Risk
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FDIC sues 17 ex-SVB executives in alleged ‘gross negligence’
The complaint filed Thursday includes the former CEO and CFO of the failed California-based bank, four other ex-executives and 11 former directors.
By Rajashree Chakravarty • Jan. 17, 2025 -
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TD slashes pay for 41 execs, expedites Chun’s start date
Compensation cuts reflect “the seriousness of the U.S. [anti-money laundering] failures, the associated costs to the Bank, and the limitations imposed on the U.S. retail business,” the bank said Friday.
By Caitlin Mullen • Jan. 17, 2025 -
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
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KeyBank hires next CRO from Truist
Mo Ramani replaces Darrin Benhart, who will move into a newly created role as Key’s chief regulatory officer, a spokesperson for the bank said.
By Dan Ennis • Jan. 16, 2025 -
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Block agrees to pay $255M to regulators for Cash App deficiencies
The Consumer Financial Protection Bureau said the payments provider “employed weak security protocols for Cash App and put its users at risk.”
By Lynne Marek • Jan. 16, 2025 -
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Q&AU.S. Bank scouts for agentic AI as age of ‘do it for me’ awaits
The super-regional’s chief innovation officer said there’s a fine line between being proactive and helpful, versus being proactive and creepy. “We don’t want to cross the creepy line,” he said.
By Caitlin Mullen • Jan. 16, 2025 -
BMO to pay $40.6M over ‘misleading’ mortgage-backed bonds
The bank’s employees spoke about changing the bonds' "cosmetics" to boost sales, the SEC alleged. They included a sliver of higher-interest mortgages into otherwise low-risk offerings, the agency said.
By Dan Ennis • Jan. 16, 2025 -
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BaaS outlook brighter after period of growing pains
Regulatory scrutiny of the banking-as-a-service model won’t disappear, but the number of BaaS-related enforcement actions this year is expected to be more of a trickle than a flood.
By Caitlin Mullen • Jan. 15, 2025 -
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FDIC’s Gruenberg cautions against ‘complacency,’ urges strong supervision
The outgoing FDIC chair, speaking Tuesday at the Brookings Institution, shared lessons learned from bank crises “as we head into a period of uncertainty about the future path of financial regulation.”
By Caitlin Mullen • Jan. 15, 2025 -
Anna Hrushka/Banking Dive
FDIC’s Hill sets out priorities for agency’s ‘new direction’
The agency’s vice chair anticipates a shift in bank supervision that emphasizes core financial risks over a process-related focus.
By Caitlin Mullen • Jan. 13, 2025 -
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6 banking trends to watch in 2025
Donald Trump’s return to the White House is expected to make an impression on a number of facets in banking – from regulation to M&A to crypto.
By Dan Ennis , Rajashree Chakravarty , Caitlin Mullen , Gabrielle Saulsbery • Jan. 8, 2025 -
Courtesy of TD
TD’s next CEO talks about AML fiasco
Raymond Chun, appearing Tuesday at an investor conference, said the bank’s AML debacle underscored the importance of talent and external benchmarking.
By Caitlin Mullen • Jan. 7, 2025 -
Anna Hrushka/Banking Dive
Kansas bank challenges $20M FDIC penalty
CBW Bank, charged with failing to maintain adequate anti-money laundering controls, has filed a lawsuit challenging the agency’s action, calling the penalty “unreasonable and unprecedented for a bank of this size.”
By Caitlin Mullen • Jan. 2, 2025 -
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Flagstar fined $3.5M for ‘misleading’ after 2021 cyberattack
The bank “negligently made” materially misleading statements after a hack that resulted in the theft of 1.5 million customers’ personally identifying information.
By Gabrielle Saulsbery • Dec. 19, 2024 -
Courtesy of USAA
OCC slaps USAA over failure to fix flaws in several areas
The order blasts the bank’s management, IT, compliance and suspicious activity reporting. It also limits new products or services and restricts USAA’s ability to expand its membership criteria.
By Caitlin Mullen • Dec. 19, 2024 -
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FDIC weighs lawsuit against ex-SVB execs
The regulator is considering taking legal action against six former officers and 11 former directors of Silicon Valley Bank over their role in the bank’s collapse and $23 billion hit to the Deposit Insurance Fund.
By Caitlin Mullen • Dec. 18, 2024 -
Anna Hrushka/Banking Dive
FDIC’s readiness ‘not sufficiently mature’ in 2023 bank crisis: OIG
The inspector general laid out 11 recommendations to improve the agency's response, in a report Wednesday.
By Gabrielle Saulsbery • Dec. 13, 2024 -
Joe Raedle / Staff via Getty Images
Ex-TD employee charged in money laundering case
Leonardo Ayala, 24, issued dozens of debit cards linked to accounts opened by another TD employee in the names of shell companies, and received bribes for that work, the Justice Department alleged.
By Dan Ennis • Dec. 11, 2024 -
Drew Angerer / Staff via Getty Images
Wells Fargo’s Scharf calls for capital requirements clarity
The bank’s CEO on Wednesday called uncertainty around how much extra capital banks will be required to hold “a crazy way to run a system.”
By Caitlin Mullen • Dec. 11, 2024 -
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Goldman Sachs exits Net-Zero Banking Alliance
The bank said it would remain “focused on the increasingly elevated sustainability standards and reporting requirements imposed by regulators around the world.”
By Zoya Mirza • Dec. 10, 2024 -
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Citi CFO: Evolving data standards make upgrade more complex
Mark Mason, the bank’s finance chief, also said the focus on the need to improve data tied to regulatory reporting isn’t unique to Citi.
By Caitlin Mullen • Dec. 10, 2024 -
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Sponsored by SynovusSeeing is no longer believing: The rise of deepfakes and how to protect your business
Deepfakes are skyrocketing, with a 3000% increase in fraud attempts. Discover how to safeguard your business and customers from these advanced threats.
By Aubrey LaBoda • Dec. 9, 2024 -
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ColumnDive Deposits: Citi begins December with a data dump
The bank’s split of Mexican operations was just the beginning. There were also 344 promotions to managing director, a high-profile exit, an AI rollout and a block-trade stumble.
By Dan Ennis • Dec. 6, 2024 -
Drew Angerer / Staff via Getty Images
TD shelves growth targets in wake of AML settlement
The embattled Canadian lender is undergoing a strategic review of its priorities and opportunities. “Everything is on the table,” said Raymond Chun, the bank’s current COO who will take the CEO reins in April.
By Caitlin Mullen • Dec. 5, 2024 -
Celsius founder Mashinsky pleads guilty to fraud
His two-count guilty plea could send the 59-year-old to prison for 30 years.
By Gabrielle Saulsbery • Dec. 4, 2024 -
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Thread Bank CEO anticipates more ‘reasonable’ regulatory environment under Trump
The lender – hit with an FDIC consent order this year – has tried to ensure its house “can withstand the storm,” rather than simply “being mad at the weather,” CEO Chris Black said.
By Caitlin Mullen • Dec. 4, 2024
