Regulations & Policy: Page 6
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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 -
Courtesy of Starling Bank
Starling Bank slapped with $38M fine
The U.K.’s financial watchdog called Starling’s financial sanction screening controls “shockingly lax,” and said the challenger bank’s efforts to thwart financial crime failed to keep up with its quick growth.
By Caitlin Mullen • Oct. 2, 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 -
Oli Scarff via Getty Images
Barclays fined $4M over swap reporting violations
The CFTC noted the bank's “substantial cooperation” led to a reduced penalty in comparison to others levied on Goldman Sachs, JPMorgan and Bank of America.
By Gabrielle Saulsbery • Oct. 2, 2024 -
Mario Tama via Getty Images
Fed lifts 2013 Citi enforcement action
The bank, which had been directed to address anti-money laundering and Bank Secrecy Act deficiencies, is still under Fed and OCC orders related to data and internal controls.
By Caitlin Mullen • Oct. 2, 2024 -
Permission granted by TD Bank
TD to pay regulators $28.5M over spoofing scheme
The broker-dealer arm of the Canadian bank will pay penalties to the DOJ, SEC and FINRA over a former trader’s scheme to place hundreds of fraudulent spoof orders amounting to billions of dollars.
By Caitlin Mullen • Oct. 1, 2024 -
Europe’s other players are watching Commerzbank, UniCredit, too
Executives from BNP Paribas and BBVA weighed in on the state of M&A and offered differing theories about why the continent is falling short globally against Wall Street.
By Dan Ennis • Sept. 27, 2024 -
Alex Wong / Staff via Getty Images
Banks’ use of discount window can be part of the norm: Fed’s Barr
The central bank is exploring targeted adjustments to the current liquidity framework based on the lessons learned from spring 2023 bank failures, the vice chair for supervision said.
By Rajashree Chakravarty • Sept. 27, 2024 -
Chip Somodevilla / Staff via Getty Images
Warren wants regulators to boost NYCB’s capital ratio
The Massachusetts Democrat slammed the Fed and OCC for “lax oversight” of the embattled lender, and called on the agencies to impose stronger controls on the bank.
By Caitlin Mullen • Sept. 26, 2024 -
Leon Neal via Getty Images
Coinbase urges court to force SEC to draft digital asset rules
A lawyer for the crypto exchange said the agency still hasn’t explained its reasoning for denying a request for guidelines as to how it determines what is a security.
By Caitlin Mullen • Sept. 25, 2024 -
Chip Somodevilla / Staff via Getty Images
Lawmakers fret over capital requirements uncertainty
One House Democrat called a subcommittee hearing “premature,” given that a reproposal is not yet concrete. A witness, meanwhile, called the U.S.'s Basel work more “Infinity War” than endgame.
By Caitlin Mullen • Sept. 25, 2024 -
Commerzbank names next CEO amid UniCredit advances
Executives met to discuss strategy after Italy’s UniCredit rapidly amassed a sizable stake in the German bank, in what may be a hostile push to create a European counterbalance to Wall Street.
By Dan Ennis • Sept. 24, 2024 -
Spencer Platt via Getty Images
Most global banks unprepared for climate change risks: report
U.S. banks ranked lowest, by region, in climate adaptation maturity, a Climate X survey of 50 commercial banks found. Bank of America, Citi and PNC scored highest among U.S. banks.
By Suman Bhattacharyya • Sept. 24, 2024 -
Anna Moneymaker / Staff via Getty Images
ColumnDive Deposits: Throw away your Basel timeline. Two dominoes have fallen.
It was already a stretch to get revamped capital requirements across the finish line unobstructed. Now they reportedly face a “no” vote from an outspoken Democrat.
By Dan Ennis • Sept. 20, 2024 -
Mark Wilson/Newsmakers via Getty Images
Macquarie investment unit settles SEC charges for $79.8M
The advisory firm will settle SEC charges for asset overvaluation and illegal cross trades conducted between January 2017 and April 2021 related to a discontinued fixed-income investment strategy.
By Rajashree Chakravarty • Sept. 20, 2024 -
Getty Images/Staff via Getty Images
OceanFirst to pay $15M in DOJ redlining settlement
The bank failed to provide mortgage lending services to predominantly nonwhite neighborhoods in three New Jersey counties, the agency said. The OCC downgraded the bank’s CRA rating in 2021.
By Dan Ennis • Sept. 19, 2024 -
Avosb via Getty Images
Evolve Bank ‘failed in its most basic duty,’ stole from customers: lawsuit
The allegations come from Yotta Technologies, a fintech that says its customers are currently locked out of more than $100 million in funds.
By Gabrielle Saulsbery • Sept. 18, 2024 -
Kevin Dietsch / Staff via Getty Images
DOJ joins OCC, FDIC in updating bank merger guidelines
Regulators’ revamped guidelines increase the agencies’ discretion, which is likely to stoke industry uncertainty and, perhaps, extend the timeline to approval, analysts say.
By Caitlin Mullen • Sept. 18, 2024 -
Douglas Rissing via Getty Images
Fed payments proposal pits big banks against small rivals
Large institutions welcome the move to extend the operating hours of two interbank payments systems, but smaller ones may feel the squeeze of increased workload, staffing and competition.
By Lynne Marek • Sept. 18, 2024 -
Win McNamee via Getty Images
CFPB wants banks to prove overdraft opt-ins
Regulators should assume, as a default, that customers have not agreed to coverage and fees unless banks can provide signed agreements or recorded conversations, the agency said in a policy reminder.
By Dan Ennis • Sept. 18, 2024 -
Anna Hrushka/Banking Dive
FDIC seeks tougher recordkeeping on fintech partners
The regulator also approved a policy update to consider small business and residential loan originations, in addition to deposits, when evaluating a merger’s competitive effects.
By Gabrielle Saulsbery • Sept. 17, 2024 -
Spencer Platt / Staff via Getty Images
KeyBank CFO eyes opportunities through Scotia deal
The two banks are exploring potential partnership opportunities – and their geographic footprints might allow a jumping-off point, KeyBank CFO Clark Khayat said last week at a conference.
By Caitlin Mullen • Sept. 16, 2024 -
Michael A. McCoy / Stringer via Getty Images
Lawmakers push for crackdown on fintech, ban on false claims
Sens. Elizabeth Warren and Chris Van Hollen demanded tighter regulations on BaaS and fintech partnerships, saying they pose “a broader threat to the stability of our banking system and the economy.”
By Rajashree Chakravarty • Sept. 13, 2024 -
Michael M. Santiago via Getty Images
OCC hits Wells Fargo with AML enforcement action
The newest order for the bank introduces questions around whether it could affect the lifting of Wells' asset cap, or if other big banks might face AML orders.
By Caitlin Mullen • Sept. 12, 2024 -
Atlanta Fed chief violated trading rules, OIG finds
Raphael Bostic’s transactions created “an appearance of a conflict of interest,” the central bank watchdog said, making no recommendation for next steps.
By Dan Ennis • Sept. 12, 2024 -
"Royal Bank of Canada's global headquarters at 200 Bay Street in Toronto, Canada" by Francisco Diez is licensed under CC BY 2.0
RBC names interim CFO Gibson as permanent
The move presumably puts more distance between the bank and Gibson’s predecessor, Nadine Ahn, who has sued the bank for wrongful dismissal and damages.
By Rajashree Chakravarty • Sept. 12, 2024
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