NCUA cyber breach rule would give credit unions longer reporting window than banks

The time frame falls in line with the Critical Infrastructure Act that President Joe Biden signed in March, but is twice as long as the reporting window banks have had to comply with since May.

By Anna Hrushka • July 25, 2022

Pennsylvania county looks to divest $145M in assets from Wells Fargo

County officials may issue a request for proposals to find a new bank. Wells Fargo has donated to organizations that support anti-abortion candidates even though it touts a policy that reimburses staff for abortion-related travel.

By Dan Ennis • July 22, 2022

Explore the 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

HSBC agrees to sell Russia footprint to Expobank, exit the country

Financial terms of the deal were not disclosed. The transaction, though, must be approved by a Russian government commission.

By Dan Ennis • July 21, 2022

Goldman slows hiring, plans to reinstate potential job-cut tool

The bank suspended annual performance reviews during the pandemic. But it has bolstered its headcount by 15% in a 12-month span and is seeing dwindling returns in investment banking and asset management.

By Dan Ennis • July 19, 2022

Wells Fargo, State Street gambles highlight earnings' good, bad, uneasy

Wells lost $576 million over equity securities but is also bolstering its reserves by that much. Meanwhile, State Street wants to renegotiate the price of an acquisition.

By Dan Ennis • July 18, 2022

Morgan Stanley sets aside $200M over personal-device misuse probe

The disclosure, in the bank’s earnings report Thursday, follows warnings by Citi, Goldman Sachs and HSBC regarding regulator activity. The figure mirrors an amount JPMorgan paid in December over similar allegations.

By Dan Ennis • July 14, 2022

SEC asked Citi for more detail on Russia exposure

The regulator wanted the bank to list any harm to assets or valuation, as well as the impact the bank has felt from supply chain disruption, heightened cybersecurity risks or volatility in the trading price of commodities.

By Dan Ennis • July 11, 2022

Brainard urges more oversight of crypto

The Federal Reserve vice chair on Friday said the May collapse of the Terra stablecoin, which wiped out millions of dollars in a matter of days, was “reminiscent of classic runs throughout history.”

By Anna Hrushka • July 11, 2022

Crypto brokerage Voyager files for Chapter 11 bankruptcy

The move allows the company to reorganize as it seeks to recover losses from a defaulted loan to hedge fund Three Arrows. A firm owned by FTX CEO Sam Bankman-Fried is Voyager's largest creditor.

By Dan Ennis • July 6, 2022

Meta to shutter Novi digital currency project Sept. 1

The company’s website tells users how to withdraw funds and access transaction data that they’ll lose access to once the Novi pilot ends. Meta, however, said it plans to use Novi’s technology in future projects.

By Dan Ennis • July 5, 2022

3 potential buyers emerge for Citi's Russia operations

An insurance firm and banks that once served as Russian subsidiaries of Barclays and Société Générale are in the running to snag a footprint the U.S. bank has been looking to shed for 15 months, according to the Financial Times.

By Dan Ennis • July 1, 2022

Bank regulators' heightened scrutiny of AI highlights third-party risk

As regulators signal a tighter focus on artificial intelligence and machine learning, banks need to be vigilant about their internal models, as well as the models used by vendors, an expert says.

By Anna Hrushka • June 29, 2022

Goldman boosts dividend as JPMorgan, Citi stand pat

Shareholder returns are expected to see a 13.6% average increase across the six biggest U.S. banks — far less than the 40.4% average jump between 2020 and 2021.

By Dan Ennis • June 28, 2022

Cannabis banking nixed from competition bill

Bowing to Republican demand, leaders from both parties decided to exclude the Secure and Fair Enforcement Banking Act from the bicameral version of the America COMPETES Act.

By Anna Hrushka • June 24, 2022

Fed failure in fighting inflation 'not an option,' Powell says

The Federal Reserve announced a 0.75 percentage point increase in the main interest rate and indicated that policymakers plan more aggressive tightening in coming months.

By Jim Tyson • June 15, 2022

SEC investigates Goldman Sachs' ESG mutual funds

The agency fined BNY Mellon over ESG misstatements, and another regulator participated in a raid of Deutsche Bank’s DWS over greenwashing claims. ESG investments have nearly tripled since 2020, according to Morningstar.

By Dan Ennis • June 13, 2022

BMO poaches next chief risk officer from Citi

Piyush Agrawal, Citi’s global head of climate risk, will join the Canadian bank July 1, ahead of the retirement of its current CRO, Patrick Cronin.

By Robin Bradley • June 10, 2022

CFPB, alternative lender Upstart end no-action letter

The bureau had asked for more time to review time-sensitive changes to Upstart’s model. That, and the CFPB’s shift away from the no-action letter program, prompted Upstart to request to cut its agreement short.

By Dan Ennis • June 10, 2022

OCC wants to start collecting cannabis, crypto business data from banks

The regulator’s proposal would put cannabis and crypto on a list that already includes industries such as casinos, liquor stores and check cashers.

By Anna Hrushka • June 9, 2022

Welcome to banking's 'reaction season'

Over the span of a few hours, three big-bank CEOs offered counters to running narratives on mortgage lending, shareholder proposals and a "hurricane" prediction.

By Dan Ennis • June 2, 2022

4 takeaways from Morgan Stanley's annual meeting

CEO James Gorman wouldn't detail how long he intends to lead the bank but affirmed last year's C-suite shake-up cemented two generations of leadership behind him.

By Dan Ennis • May 31, 2022

State regulators push to include pot banking in manufacturing bill

Proponents of the cannabis legislation have previously tried and failed to tie the SAFE Banking Act to the 2022 National Defense Authorization Act, as well as two COVID-19 relief bills.

By Anna Hrushka • May 27, 2022

The week the banking industry's climate chasm widened

An HSBC executive's comments downplaying climate risk, combined with a relatively paltry ESG fine for BNY Mellon, may show the need for regulators to stiffen their penalties.

By Dan Ennis • May 25, 2022

BNY Mellon to pay $1.5M to SEC over ESG misstatements

A unit of the bank indicated in prospectuses for six U.S. mutual funds that an affiliate pursued ESG quality reviews for all investments, but some lacked the appropriate score at the time of investment, the regulator found.

By Jim Tyson • May 23, 2022

JPMorgan brightens its forecast at investor day

The bank boosted its estimates for net interest income and return on tangible common equity, said it intends to hire 1,300 more wealth-management advisers and teased a bigger commitment to home equity lines of credit.

By Dan Ennis • May 23, 2022