Regulations & Policy: Page 5
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Anna Hrushka/Banking Dive
Oklahoma bank fails, in-state peer buys insured deposits
Alleged "fraud" is believed to be behind the First National Bank of Lindsay's failure, the second U.S. bank collapse this year. The FDIC’s Deposit Insurance Fund will take a roughly $43 million hit.
By Rajashree Chakravarty • Oct. 21, 2024 -
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Fiserv may grab competitive edge with new bank charter
The payments processor can undercut rivals on price because it won’t be paying bank fees, industry consultants say.
By Patrick Cooley • Oct. 21, 2024 -
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 -
Retrieved from OCC.
OCC hits Florida bank over AML concerns
Maitland-based Axiom Bank agreed to revamp its BSA/AML program and look back at its suspicious activity reporting history.
By Gabrielle Saulsbery • Oct. 18, 2024 -
Permission granted by Office of the Comptroller of the Currency
OCC bans ex-Citi, JPMorgan bankers over fraud, data sale allegations
In one instance, a banker convicted of prior fraud took her sister’s identity to regain employment at Citi, the OCC said.
By Rajashree Chakravarty • Oct. 18, 2024 -
Kevin Dietsch / Staff via Getty Images
FDIC’s bank failure fund may be repaid ahead of schedule
The reserve ratio for the Deposit Insurance Fund will reach the statutory minimum level in 2026, ahead of a 2028 deadline, the agency’s staff projected, though that estimate is “subject to uncertainty.”
By Caitlin Mullen • Oct. 18, 2024 -
Anna Hrushka/Banking Dive
FDIC greenlights FAA vet to lead ‘professional conduct’ office
The move comes nearly a year after dozens of employees alleged the agency tolerated rampant sexual misconduct and retaliation in a Wall Street Journal exposé.
By Dan Ennis • Oct. 17, 2024 -
Anna Moneymaker via Getty Images
Banks must be wary of AI security risks, regulator says
NYDFS Superintendent Adrienne Harris says financial services firms have to keep their cybersecurity measures up to snuff, lest they fall victim to cyber threats.
By Gabrielle Saulsbery • Oct. 17, 2024 -
Scott Olson / Staff via Getty Images
Discover discloses SEC accounting criticism
The agency disagrees with the way the company is allocating card misclassification charges, Discover said in its third-quarter earnings report.
By Patrick Cooley • Oct. 17, 2024 -
Kevin Dietsch / Staff via Getty Images
Fairway to pay $9.9M in redlining settlement
The lender allegedly discouraged residents of Black-majority neighborhoods from applying for mortgages. Fairway said the complaint “appears to be intentionally inflammatory in nature.”
By Gabrielle Saulsbery • Oct. 16, 2024 -
(2024). [Photo]. Retrieved from Federal Reserve.
Credit unions, fintechs should face same regulations as banks: Fed’s Bowman
“[Community banks] are also subject to a broader range of restrictions imposed by regulatory requirements…the disparity in the legal framework can have a distortive effect on competition,” Bowman said.
By Rajashree Chakravarty • Oct. 15, 2024 -
Win McNamee / Staff via Getty Images
Citi ‘can walk and chew gum at the same time’: Fraser
CEO Jane Fraser cited the bank’s ability to cut expenses while addressing the data, risk and control flaws regulators have flagged.
By Caitlin Mullen • Oct. 15, 2024 -
Chris duMond via Getty Images
Harris tries to court Black men voters with forgivable loans, crypto
Vice President Kamala Harris’ plans are part of her Opportunity Economy pledge, “an economy where people don't just get by, but get ahead,” and come as polls show she could stand to gain more support from Black men voters.
By Gabrielle Saulsbery • Oct. 14, 2024 -
Adobe Stock/Monkey Business
Sponsored by Shield ComplianceFrom stigma to strategy: Bridging the gap between bankers and cannabis operators
Move past stereotypes. Understanding today’s cannabis businesses allows financial institutions to boost their balance sheets while contributing to the sustained growth of the market.
By Tony Repanich • Oct. 14, 2024 -
Samuel Corum/Getty Images via Getty Images
Philly-area credit union to pay $6.5M in DOJ redlining settlement
Citadel Federal Credit Union failed to provide mortgage lending services to residents of predominantly nonwhite neighborhoods between 2017 and 2021, the agency said.
By Rajashree Chakravarty • Oct. 11, 2024 -
Tasos Katopodis / Stringer via Getty Images
Dimon won’t rule out government role
The JPMorgan CEO largely dismissed the idea of serving in the next presidential administration, but he said, “I don’t make promises.” Wells Fargo’s CEO, meanwhile, said work on the bank’s AML issues is well underway.
By Caitlin Mullen • Oct. 11, 2024 -
Drew Angerer via Getty Images
TD hit with asset cap, $3B in penalties over AML woes
The bank will pay $1.8 billion to the Justice Department, $1.3 billion to FinCEN, and growth will be restricted in the bank’s U.S. retail unit.
By Gabrielle Saulsbery • Oct. 10, 2024 -
Dan Kitwood via Getty Images
Crypto.com sues SEC
The exchange is now one of several sparring with the Securities and Exchange Commission.
By Gabrielle Saulsbery • Oct. 9, 2024 -
Mario Tama via Getty Images
Citi urges judge again to dump NY AG’s fraud suit
Lawyers for the bank argue the state is trying to rewrite the Electronic Fund Transfer Act through “litigation” and that when consumers are deceived into sending money to criminals, it’s “not a Citi issue.”
By Dan Ennis • Oct. 9, 2024 -
Creative via Getty Images
Tech costs, regulatory demands among community bankers’ top worries
A recent survey of community bankers also cited cost of funds as a top risk, amid the higher rate environment. “Right now, our motto is ‘Survive until 2025,’” a Pennsylvania community bank CEO said.
By Caitlin Mullen • Oct. 8, 2024 -
Chip Somodevilla via Getty Images
Fed faults Wyoming bank IT exec over document sharing
While IT manager at Bank of Jackson Hole, Lindsay Graves shared 50,000 documents — some of which contained confidential supervisory information — with a former employee, the Federal Reserve said.
By Caitlin Mullen • Oct. 7, 2024 -
Cristian Lourenço / Getty Images via Getty Images
Broker-dealer LPL fires CEO for breaking firm’s code of conduct
Dan Arnold violated LPL’s “commitment to a respectful workplace,” the company said without further details. He’s ineligible for severance and will forfeit much of his equity awards.
By Dan Ennis • Oct. 4, 2024 -
Google Maps
Fiserv nets special banking charter in Georgia
The payments processor is only the second company to win the charter since the state made it available.
By Patrick Cooley • Oct. 4, 2024 -
Retrieved from OCC.
OCC seeks to halt Illinois card interchange fee law
The Office of the Comptroller of the Currency blasted an Illinois law that prohibits credit and debit card interchange fees on tips and excise taxes.
By Lynne Marek • Oct. 3, 2024 -
Michael A. McCoy / Stringer via Getty Images
OCC should restrict Citi’s growth, Warren says
The senator cited a four-step framework the OCC's Michael Hsu floated last year, with growth restriction as a follow-up to penalties. Citi’s July penalties merely repeat Step 2, the senator said.
By Dan Ennis • Oct. 3, 2024 -
Michael M. Santiago via Getty Images
SEC enforcement director Grewal to depart
The division’s deputy director Sanjay Wadhwa will become acting director, and chief counsel Sam Waldon will serve as acting deputy director.
By Gabrielle Saulsbery • Oct. 3, 2024
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