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

BaaS to require strong commitment, investment in 2024, experts say

While demand for embedded banking services will continue to propel the BaaS space, experts say regulatory scrutiny will likely separate committed banks from those with a casual interest in the model.

By Anna Hrushka • Jan. 22, 2024

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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

OCC’s Hsu calls for ‘better brakes’ to stave off bank runs

The acting comptroller wants regulators to implement a "targeted liquidity requirement" by which banks would be required to hold sufficient liquidity to cover stress outflows over a five-day period.

By Anna Hrushka • Jan. 19, 2024

Neobank Arc looks to fill SVB gap with venture debt platform

Arc Technologies CEO and co-founder Don Muir likened Arc Capital Markets to Uber Black, describing the platform as a dedicated concierge service that meticulously vets its lenders.

By Anna Hrushka • Jan. 17, 2024

Morgan Stanley to pay $249M to resolve block-trading probe

The bank signed a three-year nonprosecution agreement with the Justice Department. Former bank executive Pawan Passi agreed to a one-year ban from the securities industry and will pay a $250,000 fine.

By Dan Ennis • Jan. 12, 2024

Citi flags $3.8B hit on charges, reserves

In an SEC filing on Wednesday, Citi said fourth-quarter profit will be impacted by charges and reserves related to international exposures, its restructuring plan and the FDIC’s special assessment.

By Anna Hrushka • Jan. 11, 2024

TD execs knew in November 2022 about DOJ’s probe into AML: report

Regulatory scrutiny of TD's AML practices has long been rumored as the catalyst for the May 2023 collapse of the bank's proposed $13.4 billion acquisition of First Horizon.

By Dan Ennis • Jan. 11, 2024

Barr hints at looming changes for emergency fund, capital requirements

A post-SVB lending facility may end in March as scheduled, the Fed supervisory czar indicated. Meanwhile, the public looks to get a louder say on the impact of new capital rules.

By Dan Ennis • Jan. 10, 2024

5 banking trends to watch in 2024

Banking observers will watch this month’s earnings for clues as to whether 2023’s crisis can return. The capital-requirements debate and a CFPB-focused Supreme Court case also warrant attention.

By Gabrielle Saulsbery , Rajashree Chakravarty , Anna Hrushka , Dan Ennis • Jan. 9, 2024

Binance.US taps chief compliance officer

Lesley O’Neill joins Binance.US after two years holding a similar position at digital identity verification fintech Prove Identity.

By Gabrielle Saulsbery • Jan. 5, 2024

Bank groups flag concerns with CFPB’s open banking proposal

The Bank Policy Institute and The Clearing House want the consumer watchdog to take a tougher stance on screen scraping, and allow banks to charge fees to cover the cost of enabling data sharing.

By Anna Hrushka • Jan. 3, 2024

It may be loose-end season at BNP Paribas

France's largest lender agreed to pay up to €600 million to borrowers who used a mortgage product that soured amid a debt crisis. But the specter of an anti-money laundering probe looms.

By Dan Ennis • Jan. 3, 2024

Finma calls for more powers after Credit Suisse’s collapse

Between 2018 and 2022, the Swiss regulator conducted 108 on-site supervisory reviews at Credit Suisse. It found 382 points that required action — 113 of which were classified as high or critical.

By Rajashree Chakravarty • Dec. 19, 2023

Tennessee sues BlackRock over ‘misleading’ ESG strategy

The lawsuit claims the $9.1T firm misled consumers about the scope and effects of its ESG activity, as well as released conflicting statements regarding ESG’s influence over its business decisions. 

By Anna Hrushka • Dec. 19, 2023

FTX files plan to end its expensive bankruptcy

The plan values assets at their Nov. 11, 2022, rate, which is much lower than their value today. Bitcoin, for example, has more than doubled in price since then.

By Gabrielle Saulsbery • Dec. 19, 2023

OCC completes ‘discovery review’ of banks’ climate risk policies: report

The review aims to set a baseline of banks’ climate risk practices, which the OCC can measure against to determine their progress in implementing climate-related risk guidance, sources told Reuters.

By Anna Hrushka • Dec. 14, 2023

Sen. Warner proposes mandatory use of Fed discount window

Mandatory use of the Fed’s short-term lending facility could help erase some of the stigma associated with tapping the central bank’s safety net, the Virginia Democrat said.

By Anna Hrushka • Dec. 11, 2023

Iowa bank failed because of trucking investments

The bank failure should not be seen as an indictment of trucking, Division of Banking Superintendent Jeff Plagge said.

By David Taube • Dec. 11, 2023

Discover to spend at least $500M on compliance next year

“We’re going to continue to invest whatever we have to invest in order to get the compliance issues behind us,” CFO John Greene said last week.

By Caitlin Mullen • Dec. 11, 2023

Bank CEOs outline perceived dire consequences of Basel III

The proposed capital hike has been widely criticized by GOP lawmakers, who on Wednesday gave the CEOs of the nation’s largest banks ample time to voice their concerns to the Senate Banking Committee.

By Anna Hrushka • Dec. 7, 2023

3 takeaways from bank executives’ conference appearances

Wells Fargo is setting aside up to $1 billion for "unanticipated" severance costs. Lazard plans to stock up on managing directors. And JPMorgan kept most of First Republic's clients — with one catch.

By Dan Ennis • Dec. 6, 2023

Swiss private bank Pictet to pay $122.9M in US tax evasion case

“As it has admitted today, Banque Pictet knowingly conspired to conceal from the IRS the income generated by accounts which held more than $5.6 billion,” U.S. Attorney Damian Williams said in a statement Monday.

By Rajashree Chakravarty • Dec. 5, 2023

Breaking down capital requirements

For this primer, think of capital requirements performing a similar function for a bank that an airbag has in a car.

By Gabrielle Saulsbery • Dec. 4, 2023

Bank of America fined $24M by FINRA over alleged spoofing

Between October 2014 and February 2021, a former supervisor and a former junior trader at the bank executed more than 700 instances of spoofing in the U.S. Treasury secondary markets, FINRA alleged.

By Rajashree Chakravarty • Dec. 1, 2023

Capital hikes, geopolitics expected at bank CEO hearing

Bank executives, including JPMorgan Chase’s Jamie Dimon and Bank of America’s Brian Moynihan, will likely use the forum to push back against regulators’ proposal to raise bank capital requirements.

By Anna Hrushka • Nov. 30, 2023