Risk: Page 9
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First Fed Bank hit with FDIC consent order over fintech joint venture
The order is the latest enforcement action to come down on a bank as regulators continue to step up scrutiny of fintech partnerships.
By Anna Hrushka • Nov. 29, 2023 -
Google, Symphony launch voice analytics offering for banks
The new messaging compliance tool, which combines Google Cloud's Vertex AI with Symphony’s Cloud9, comes as regulators are cracking down on record-keeping violations at financial firms.
By Anna Hrushka • Nov. 28, 2023 -
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 -
Fed, FDIC, OCC extend long-term debt comment period
The agencies extended the deadline to Jan. 16 — the same day to which regulators extended the comment period for their capital-requirements proposal.
By Rajashree Chakravarty • Nov. 27, 2023 -
Sponsored by TruStage
Embedded insurance is revolutionizing the industry
Moving from integrated experiences to fully embedded experiences can help financial institutions improve consumer experiences and grow.
Nov. 27, 2023 -
Want to avoid an HMBradley scenario? Diversify your bank network, Treasury Prime CEO says
A recent pivot by neobank HMBradley is a prime example of what can happen when a fintech relies on just one firm to handle its financial plumbing, Treasury Prime’s Chris Dean said.
By Anna Hrushka • Nov. 22, 2023 -
Blue Ridge Bank sheds fintech partners, explores capital raise
The Charlottesville, Virginia-based firm, whose fintech program came under OCC scrutiny last year, said it is in the process of offboarding about a dozen of its roughly 50 BaaS partners.
By Anna Hrushka • Nov. 22, 2023 -
Morgan Stanley fined $6.5M over client data breach
The action from six attorneys general marks at least the fourth penalty Morgan Stanley has paid related to data breaches in recent years.
By Anna Hrushka • Nov. 17, 2023 -
Refine Intelligence raises $13M with novel approach to AML
Wayne, New Jersey-based Valley Bank took a chance on Refine as its first customer. What it saw inspired an investment from Valley Ventures, the bank’s VC arm.
By Gabrielle Saulsbery • Nov. 15, 2023 -
Third-party guidance could have ‘chilling effect’ on BaaS, former FDIC chair warns
“I don’t think that the current set of regulators really want banking-as-a-service and third-party partnerships to blossom,” former FDIC Chair Jelena McWilliams said during an event in Washington, D.C. on Tuesday.
By Anna Hrushka • Nov. 15, 2023 -
Chinese banking giant’s US arm hit by ransomware attack
The hack reportedly disrupted the trading of U.S. Treasuries. The Industrial and Commercial Bank of China Financial Services said it is investigating the attack and progressing recovery efforts.
By Anna Hrushka • Nov. 10, 2023 -
Iowa community bank becomes 5th to fail this year
The $66 million-asset Citizens Bank of Sac City, Iowa, entered receivership of the FDIC on Friday and was then acquired by Iowa Trust & Savings.
By Gabrielle Saulsbery • Nov. 7, 2023 -
RBC to pay SEC $6M to settle software accounting violation charges
The bank lacked a “reliable method” to determine the right capitalization rate for internally developed software costs and applied the same rate each year between 2008 and 2020, the regulator said.
By Maura Webber Sadovi • Nov. 3, 2023 -
Former FTX CEO found guilty on 7 counts
Nearly a year after FTX's collapse and 11 months after his arrest in the Bahamas, Sam Bankman-Fried has been found guilty of fraud. Sentencing was tentatively set for March 28.
By Gabrielle Saulsbery • Nov. 2, 2023 -
Non-bank financial institutions must report data security breaches: FTC
The amendment to the FTC’s Safeguards Rule would require non-banking financial institutions to report when they discover information impacting at least 500 people has been accessed without authorization.
By Rajashree Chakravarty • Oct. 31, 2023 -
Sponsored by Delfi
Digital Twins: Catalyzing AI for financial risk management
As banks look to the future, the strategic integration of AI and Digital Twin models will provide banks with the accuracy and foresight needed to navigate the ever-evolving financial landscape.
Oct. 30, 2023 -
Fed terminates Citi FX enforcement action from 2015
The bank in 2015 pleaded guilty to conspiring to manipulate the price of dollars and euros exchanged in the foreign currency exchange spot market.
By Gabrielle Saulsbery • Oct. 27, 2023 -
On the stand, Bankman-Fried blames FTX counsel
The founder of the collapsed crypto exchange said his use of funds at the core of fraud charges against him was cleared by lawyers.
By Robert Freedman • Oct. 27, 2023 -
CRA update lets banks get credit for climate resilience
“We have learned through hard-earned experience that it is better to address risks as they emerge, rather than after they’ve caused damage,” OCC Acting Comptroller Michael Hsu said at an FDIC board meeting Tuesday.
By Lamar Johnson • Oct. 26, 2023 -
FinCEN warns over Hamas, crypto ties
“Hamas moves funds through the smuggling of physical currency as well as a regional network of complicit money transmitters, exchange houses, and Hizballah-affiliated banks,” the FinCEN said in its alert.
By Rajashree Chakravarty • Oct. 24, 2023 -
OCC applying ‘supply chain mindset’ to bank-fintech scrutiny: Hsu
Arrangements where multiple parties play a role in delivering financial products to consumers are more complicated, and will likely garner more scrutiny from the OCC, Acting Comptroller Michael Hsu said.
By Anna Hrushka • Oct. 24, 2023 -
Crypto legislation would put US ‘back in the game,’ stakeholders say
A pair of House bills would help the industry gain clarity, scale digital asset products and promote financial inclusion, cryptocurrency stakeholders said Sunday on a panel at Money20/20.
By Anna Hrushka • Oct. 23, 2023 -
Metropolitan Commercial Bank fined $29.5M by Fed, NYDFS
“MCB failed to prevent a massive, ongoing fraud in the MovoCash prepaid card program, allowing bad actors to abuse the financial system,” New York’s superintendent of financial services said.
By Rajashree Chakravarty • Oct. 20, 2023 -
Fed developing broader stress test scenarios: Barr
Additional scenarios would be “exploratory” and wouldn’t be used to set a bank’s stress capital buffer requirement, Fed Vice Chair for Supervision Michael Barr said.
By Anna Hrushka • Oct. 20, 2023 -
Fed keeps U.S. Bank in lower capital category
The approval, announced Tuesday, frees the Minneapolis-based firm from stricter capital requirements designated for banks with more than $700 billion in assets.
By Anna Hrushka • Oct. 18, 2023 -
Texas ramps up probe into JPMorgan, BofA, Wells fossil-fuel ties
The state's attorney general wants bond issuers to check that members of a net-zero climate initiative, also including Morgan Stanley, State Street and TD, are complying with state law.
By Dan Ennis • Oct. 18, 2023