Risk: Page 8
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Canadian bank’s Minnesota deal gets Fed approval
VersaBank has waited two years for a green light on its $13.5 million proposed purchase of Stearns Bank Holdingford. Now it just needs sign-off from the OCC and a Canadian regulator.
By Dan Ennis • June 7, 2024 -
Retrieved from Senate Banking Committee.
Banks, AI partners must share responsibility for safety: OCC’s Hsu
“With AI, it is easier to disclaim responsibility for bad outcomes than with any other technology in recent memory,” Acting Comptroller of the Currency Michael Hsu said.
By Rajashree Chakravarty • June 7, 2024 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
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Deep Dive4 things banks are doing to grease the M&A wheels
Cautious regulators and more drawn-out regulatory approval timelines have given rise to some changes in merger agreement conditions.
By Caitlin Mullen • June 6, 2024 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo sued in alleged aid of $300M Ponzi scheme
The proposed class action claims that the lender, from 2011 until 2021, knew of a scheme that duped more than 1,000 investors, most of whom were seniors.
By Rajashree Chakravarty • June 6, 2024 -
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Yotta CEO: 85K customers lose access to funds due to Synapse-Evolve tussle
The fintech’s customers, who have a combined $112 million in savings, have been locked out of their accounts amid the Synapse-Evolve Bank & Trust dispute, Yotta CEO Adam Moelis told CNBC.
By Rajashree Chakravarty • June 5, 2024 -
Spencer Platt / Staff via Getty Images
NYCB names Otting executive chair
Alessandro DiNello, whom Otting replaces, will retain a seat on the board and serve as a senior adviser, NYCB said.
By Caitlin Mullen • June 5, 2024 -
Kate Tornone/Banking Dive
Citizens CEO: ‘You have to walk before you can run’ with AI
Banks need to focus on big use cases to get the most out of AI, Citizens CEO Bruce Van Saun said. “If you have a ‘thousand flowers bloom’ strategy, you’ll start spinning your wheels," he said.
By Caitlin Mullen • June 4, 2024 -
Mario Tama / Staff via Getty Images
Bank of America tweaks its restriction on firearms, energy lending
New language indicates lending decisions go to senior risk officials for case-by-case evaluation, rather than being a non-negotiable “no.”
By Dan Ennis • June 3, 2024 -
Pablo Blazquez Dominguez via Getty Images
Hackers threaten to sell Santander customer details for $2M: report
The collective ShinyHunters, which claimed to be behind the Ticketmaster breach reported last week, said it stole information related to 30 million Santander customers in an ad seen by the Financial Times.
By Rajashree Chakravarty • June 3, 2024 -
Courtesy of Fifth Third
Fifth Third CEO eyes systemically important label for nonbanks
Regulatory reforms are effectively pushing some activity outside the banking system, making it less transparent and harder for banks to compete, said Tim Spence, the regional bank's CEO.
By Caitlin Mullen • June 3, 2024 -
Samuel Corum via Getty Images
Zelle faces Senate probe on fraud
“The scale of fraud on the Zelle platform is unacceptably high,” National Consumers League Vice President John Breyault said.
By James Pothen • May 31, 2024 -
N26
N26 readies for a post-cap future
Germany's financial regulator will drop its limit on the fintech's growth June 1. N26's CEO said the cap has cost billions in lost valuation. But its compliance systems can handle an increased load.
By Dan Ennis • May 29, 2024 -
Win McNamee / Staff via Getty Images
Dimon: ‘No magic formula’ on CEO, chairman moves
The JPMorgan CEO largely pinned his future timeline on the board Wednesday during a conference appearance, while Wells Fargo CEO Charlie Scharf detailed his investment-banking growth strategy.
By Caitlin Mullen • May 29, 2024 -
Ex-Heartland Tri-State CEO pleads guilty to embezzling $47M in crypto
Shan Hanes also stole money from his church and a local investment club, according to court documents. Both have since disbanded. He faces 30 years in prison.
By Gabrielle Saulsbery • May 29, 2024 -
Spencer Platt / Staff via Getty Images
Q&AHow banks are employing quantum computing
Because cyber risks are consistently top of mind for banking executives, “using quantum to fight quantum” is the most prominent application currently, said EY’s Jan Bellens.
By Caitlin Mullen • May 28, 2024 -
Spencer Platt via Getty Images
JPMorgan fined by CFTC over surveillance gap probe
JPMorgan will pay $200 million in a civil monetary penalty, with up to $100 million credited for amounts paid to the OCC and the Fed in March in parallel actions.
By Rajashree Chakravarty • May 24, 2024 -
Courtesy of Comerica
Comerica slapped with OCC enforcement action
The regulator discovered unsafe or unsound practices at the Dallas-based bank, including those related to its risk governance framework and internal controls.
By Caitlin Mullen • May 24, 2024 -
Joe Raedle / Staff via Getty Images
TD CEO: Spending on AML remediation could extend into 2025
TD’s Bharat Masrani declined to say whether the Canadian lender expects closure this year on investigations into the bank’s AML program, citing ongoing conversations with regulators and the DOJ.
By Caitlin Mullen • May 23, 2024 -
Mario Tama via Getty Images
Citi fined $78.4M over 2022 flash crash error
A Citi trader had meant to sell a basket of equities at $58 million but mistakenly created a $444 billion basket, regulators said. About $189 billion of the trade went on the market.
By Dan Ennis • May 22, 2024 -
Win McNamee / Staff via Getty Images
Dimon lays out ‘dark ruminations,’ swipes at regulators at investor day
The JPMorgan CEO's retirement timeline swirled at the event, as did the bank's stance on AI, employees' well-being and cyber risk.
By Caitlin Mullen • May 21, 2024 -
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WaFd to sell CRE loans to Bank of America in $2.9B deal
Regulators have pledged to look more closely at banks whose CRE portfolios are more than triple their capital, and at portfolios that have grown 50% or more in the past three years. WaFd has done both, Bloomberg reported.
By Dan Ennis • May 20, 2024 -
Spencer Platt / Staff via Getty Images
NYCB’s COO resigns
Julie-Ann Signorille-Browne led the bank’s integration with Flagstar and, later, the integration of assets and liabilities NYCB bought from the failed Signature Bank.
By Dan Ennis • May 17, 2024 -
Spencer Platt / Staff via Getty Images
NYCB to sell $5B in mortgage loans to JPMorgan Chase
The transaction is set to finalize in the third quarter. NYCB has pledged to cut its commercial real estate exposure to about $30 billion as it revamps its balance sheet.
By Dan Ennis • May 15, 2024 -
Michael M. Santiago / Staff via Getty Images
JPMorgan retakes title as top fossil-fuel financier, nonprofit says
U.S. banks accounted for 30% of the $705 billion that 60 global banks spent on fossil-fuel financing in 2023, the Rainforest Action Network found.
By Lamar Johnson • May 15, 2024 -
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Kabbage to pay $120M in PPP fraud settlements with DOJ
The second-largest PPP lender in the nation by application volume “knowingly submitted thousands of false claims” and employed lax fraud controls, the Justice Department said.
By Caitlin Mullen • May 14, 2024
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