Risk: Page 4
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Joe Raedle / Staff via Getty Images
Capital One racks up Walmart, Discover charges
The card company set aside more than $800 million for credit losses post-Walmart breakup, a day after a class-action lawsuit sought to block Capital One's deal for Discover.
By Caitlin Mullen • July 24, 2024 -
Oli Scarff / Staff via Getty Images
Citi COO intended to deceive OCC, ex-employee says
In an amended lawsuit, former Citi data executive Kathleen Martin claims Anand Selva suggested twice that she fudge data to the bank’s primary regulator. She declined and lost her job two weeks later, she says.
By Gabrielle Saulsbery • July 19, 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 -
Michael M. Santiago via Getty Images
JPMorgan, UBS and others see effects of IT outage
Trading was delayed at JPMorgan and Nomura, media outlets reported. UBS saw problems related to legacy systems inherited from Credit Suisse. Charles Schwab warned users not to place duplicate trades.
By Dan Ennis • July 19, 2024 -
Win McNamee via Getty Images
6 ways the CFPB wants to keep its eyes on fintech middlemen
Clearer guidance around “rent-a-bank,” open banking and buy now, pay later will ensure more consumers benefit, Director Rohit Chopra said in remarks last week.
By Suman Bhattacharyya • July 17, 2024 -
Scott Olson / Staff via Getty Images
Discover to sell student loan portfolio to Carlyle, KKR in $10.8B deal
The student loan sale is the latest loose end Discover seeks to tie up since Capital One announced its intent to purchase the card company.
By Caitlin Mullen • July 17, 2024 -
Chip Somodevilla / Staff via Getty Images
Citi leans on tech modernization to fix data quality management failings
Days after federal regulators hit the bank with more than $135 million in fines, CEO Jane Fraser said Citi's transformation efforts addressed "decades of underinvestment."
By Matt Ashare • July 15, 2024 -
Mario Tama via Getty Images
ColumnDive Deposits: It was Citi’s week and, arguably, everybody won
The bank shook off fresh penalties by reporting skyrocketing revenue in its banking unit. It’s no wonder Citi granted $41 million to its banking chief. But a rival for that job may be glad he left.
By Dan Ennis • July 12, 2024 -
matt_benoit via Getty Images
Archegos founder found guilty of fraud, market manipulation
Bill Hwang was found guilty of 10 out of 11 criminal counts, while former CFO Patrick Halligan was found guilty of all three counts he faced, including fraud and racketeering.
By Rajashree Chakravarty • July 11, 2024 -
Alex Wroblewski via Getty Images
Senators press Jamie Dimon on alleged climate turnabout
The lawmakers, including Sen. Elizabeth Warren, D-MA, demanded answers from the JPMorgan Chase CEO on the bank's environmental "commitments" and "aspirations."
By Gabrielle Saulsbery • July 11, 2024 -
Permission granted by TD Bank
TD names Citi vet next compliance chief
Erin Morrow replaces Monica Kowal, who left the bank July 2. Two of the three highest-ranking TD execs assigned to fix compliance management framework deficiencies have left in recent days.
By Dan Ennis • July 8, 2024 -
Scott Olson via Getty Images
Discover to settle card misclassification class actions for $1.2B
The card company has warned it could face further financial toll related to the issue, in which it overcharged merchants for years.
By Caitlin Mullen • July 8, 2024 -
Spencer Platt / Staff via Getty Images
Q&AHow banks are thinking about genAI
As more banks turn generative AI ideation into implementation, the technology’s biggest impact may come in translating legacy code, said Accenture’s global banking lead.
By Caitlin Mullen • July 3, 2024 -
Kevin Dietsch via Getty Images
Senators prod Synapse partners to return customer funds
“As those that made the current situation possible, you must accept the tremendous responsibility that comes with handling consumers’ money,” lawmakers scolded.
By Caitlin Mullen • July 2, 2024 -
Paul Morigi via Getty Images
Biggest US banks boost dividends, launch stock buybacks
JPMorgan and Morgan Stanley flag repurchase programs worth $30 billion and $20 billion, while Goldman Sachs bemoans an uptick in the bank’s stress capital buffer.
By Dan Ennis • July 1, 2024 -
Anna Hrushka/Banking Dive
FDIC orders Thread Bank to step up BaaS oversight
The Rogersville, Tennessee-based bank must implement a documented risk assessment of its fintech partners, the agency said. The bank’s board also must approve risk tolerance thresholds.
By Caitlin Mullen • July 1, 2024 -
Avosb via Getty Images
Evolve data breach adds to woes of Synapse partner
Customer data was released to the dark web, the bank said, two weeks after the Fed handed Evolve an enforcement action regarding its partnerships.
By Dan Ennis • June 26, 2024 -
Mario Tama via Getty Images
Moelis banker who was filmed punching woman leaves his job
A woman who said she was the recipient of the punch said Jonathan Kaye seemed agitated before the scuffle began. A spokesperson for the banker said Kaye felt threatened.
By Dan Ennis • June 25, 2024 -
Andrew Burton via Getty Images
BlackRock becomes first firm on Indiana treasurer’s ESG watchlist
“Contrary to the Treasurer’s assertion, BlackRock has been singularly focused on delivering performance” for the state’s pension fund, a firm spokesperson told ESG Dive.
By Lamar Johnson • June 25, 2024 -
Mario Tama via Getty Images
Citi calls carbon emissions report from environmental group ‘misleading’
Stand.earth reported last week that Citi is a leading financier of the maritime liquefied natural gas industry, but the bank takes issue with the methodology used.
By Lamar Johnson • June 24, 2024 -
Spencer Platt / Staff via Getty Images
Citi fined $13.9M by Germany’s BaFin over 2022 flash crash error
The penalty, announced Thursday, came two days after two British regulators fined the bank £61.6 million ($78.4 million) for the same instance.
By Rajashree Chakravarty • June 21, 2024 -
uschools via Getty Images
Fed, FDIC find weaknesses in JPMorgan, BofA, Citi, Goldman living wills
The regulators both identified weaknesses in Citi’s plan, “but reached different conclusions on its severity,” the regulators said Friday.
By Caitlin Mullen • June 21, 2024 -
Chris Hondros via Getty Images
UBS to set aside $900M to compensate Greensill investors
The Swiss bank inherited the issue when it acquired Credit Suisse. The amount accounts for 90% of what clients are owed from the 2021 collapse of the supply chain financing firm.
By Rajashree Chakravarty • June 17, 2024 -
Permission granted by Regions Bank
Bank execs weigh in on private credit threat
Direct lenders aren’t yet infringing where Regions Bank is active, “but it’s coming, I suspect,” CEO John Turner said. A JPMorgan executive said the market is big enough that both sides can succeed.
By Caitlin Mullen • June 17, 2024 -
Anna Moneymaker via Getty Images
Fed hits Synapse partner Evolve with enforcement action
An exam last year revealed Evolve Bank & Trust didn’t have an effective risk management framework in place for its fintech partnerships, the Fed said.
By Caitlin Mullen • June 14, 2024 -
Just_Super via Getty Images
Terraform Labs, Do Kwon to settle with SEC for $4.47B
Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.
By Gabrielle Saulsbery • June 13, 2024
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