis • Nov. 30, 2022

Can the SBA make its 7(a) loan program attractive to fintechs?

A new proposal could pave the way for nonbanks to grab a share of the small-business agency’s 7(a) lending program, but not everyone is convinced the program is suited for fintechs.

By Anna Hrushka • Nov. 29, 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

Kraken settles with Treasury Department for $362K

The platform avoided the maximum penalty of $272 million because it self-reported, the Office of Foreign Assets Control said.

By Gabrielle Saulsbery • Nov. 29, 2022

Epstein accusers sue JPMorgan Chase, Deutsche Bank

Two unnamed women who allege the disgraced financier sexually abused them are seeking unspecified damages from the banks, which they say enabled Epstein’s behavior.

By Rajashree Chakravarty • Nov. 28, 2022

State regulators probe Genesis for securities violations

Regulators are investigating whether the company influenced residents to invest in crypto securities through its platform without having the right registrations, an Alabama official said.

By Gabrielle Saulsbery • Nov. 28, 2022

Banks discuss refund rule for Zelle customer fraud: report

Under measures being discussed, banks would share liability inside Zelle’s system and guarantee to reimburse one another, sources told The Wall Street Journal.

By Anna Hrushka • Nov. 28, 2022

Regulatory challenges more prominent in eyes of fintech industry leaders this year

Private firms are adopting a more defensive posture, delaying new funding rounds, planning for modest growth and addressing regulatory risks, according to a report.

By Gabrielle Saulsbery • Nov. 23, 2022

Fed, FDIC order Citi to address data management weaknesses

Citi must submit a “mapping document” addressing the issues by Jan. 31. The bank promised “more streamlined systems that improve the quality of our data as well as the speed with which it can be accessed.”

By Anna Hrushka • Nov. 23, 2022

Goldman Sachs fined $4M over ESG investment policy failures

The bank’s asset-management unit “had several policies and procedures failures involving the ESG research its investment teams used to select and monitor securities,” the SEC said.

By Anna Hrushka • Nov. 23, 2022

Lawmakers question SoFi CEO, regulators over crypto activity

The Fed gave SoFi two years from its acquisition of a California bank to divest from a digital-assets business, the lawmakers wrote. But two months later, SoFi touted an “expansion” of crypto services.

By Rajashree Chakravarty • Nov. 22, 2022

JPMorgan Chase bumps up parental leave to 16 weeks

The bank, starting Jan. 1, is also increasing its bereavement leave and offering up to four weeks of paid time off for employees to care for a seriously ill spouse, domestic partner, child or parent.

By Dan Ennis • Nov. 18, 2022

New FTX CEO blasts ‘complete failure of corporate controls’ under Bankman-Fried

CEO John Ray didn’t mince words in discussing mismanagement of the crypto exchange by its founder and others.

By Gabrielle Saulsbery • Nov. 17, 2022

Kentucky banking trade group sues state AG over ESG policy demands

Attorney General Daniel Cameron is exceeding his legal authority, curbing free speech and wasting taxpayer money by asking the nation’s six largest banks to detail their ESG-tied lending, a trade group argues.

By Dan Ennis • Nov. 17, 2022

Treasury calls for more fintech oversight

Fintechs are re-bundling core banking services outside the bank regulatory perimeter and contributing to competitive pressure in the banking industry, the Treasury Department said in a 122-page report.

By Anna Hrushka • Nov. 16, 2022

NY Fed, banks launch new 12-week CBDC project

Citi, Wells Fargo, BNY Mellon, U.S. Bank, PNC Bank, TD Bank, Truist, HSBC and Mastercard are set to participate in the proof-of-concept trial.

By Rajashree Chakravarty • Nov. 16, 2022

Regulators defend their caution on crypto in Senate panel hearing

Some GOP lawmakers blasted a dearth of guidance from the OCC, Fed and FDIC, and one suggested it's up to Congress to establish the rules.

By Dan Ennis • Nov. 16, 2022

Biden intends to nominate Gruenberg to lead FDIC again

The announcement comes on the first business day after Democrats were assured a majority in the Senate, and ahead of two appearances this week by Gruenberg on Capitol Hill.

By Dan Ennis • Nov. 15, 2022

Custodia Bank’s master account lawsuit against Fed advances

Custodia’s claim that its master account application has been “unreasonably delayed” by the regulator holds water, a U.S. district court judge ruled Friday.

By Anna Hrushka • Nov. 15, 2022

OceanFirst, Partners call off $186M merger

OceanFirst had closed seven acquisitions since 2015 but cited regulatory delays in the Partners deal’s disintegration. The tie-up recently passed its initial one-year deadline.

By Rajashree Chakravarty • Nov. 14, 2022

CFPB’s crypto-asset complaints highlight scams, fraud

The number of complaints has surged over the past two years, with the rise of price volatility, the bureau’s bulletin found Thursday.

By Rajashree Chakravarty • Nov. 11, 2022

Elon Musk wants to turn Twitter into ‘the people’s financial institution’

During a Thursday call with Twitter staff, Musk shared his plans to allow users to maintain a cash balance on the platform. He also hinted at the possibility of offering loans.

By Anna Hrushka • Nov. 11, 2022

Banks create guide to manage fintech due diligence

The framework isn’t meant to replace existing regulatory guidance, but rather help banks better implement it, said Alloy Labs Alliance CEO Jason Henrichs.

By Anna Hrushka • Nov. 9, 2022

Scharf is still on Warren’s bad side, but he’s not the only one

Federal Reserve Chair Jerome Powell also finds himself in the senator's cross-hairs after two ethics incidents at the central bank.

By Gabrielle Saulsbery • Nov. 8, 2022

NYCB-Flagstar, Columbia-Umpqua mergers see forward motion

The Federal Reserve gave final approval on the first deal Monday, while Columbia revealed two buyers for 10 branches the Justice Department ordered it to divest.

By Dan Ennis • Nov. 8, 2022

U.S. Bank wants employees back in the office 3 days a week

CEO Andy Cecere said he wants the change to be a choice, not a mandate. "The transition doesn't have to happen overnight, but it should be something you commit to like any new habit," he wrote.

By Gabrielle Saulsbery • Nov. 7, 2022