Risk: Page 25
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Lintao Zhang via Getty Images
Quarles: Fed-backed digital currency poses 'significant' risks, 'unclear' benefits
His comments Monday, in which he compares cryptocurrencies to parachute pants, show the central bank is far from unified on digital dollar development.
By Dan Ennis • June 29, 2021 -
Dan Kitwood via Getty Images
ColumnBIS report shows growing divide on crypto
Central banks strike a second blow against digital tokens. Stablecoins, too, this time. The dissonance between market and government may come down to timing, or an age-old pattern concerning risk.
By Dan Ennis • June 24, 2021 -
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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 -
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Basel suggests clamping down on crypto as State Street rolls out digital-asset unit
The panel recommended the highest possible risk weighting — 1,250% — be applied to a bank's exposure to Bitcoin and some other digital tokens.
By Dan Ennis • June 10, 2021 -
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ABA warns lawmakers of CBDC 'trade-offs' ahead of hearing
Policymakers should not be swayed by international peer pressure and should proceed with "extreme caution" when it comes to the digital coin, the trade group said.
By Anna Hrushka • June 9, 2021 -
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OCC will revisit crypto charters, interpretive letters, acting chief says
Michael Hsu has said he will review the regulator's past actions regarding cryptocurrency activities and crypto firm charters, adding, "everything's on the table."
By Anna Hrushka • June 3, 2021 -
Dan Kitwood/Getty Images News via Getty Images
Neobank Paybby to bring crypto investing to Black and Brown communities
"It's a great new investment class, and the people of our community should have access to this investment class just like anybody else," CEO Hassan Miah said.
By Anna Hrushka • May 25, 2021 -
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Morgan Stanley, ex-chief diversity officer end discrimination case
The bank, which called Marilyn Booker's allegations "sweeping, sensationalized and conclusory," had sought in March to have the case dismissed. Oral arguments had been set for November.
By Dan Ennis • May 25, 2021 -
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Toomey questions regional Fed banks' race-related work
The Senate Banking Committee's ranking member requested briefings with the banks on their racial equality work no later than June 7, and demanded documents and financial information about the work.
By Anna Hrushka • May 24, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo to offer crypto investment product for wealthy clients
The bank's decision to wade into crypto follows similar moves made by other large institutions, and comes as the nation's top bank regulator has indicated it plans to review past crypto-friendly actions.
By Anna Hrushka • May 20, 2021 -
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First Horizon breach highlights rising cyber threats against banks
The compromise affected fewer than 200 online accounts for a loss of less than $1 million. But three-quarters of financial institutions saw a rise in cybercrime in the year after March 2020, according to a BAE Systems report.
By David Jones • April 29, 2021 -
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Barclays drops its role as lead underwriter in prison bond sale
Two advocacy groups terminated the bank's membership and refunded its dues last week, while 30 activists castigated the U.K. lender for seemingly going back on a 2019 promise.
By Dan Ennis • Updated April 19, 2021 -
Joshua Sortino on Unsplash
Sponsored by RockDove SolutionsWhat you can learn from Wells Fargo: There will not be a time machine when you need one
The responses lacked urgency, transparency and accountability and it followed this playbook for crisis after crisis in the years that followed.
April 12, 2021 -
Column
Climate-risk players take a one-level-higher approach
A guerrilla tactic of sorts may be helping Fed officials, the Treasury secretary and a U.S. senator push discussion about the proper venue for research on global warming.
By Dan Ennis • April 6, 2021 -
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Citi hires FinCEN chief to lead compliance in bank's new unit
The change of leadership at FinCEN comes as the regulator is seeking public comment on how to implement new rules on reporting the identity of corporations' beneficial owners.
By Dan Ennis • April 5, 2021 -
Anna Hrushka/Banking Dive
Federal Reserve forms 2nd climate change risk panel
Separately, Fed Chair Jerome Powell and Treasury Secretary Janet Yellen detailed their stances on climate-related risks Tuesday in front of the House Financial Services Committee.
By Anna Hrushka • March 24, 2021 -
Public Domain Pictures
House lawmakers reintroduce cannabis banking bill
While supported by bank trade groups and cannabis advocates, not all stakeholders are convinced the bill would have a sweeping effect on how banks respond to serving the industry.
By Anna Hrushka • March 19, 2021 -
ColumnHow Citi can vanquish Revlon's ghost
The bank is barring the companies it sued from participating in debt deals — and is adding safeguards to its debt contracts. But a quicker office return via a COVID testing pilot may turn Citi's fortunes.
By Dan Ennis • March 12, 2021 -
Permission granted by Partner Colorado Credit Union
Colorado credit union spinoff has ambitions beyond pot banking
Partner Colorado CEO Sundie Seefried plans to leave her post in July to lead a new entity that will launch lending products for cannabis companies. She's also eyeing the growing crypto and psychedelic mushroom space.
By Anna Hrushka • Updated June 23, 2021 -
Wells Fargo becomes last of top 6 US banks to make net-zero pledge
The bank said it also aims to deploy $500 billion toward sustainable businesses and projects by 2030 and wants to disclose financed emissions for its oil, gas and power portfolios by the end of next year.
By Dan Ennis • March 9, 2021 -
Column
Goldman crypto trading desk relaunch portends softer industry stance on Bitcoin
The bank follows BNY Mellon and JPMorgan in greater crypto acceptance, in a reversal from a May report in which Goldman called Bitcoin an "unsuitable investment." Citi this week said the currency is at a "tipping point."
By Dan Ennis • March 3, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman loses 4 executives in 3 days as Walmart fintech poaches Marcus chief
The bank's general counsel and asset-management co-head are also reported to be leaving.
By Dan Ennis • Updated March 3, 2021 -
Goldman Sachs CEO David Solomon DJing before the re:Invent keynote
Goldman CEO pushes to end remote-work 'aberration' sooner than later
"This is not ideal for us and it's not a new normal," David Solomon said, decrying a COVID-19 vaccine rollout that he called slower than expected.
By Dan Ennis • Feb. 24, 2021 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo sells its asset-management unit for $2.1B
The bank will keep a 9.9% equity interest in the spun-off operation after the deal closes. That's expected in the second half of this year.
By Dan Ennis • Feb. 23, 2021 -
HSBC confirms its aim to sell US retail footprint
The bank wants to invest an additional $6 billion over the next five years in Asia. It also is negotiating with Cerberus to sell its French retail unit. Discussions may take weeks, an executive said.
By Dan Ennis • Updated March 18, 2021 -
M&T Bank to buy People’s United in $7.6B all-stock deal
The transaction, expected to close in the fourth quarter, would create a bank with more than $205 billion in assets and provide an entryway for M&T into the Boston market.
By Dan Ennis • Feb. 22, 2021
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