Risk: Page 10
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Basel publishes crypto exposure proposal
Banks will have to disclose crypto exposure by 2025 under plans unveiled Tuesday. The plans are open for public comment through Jan. 31.
By Gabrielle Saulsbery • Oct. 17, 2023 -
Deep Dive
Can JPMorgan Chase fill the startup banking void?
The New York City-based firm added close to 200 bankers to its division that serves startups and VC-backed businesses this year as it looks to fill a space vacated by Silicon Valley Bank.
By Anna Hrushka • Oct. 17, 2023 -
Trendline
Top 5 stories from Banking Dive
Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.
By Banking Dive staff -
Taiwanese bank ends US bank deal, citing market conditions
Taichung Commercial Bank will pay $500,000 to American Continental Bank for the terminated agreement. The banks announced a roughly $82.1 million acquisition last year.
By Rajashree Chakravarty • Oct. 17, 2023 -
Citi shed 2,000 positions in Q3, but tech hires offset them
The bank wants to cut five of its 13 management layers, with unit co-heads particularly at risk. Citi will also streamline financial-management reports. More personnel cuts are expected in November.
By Dan Ennis • Oct. 16, 2023 -
Regulators ramp up pressure on BaaS banks
Firms that work with fintechs are coming under more scrutiny as examiners look to recalibrate their supervision of banks that operate banking-as-a-service programs, Klaros Group’s Konrad Alt said.
By Anna Hrushka • Oct. 11, 2023 -
Barr: Capital proposal will have ‘limited’ impact on lending costs
Speaking to the American Bankers Association on Monday, Fed Vice Chair for Supervision Michael Barr pushed back on claims that new capital rules would hamper lending activity.
By Anna Hrushka • Oct. 9, 2023 -
Banks face AI ‘arms race’ in battle against cyber threats: Barr
It is critical for financial institutions to make investments in generative AI to safeguard against cyberattacks, the Federal Reserve's vice chair for supervision said.
By Anna Hrushka • Oct. 6, 2023 -
Bowman: Regulatory thresholds, deposit insurance need more research
“Bank failures demand scrutiny, but bank failures alone do not justify wholesale revisions to the bank regulatory framework,” the Federal Reserve governor said at a conference Wednesday.
By Rajashree Chakravarty • Oct. 5, 2023 -
Fed OIG faults central bank’s Silvergate supervision
Silvergate “grew exponentially in a 5-year period,” growing its assets from less than $1 billion in 2017 to more than $16 billion at the end of 2021, the OIG said in a report that criticized the central bank’s supervision of the bank.
By Rajashree Chakravarty • Oct. 4, 2023 -
Goldman, JPMorgan, BofA to pay CFTC $53M over swap reporting errors
Goldman Sachs will pay $30 million, while JPMorgan Chase and Bank of America will pay $15 million and $8 million, respectively, in civil monetary penalties, the agency said.
By Rajashree Chakravarty • Oct. 2, 2023 -
Three Arrows Capital co-founder arrested in Singapore
Su Zhu founded crypto hedge fund 3AC with Kyle Davies in 2012. Its bankruptcy 10 years later contributed to the downfall of several crypto companies. Recently, a Singapore court called for jail time.
By Gabrielle Saulsbery • Oct. 2, 2023 -
Top bank CEOs to testify Dec. 6 to Senate panel
Executive compensation may take center stage at the hearing. But the CEOs may also use the forum to criticize a capital proposal they say will hamper their ability to extend credit.
By Anna Hrushka • Oct. 2, 2023 -
Fed scrutiny failed to match SVB’s growth: Fed inspector general
Examiners assigned to Silicon Valley Bank, which collapsed in March, did not have sufficient expertise in supervising large, complex institutions, according to the Fed inspector general.
By Anna Hrushka • Sept. 29, 2023 -
Banking events for the 2023-24 conference season
It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.
By Dan Ennis • Sept. 29, 2023 -
Washington Trust to pay $9M in redlining settlement: DOJ
The community bank engaged in discriminatory lending practices from 2016 to at least 2021 in predominantly Black and Hispanic neighborhoods in Rhode Island, the DOJ said.
By Rajashree Chakravarty • Sept. 28, 2023 -
Landmark cannabis banking bill heads to full Senate
While Wednesday’s vote advances the landmark SAFER Banking Act to the Senate floor, the bill’s companion legislation in the House faces uncertainty in the Republican-controlled chamber.
By Anna Hrushka • Sept. 27, 2023 -
Deep Dive
Cannabis-friendly banks face pressure to differentiate
Banks have used risk-based pricing and non-interest-bearing accounts to justify the high cost and labor associated with banking the sector. But as more players enter the game, firms weigh rethinking their strategies.
By Anna Hrushka • Sept. 26, 2023 -
Chase digital bank to ban crypto payments for UK customers
“If we think you're making a payment related to crypto assets, we'll decline it,” Chase U.K. told customers in an email reported by CoinDesk.
By Gabrielle Saulsbery • Sept. 26, 2023 -
JPMorgan agrees to pay $75M to settle USVI’s Epstein case
The settlement, roughly a month before trial was set to start, includes $30 million for charities meant to address human trafficking and other sex crimes. The bank also reached a confidential deal with ex-executive Jes Staley.
By Dan Ennis • Sept. 26, 2023 -
DWS to pay $25M to settle SEC’s ESG, AML probes
“DWS advertised that ESG was in its ‘DNA,’ but … its investment professionals failed to follow the ESG investment processes that it marketed,” Sanjay Wadhwa, the SEC’s deputy director of enforcement, said Monday.
By Dan Ennis • Sept. 26, 2023 -
Bank of Utah faces embezzlement lawsuit
Clients of Stephen Swensen, a once-respected financial adviser accused of swindling $29 million, named the bank in a lawsuit and claimed it was aware of a years-long Ponzi scheme uncovered by the SEC.
By Gabrielle Saulsbery • Sept. 21, 2023 -
New guidance encourages banks to define a fintech’s maturity level
Guidance released by the Alloy Labs Alliance aims to give banks an idea of how risk-management oversight may change or evolve as their fintech partner’s maturity develops.
By Anna Hrushka • Sept. 20, 2023 -
FinCEN fines Puerto Rico bank $15M on alleged BSA violations
Bancrédito failed to timely file suspicious activity reports between October 2015 and May 2022, and inadequately monitored transactions involving entities in Venezuela.
By Rajashree Chakravarty • Sept. 18, 2023 -
Senate panel to hold vote on cannabis banking bill
The bipartisan bill, which has passed in the House seven times but has yet to pass in the Senate, is scheduled for a committee vote Sept. 27.
By Anna Hrushka • Sept. 18, 2023 -
Goldman fires transaction banking chief, execs over communication breach
Four employees, including Hari Moorthy, the head of transaction banking, were let go following a violation of the firm’s communication policy, according to a memo seen by Reuters and Bloomberg.
By Rajashree Chakravarty • Sept. 14, 2023