Risk: Page 7
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Puerto Rican bank sues Fed for $150M in damages
Banco San Juan Internacional filed an amended lawsuit last week over the Fed’s decision to terminate the bank’s master account.
By Rajashree Chakravarty • March 5, 2024 -
NYCB names DiNello as CEO, takes $2.4B impairment charge
The bank appointed a chief risk officer and chief audit executive Friday, hours after SEC filings revealed material weakness in the review, oversight, risk assessment and monitoring of NYCB's lending.
By Dan Ennis • March 1, 2024 -
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 -
Smaller credit unions face hurdles despite NCUA’s fintech rule
The financial innovation rule may open the door to more partnerships, but larger institutions still have advantages on tech, budget and risk management, experts say.
By Ken McCarthy • Feb. 28, 2024 -
Capital One sets out to tackle Discover compliance issues
The bank projects it will spend $2.8 billion in integration costs, CFO Andrew Young said Tuesday. That's on top of the $500 million Discover is planning to spend on compliance this year.
By Caitlin Mullen • Feb. 28, 2024 -
Capital One to acquire Discover in $35.3B deal
The transaction would give a big boost to a bank well-known for its credit card component, yet lend regulatory gravitas and investment dollars to a struggling card network.
By Dan Ennis • Feb. 20, 2024 -
Column
Dive Deposits: Regulators, bankers talk about NYCB without saying its name
The Fed's vice chair for supervision pledged more scrutiny of CRE portfolios and a closer look when banks cross a certain asset threshold.
By Dan Ennis • Feb. 16, 2024 -
JPMorgan, State Street exit Climate Action 100+ coalition
BlackRock also revised its membership after the coalition announced its “phase 2” requirements that signatories enhance their corporate disclosure and implement climate transition plans.
By Zoya Mirza • Feb. 15, 2024 -
Bank of America customer data exposed in IT provider breach
A threat actor compromised Infosys McCamish Systems in November, affecting more than 57,000 Bank of America customers.
By Rajashree Chakravarty • Feb. 13, 2024 -
Citi faces rebukes, new orders from regulators: report
The Federal Reserve sent three notices late last year instructing the lender to improve its data and governance, Reuters reported.
By Rajashree Chakravarty • Feb. 12, 2024 -
NYCB insiders bought 200K shares. Is this the show of confidence the bank needs?
One analyst highlights the bank’s willingness to “eat their own cooking.” But others have their eye on commercial real estate, NYCB’s rapid growth and a tinge of Signature deja vu.
By Dan Ennis • Feb. 12, 2024 -
Q&A
Banks should step up scam response: fraud expert
With regulators gearing up to take a stronger stance against digital payments fraud, banks must focus on how they handle scams, one executive says.
By Caitlin Mullen • Feb. 9, 2024 -
Ex-Heartland Tri-State CEO charged with embezzling $47M in crypto
A Heartland customer told authorities he saw a red flag when Shan Hanes, the bank’s CEO until July, asked him for $12 million to help take his money out of a crypto investment, according to Bloomberg.
By Gabrielle Saulsbery • Feb. 8, 2024 -
Yellen: CRE losses may leave banks ‘quite stressed’
Bank regulators aim to avert turmoil caused by a slump in the value of commercial real estate, Treasury Secretary Janet Yellen said in testimony to a House committee Tuesday.
By Jim Tyson • Feb. 7, 2024 -
NYCB enlists ex-Flagstar CEO after Moody’s downgrade
The bank named Alessandro DiNello as executive chair Wednesday and issued updated deposit and liquidity statistics to reassure investors. But some have still filed suit.
By Dan Ennis • Feb. 7, 2024 -
Yellen asks Congress for stablecoin legislation
Treasury Secretary Janet Yellen renewed a call for Congress to act on digital assets, saying “there is no appropriate regulatory framework.”
By James Pothen • Feb. 6, 2024 -
NYCB’s risk chief left bank ahead of Q4 loss report, stock dip
The bank’s announcement that it would set aside $552 million in loan-loss reserves and cut its dividend came amid pressure from the Office of the Comptroller of the Currency, Bloomberg reported.
By Dan Ennis • Feb. 6, 2024 -
Vast Bank discontinues crypto mobile app
The Tulsa, Oklahoma-based lender told customers their digital assets would be liquidated and accounts would be closed. Customers will receive stranded assets via cashier’s check, the bank said.
By Rajashree Chakravarty • Feb. 5, 2024 -
RBC subsidiary City National hit with $65M OCC penalty
The regulator issued a cease-and-desist order mandating the bank improve its strategic plan, as well as its compliance risk management related to BSA/anti-money laundering and fair lending.
By Gabrielle Saulsbery • Feb. 1, 2024 -
Could the factors that took down SVB combine for a rerun in 2024?
NYCB's surprise Q4 loss may stand as a warning — or an outlier — as regional banks fight for deposits, weather real estate woes and wait for interest rates to drop.
By Dan Ennis • Jan. 31, 2024 -
The banking industry outlook on 2024: The year of wait-and-see
A capital requirements proposal, fintech regulation and the CFPB itself hang in the balance as opinions (from the public and a court) and an ever-ticking clock loom large.
By Dan Ennis • Jan. 30, 2024 -
12 state agriculture heads probe biggest banks’ climate targets
The Republican officials have “serious concerns” about potential impacts of the banks’ net-zero goals on food availability, credit access for farmers and agriculture product manufacturers, they wrote.
By Lamar Johnson • Jan. 30, 2024 -
TIAA sues SVB ex-CEO, ex-CFO to recoup investment losses
TIAA accused the executives of failing to implement appropriate risk controls and concealing the lack of controls from investors and depositors.
By Grace Noto • Jan. 29, 2024 -
HSBC launches first net-zero transition plan
The bank’s plan to slash emissions and meet climate objectives comes against a backdrop of financial institutions facing pressure to address risk and sever ties with the fossil-fuel industry.
By Zoya Mirza • Jan. 26, 2024 -
Trading platform EquiLend down following cyberattack
The prolific criminal group LockBit has reportedly claimed credit for the attack, raising further questions about the risks facing the securities and banking industries.
By David Jones • Jan. 24, 2024 -
Fed, NYDFS fine Chinese bank ICBC $32.4M
“Regulated institutions must be held accountable for failing to adhere to New York’s rigorous legal and regulatory standards,” NYDFS Superintendent Adrienne Harris said Friday.
By Rajashree Chakravarty • Jan. 22, 2024