The Latest
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Discover, FDIC reach consent agreement
The agreement, issued last week, addresses “shortcomings” in Discover’s compliance management system for consumer protection laws, the company said.
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Fed scrutiny failed to match SVB’s growth: Fed inspector general
Examiners assigned to Silicon Valley Bank, which collapsed in March, did not have sufficient expertise in supervising large, complex institutions, according to the Fed inspector general.
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Changes to deposit insurance coverage unlikely: Gruenberg
“While there was considerable interest in the immediate aftermath of the bank failures earlier this year, that has dissipated with time,” FDIC Chair Martin Gruenberg said at a conference Thursday.
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Banking events for the 2023-24 conference season
It’s time to plan for the rest of this year and beyond. Banking Dive has you covered with a running list of industry conferences, expos and meetings.
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Ripple backs out of Fortress Trust acquisition
A deal to acquire the crypto custodian was announced on Sept. 8 but canceled a mere three weeks later. Ripple remains an investor in Fortress, CEO Brad Garlinghouse said.
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Washington Trust to pay $9M in redlining settlement: DOJ
The community bank engaged in discriminatory lending practices from 2016 to at least 2021 in predominantly Black and Hispanic neighborhoods in Rhode Island, the DOJ said.
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BNP Paribas tracking London office badge swipes: report
"Many of our competitors have already implemented similar measures,” the bank said in a memo to BNP employees, according to Reuters.
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Citi to sell China retail-wealth business to HSBC: reports
The deal would mark the latest iteration of Citi’s steps to withdraw from consumer franchises across the globe. HSBC, meanwhile, has pledged to build out its Asian wealth business over the next five years.
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Deposits drop year over year for first time in 29 years: S&P
Nearly one-third of the 4.8% overall drop came from the big four banks, the report found. BMO saw the greatest increase by percentage. Charles Schwab, meanwhile, saw the biggest decline.
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Landmark cannabis banking bill heads to full Senate
While Wednesday’s vote advances the landmark SAFER Banking Act to the Senate floor, the bill’s companion legislation in the House faces uncertainty in the Republican-controlled chamber.
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Keeping track of multiple BNPL loans? There’s an app for that.
Cushion CEO Paul Kesserwani felt overwhelmed when he tried to keep track of several BNPL loans at once, so he shifted his fintech’s focus to help others in the same boat.
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OCC taps agency insider to head new fintech office
Donna Murphy, who is also the deputy comptroller for compliance risk policy at the OCC, took over the unit in September. An OCC spokesperson declined to comment on the former CFTO’s exit.
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JPMorgan agrees to pay $75M to settle USVI’s Epstein case
The settlement, roughly a month before trial was set to start, includes $30 million for charities meant to address human trafficking and other sex crimes. The bank also reached a confidential deal with ex-executive Jes Staley.
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Deep Dive
Cannabis-friendly banks face pressure to differentiate
Banks have used risk-based pricing and non-interest bearing accounts to justify the high cost and labor associated with banking the sector. But as more players enter the game, firms are feeling the pressure to rethink their strategies.
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DWS to pay $25M to settle SEC’s ESG, AML probes
“DWS advertised that ESG was in its ‘DNA,’ but … its investment professionals failed to follow the ESG investment processes that it marketed,” Sanjay Wadhwa, the SEC’s deputy director of enforcement, said Monday.
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Chase digital bank to ban crypto payments for UK customers
“If we think you're making a payment related to crypto assets, we'll decline it,” Chase U.K. told customers in an email reported by CoinDesk.
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Judge dismisses lawsuit against NY Fed over COVID vaccine firings
In his decision, the judge said it would be an “extreme proposition” to make allowance “whenever someone with a political objection to a rule wraps that objection in religious garb.”
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Column
Does ‘Get on board ... or get off’ mean the death of ‘soft skills Citi’?
CEO Jane Fraser's blunt comments earned her a comparison to Jamie Dimon. But those who see this as a 180 from the bank that championed flex work may have forgotten Citi's COVID vaccine stance.
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SEC, FINRA each fine Goldman $6M for sending inaccurate data
Goldman Sachs provided inaccurate or incomplete ‘blue sheet’ data on no less than 163 million transactions over the last decade, the SEC said. The bank also misreported 97 million trades to FINRA.
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House panel passes bill to thwart CBDC
The Financial Services Committee advanced a bill last week that would block the creation of a central bank digital currency.
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Wells Fargo taps ex-diplomat, Morgan Stanley vet as vice chair
Thomas Nides, a former U.S. ambassador to Israel, will replace William Daley, who is retiring.
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FDIC’s Hill: Regulatory agenda may be too packed
At a Cato Institute event, the agency’s vice chair laid out what the regulator has on the agenda. But he's concerned it's moving too quickly on too many things.
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JPMorgan, BofA, Wells face price-fixing suit over municipal bonds
Baltimore, Philadelphia and San Diego allege eight big banks conspired to raise the rates on more than 12,000 variable-rate demand obligations from 2008 to 2016.
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Varo aims to displace Venmo, Cash App volume with new P2P feature
The bank on Thursday launched a feature enabling Varo account holders to instantly transfer funds at no cost to anyone with a U.S. debit card.
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Bank of Utah faces embezzlement lawsuit
Clients of Stephen Swensen, a once-respected financial adviser accused of swindling $29 million, named the bank in a lawsuit and claimed it was aware of a years-long Ponzi scheme uncovered by the SEC.